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Circuit Breaker Business Support Package

Package overview Building on the $250.7 million Circuit Breaker Business Support Package announced Sunday 30 May, a new allocation of up to $209.3 million will flow to small and medium-sized businesses, including sole traders,increasing the total support package to $460 million. The Business Costs Assistance Program Round Two grants for eligible businesses located in metropolitan Melbourne will […]

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Small Business Independent Resolution Service

The ATO’s small business independent review service will be offered permanently as a dispute resolution option for eligible small businesses with a turnover less than $10 million. It provides small businesses an additional opportunity to resolve a dispute with the ATO where they disagree with the audit position related to most income tax and indirect […]

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Super Guarantee to Increase to 10%

The minimum percentage employers are required to pay is set to increase over time, with the next increase to 10% due on 1st July 2021. This should be considered in part, a wage increase. What This Means for Small Business The proportion of wages that employers must contribute to their workers’ superannuation is legislated to […]

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Super and Employee Flexibility

Changes for Employee Superannuation Options From the 1st of January 2021 the law relating to employees and their choice of superannuation fund has changed. New workplace determinations and enterprise agreements made on or after this date must now offer employees the right to choose the super fund to which you pay their compulsory super contributions. […]

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SME Recovery Loan Scheme

The New SME Recovery Loan Scheme will Begin as of 1st April 2021 through to 31st December 2021. With the first federal government’s SME Loan Guarantee Scheme helping over 35,000 expanding the scheme aims to support more businesses affected by the pandemic and boost the economy. The government will now accept a higher responsibility of […]

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The end of stimulus support

Subject to any further announcement from the Government, various economic stimulus support measures will be reaching (or have already reached) their conclusion, some having been extended beyond their original end dates. The key measures are discussed in chronological order below, Figures quoted are sourced from various media releases issued by the Treasurer. Coronavirus supplement — […]

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New support package announced for businesses affected by 5-day circuit-breaker

A $143 million support package has been announced to help small businesses and sole traders affected by the recent 5-day circuit-breaker restrictions. The Circuit Breaker Support Package will offer: $2000 grants for eligible employing and non-employing businesses in the hospitality, food wholesaling, tourism, events and selected retail industries a $3000 one-off grant paid automatically to […]

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