Business Update – 6 May 2021

28/04/2021 | Bookwiz Franchising Pty Ltd

Welcome back to our Business Update!

WA Small Business Lockdown Assistance Grants Program

The Western Australian Government has announced targeted grants to help small businesses affected by the recent lockdown in the Perth and Peel regions. The program will provide grants of $2000 to small businesses in industry sectors most severely impacted.

The intention is to help small businesses offset some of the direct costs of the lockdown and business closure, such as perishable goods.

Businesses will be invited to express their interest now to be notified when online applications open later this month.

Eligible Businesses:

Cafes and Restaurants
Bars, pubs, taverns, nightclubs
Accommodation and sightseeing
Health and fitness centres and gyms
Hairdressing and beauty services
Florist
Cinemas
Bakeries and catering Services
Clubs (hospitality)
Specialised foot retail
Food wholesalers
Creative industries and performing arts venues
Event Equipment Hire

Eligible businesses must have an Australia-wide payroll of less than $4 million and be able to demonstrate losses incurred for perishable goods, cancellations or other unforeseen costs as a result of the ANZAC Day long weekend lockdown and subsequent restrictions.

Expressions of interest open 6th May
Online applications open late May
Grants distributed June-July

Complete the Expression of Interest form to be kept up to date when grant applications open.

Visit smallbusiness.wa.gov.au/coronavirus for more information on how to manage disruption to your business as a result of the COVID-19 pandemic.

Federal Budget 2021 to be Announced on 11 May

The Federal Government will hand down its 2021-22 Budget on 11 May. From JobKeeper to JobSeeker and all the associated costs related to the COVID-19 pandemic, many expect this year’s Budget to be modest.

The government has already revealed its expenditure plans on the two most pressing issues– child care and aged care, with annual costing at $1.7 billion and $2.5 billion, respectively. The planned expenditure on these two key issues appears low relative to estimates from independent studies.

Stay tuned next week for a comprehensive coverage of the Federal Budget 2021.

Providing Health Care Remotely During COVID-19

From 13 March to 30 June 2021, new temporary MBS (Medicare Benefits Schedule) telehealth items have been made available to help reduce the risk of community transmission of COVID-19. You can find the temporary Medicare items that will help health care practitioners deliver telehealth services via phone or video conferencing here.

$6.9 M Cyber Security Assistance Boost for Businesses

Nearly 600,000 small- and medium-sized businesses across the country will soon have access to free advice and assistance to improve their cyber security.

The Cyber Security Business Connect and Protect Program is providing $6.9 million in funding to 14 trusted organisations that will work directly with businesses to identify security risks and help them take active steps to secure their systems.

$2000 Upfront Cash if the Unemployed Move for Work

Starting in May, job seekers will get up to $2000 upfront if they move to a new location for ongoing work. Job seekers will get help relocating for jobs offering at least 20 hours a week, instead of the existing threshold of 30 hours.

Wage Subsidy Scheme for Apprentices to Be Expanded

The government will spend $1.2 billion to expand its wage subsidy scheme for apprentices, as JobKeeper ended last month.

Under the apprentice scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. It will run until September 2022. Ask us if you have any questions.

Upcoming Key Dates

Upcoming key lodgment and payment dates for businesses:

15 May

Lodge 2020 tax returns for all entities that did not have to lodge earlier and are not eligible for the 5 June concession.

21 May

Lodge and pay April 2021 monthly business activity statement.
Final date to add new FBT clients to your client list to ensure they receive the lodgment and payment concessions for their fringe benefits tax returns.

26 May

Lodge and pay eligible quarter 3, 2020–21 activity statements if you or your client have elected to receive and lodge electronically.

28 May

Lodge and pay quarter 3, 2020–21 Superannuation guarantee charge statement – quarterly (NAT 9599) if the employer did not pay enough contributions on time. Employers who lodge a Superannuation guarantee charge statement – quarterly can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.

Government-backed COVID-19 Loans Extended

The government is extending its small business COVID-19 loans scheme until June 2021. If you need help to access these loans or you want to find out if you are eligible, don’t hesitate to drop us a message.

Tasks Business Owners Should Be Delegating

It doesn’t matter what your big plans are or how well-designed your road map for growth is– the future success of your business will be limited if you don’t work on the right things. This Forbes article discusses the tasks that business owners should delegate to accelerate their business’ growth.

Low-value admin tasks– Your time is of high value and it’s finite. So instead of spending your time on tasks that anyone with the right tools can do with little instruction, it’s best to focus on the core activities that drive business growth.
High-value tasks you’re NOT an expert in– If you haven’t been working in accounting, marketing, or any other area of specialisation for the past 10 years, find a professional who has. While you can teach yourself how to do all these, your performance won’t likely match the skill of an expert with years of experience, not to mention that you’ll be slower in completing the task.
High-value tasks you ARE an expert in– While this may come at a later stage in your business journey, it’s important to train people to perform in the same areas you’re an expert in. This will make your business more resilient to challenges, changes, or unexpected circumstances that will inevitably come.

Need help with the finance-side of your business? Get in touch with us today and ease your burden by delegating your accounting with us.

Blog