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The bubble has burst in WA and we need to join the rest of the world in accepting the reality that Covid is here. What we do know is that the world economy has not collapsed, businesses in WA have been relatively sheltered and we are more aware of how we can react to outbreaks. Our first case in 10 months is a setback but not a disaster. We have…  Read more

Since the government announced the $70-billion JobKeeper program to support businesses and their employees, many businesses have relied on the scheme to stay afloat. Others have been grateful for the cash boost that made the way for smoother sailing. Phase one of Jobkeeper comes to an end on 28 September and not all businesses are eligible for the next relief package. According to a recent survey by the Australian Institute…  Read more

Tips to Adapt Your Small Business During the Pandemic As COVID-19 continues to impact the way businesses operate and consumers shop, many small businesses may struggle to stay afloat, let alone thrive. Below are some of the simple, yet effective, ways on how you can build a stronger brand, earn more sales, and survive in these uncertain times. Showcase locally-made products Now, more than ever, consumers want to buy from…  Read more

We’ve heard this before: the COVID-19 pandemic is an unprecedented global health and financial crisis that has caught many off guard. While the threats to human life are very real, the damage to the health of businesses is really just starting to show. The seriousness of the disease and the lack of a vaccine (at the time of writing this) have prompted governments around the world to impose strict measures…  Read more

Our August update is designed to keep you informed of the latest options available to business in response to Covid. Cashflow Boost Estimator Employers who are eligible to receive cashflow boosts can calculate the credits they may receive using the FREE cashflow boost estimator which you can download here. Those who received an initial round of cashflow boost will be eligible for a second round of assistance when they lodge…  Read more

The Jobkeeper scheme has been extended but wage subsidies have been cut and eligibility has been tightened. A second phase of the JobKeeper program will run to March 28, 2021 Two tiers of JobKeeper will be introduced, based on hours employees worked in February 2020. The higher tier payment for those who worked 20 hours or more each week in February will be eligible for the $1,200 a fortnight payment…  Read more

The government has announced changes to the JobKeeper scheme. The Treasury’s review found that the subsidy was still “needed” but required a “test to ensure that JobKeeper is well targeted”. Where a business has qualified and is receiving JobKeeper, then payments for eligible employees will continue until 27 September with no changes regardless of turnover improvements. Who will qualify past 27 September? We expect very few WA businesses will qualify.…  Read more

The pains caused by a recession can be brutal and most of us dread the thought. A recession can mean massive layoffs, fewer jobs and wages frozen, which means consumers spend less and in turn worsening the economic slowdown. If we look at the effects of the Global Financial Crisis (GFC) of 2008, between December 2008 and December 2010, about 1.8 million small businesses closed. According to Investopedia one decade…  Read more

As small business operators emerge post COVID, there are some important business questions to ask. These questions will help determine whether your business model is working and if there are additional changes you want to make to protect your business through future economic downturns or volatility. Will you remain the same old caterpillar or a change and improve like a butterfly? 1. What worked and what didn’t work in my…  Read more

Good news! This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies…  Read more

Image from The Spirit Business If you’re like many business owners you’re probably astounded by how the world changed in a very short time, and now it seems to have changed all over again! While we can all hope that the pandemic is a once-in-a-lifetime scenario, the truth is there is a lot in life and in business that is uncertain, and there is a great deal we can learn…  Read more

Your “war chest” is the financial reserve your business has built up. Your war chest helps you take advantage of opportunities or cover unexpected costs or emergencies such as the current Covid pandemic. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business while attempting to keep your reserve account healthy. To begin you should download a cashflow scenario planner…  Read more

We’ve teamed up with our Website provider Bizink to bring you a free webinar on how to market and sell remotely. They’ve been 100% remote for seven years but have built a global business and they want to share how they did it with you. I’ve attended webinars from them in the past and they are always practical and useful. They are going to cover everything from slide decks, proposals…  Read more

The ATO has just released Alternative Tests for the JobKeeper payment which expands eligibility from the initial basic test. This is good news for many businesses, particularly startups, those affected by last year’s droughts and those with variable revenues. Basic Test If you satisfy the eligibility requirements for the basic test, you can ignore the alternative tests below. The basic test is satisfied where your projected GST turnover for the…  Read more

Author Peter Farlie Director Knight Financial Advisors Coronavirus concerns continued to dominate markets through March, causing unprecedented volatility in investment markets. The far reaching economic consequences have effectively wiped out all of the progress made over the last three years. We summarise the main indices as at the end of March below which have now turned to a sea of red: In addition to the above, the combined effect of…  Read more

As we try to catch a breath from all the chaos going on with Coronavirus, we just got word of the Australian Government’s latest stimulus package. This package focuses on the ‘job keeper’ payment, aimed at helping businesses keep their staff, which will be a lifeline for many people over the coming months. Here a quick overview of what it means: Employers and sole traders will be able to apply…  Read more