Weekly Digest – 27 January 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Australia Set for 10th Day of No Local COVID-19 Cases

Australia is on track for its 10th consecutive day of no new local COVID-19 cases, with NSW hoping to ease restrictions this week after controlling a fast-spreading cluster.

Meanwhile Victoria, which is hosting the Australian Open tennis tournament, has gone three weeks without a local case. Other states and territories which have mostly been COVID-free, some for months, are also expected to report zero local infections this Wednesday.

COVID-19 Vaccine Campaign Launched

A $24 million information campaign will be launched to encourage people to take the Pfizer-BioNtech COVID-19 vaccine. This advertising blitz will inform Australians on when, how, and where they can get the free shot.

Priority groups such as the elderly, healthcare workers, quarantine and border staff will be among the first to get a dose of the Pfizer vaccine.

Business Events Grant Opportunity

The Business Events Grant helps Australian businesses take part as buyers or sellers at business events such as exhibitions, conferences, and conventions. It aims to ease the financial pressure for event organisers and to encourage businesses to attend business events.

You can apply until 30 March 2021 to get funding of $10,000 per entity up to a maximum of $250,000. Events must be pre-approved and held from 1 January to 31 December 2021.

Upcoming JobKeeper Key Dates

The following are the upcoming key dates and required actions for entities:

28 January 2021 – business monthly declarations due for December JobKeeper fortnights

Eligible entities can complete their business monthly declaration from 4 January 2021 to be reimbursed for payments made to their eligible employees in JobKeeper fortnights 18, 19 and 20 (23 November 2020 to 3 January 2021).

The ATO will continue to process monthly declarations to reimburse employers for payments for the month of December past the usual due date of the 14th of the month, until Thursday 28 January 2021.

31 January 2021 – meet wage condition for JobKeeper fortnights 21 and 22

For the JobKeeper fortnights 21 and 22 (starting 4 January 2021 and 18 January 2021), the ATO is allowing employers until Sunday 31 January 2021 to meet the wage condition for their eligible employees.

This is to make sure that employers have paid their eligible employees before claiming JobKeeper payments in their February monthly business declarations.

Contact us if you have any questions.

Upcoming Tax and Superannuation Deadlines

Here are the upcoming due dates you need to look out for:

28 January 2021

Make quarter 2, 2020–21 super guarantee contributions to funds by this date. Those who fail to pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 February 2021.

31 January 2021

Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 2, 2020–21.

If you need help with your taxes or superannuation, drop us a message so we can do it for you.

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.

5 Tips to Simplify Your Small Business’ Accounting

If you run a small business, a big-business accounting system may not be the best choice for you. It would be better to simplify your accounting and concentrate on actionable metrics. This is especially true if you are the only one managing your business.

Below are some of the ways you can streamline your small business accounting system:

  • Track your inventory using dedicated inventory management software. Online inventory management software allows you to see your stock levels in real-time, understand your product margins and make better decisions. Choose a system that integrates with your accounting system to save even more admin time.
  • Automate your invoicing. Cloud-based accounting systems now allow you to email invoices from your accounting system and can even connect to tools like Stripe and PayPal so your customers can pay online. If you make it easier to pay you, chances are you’ll get paid faster!
  • Pay your bills when they’re due. Late payment fees can be steep and paying upfront eliminates the need to track your bills in the accounting system.
  • Don’t use your business accounts for personal expenses. Always be diligent about which card you swipe. Your business transactions must be accounted for, so keeping your personal and business affairs separate can save you from hassles in the long run. Plus, your accountant and bookkeeper will thank you!
  • Automate your payroll. Setting up your payroll so it’s automatic, or outsourcing to an experienced team, will save you time and money.

Finally, don’t hesitate to seek help from an advisor to help you stay on top of your finances. We are experts in small business accounting and can provide training for you and your in-house team. Drop us a message today so we can discuss how we can help you.

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