Welcome to the Porters CA Blog.

Please enjoy our regular blog of relevant business, taxation and financial information. You can also follow us on Facebook, Instagram and Twitter.

Surviving and Thriving in a Recession

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

Finding money within your business

Times are tough for business owners. Many small businesses are experiencing cash flow problems from time to time and urgently need working capital. While many business owners immediately think of the bank or loans when they’re short of money, there are other resources you can tap before you ask for that expensive overdraft or overdraft extension. The money you need might already be there—locked up in inventory, assets or your…  Read more

Extension time to apply for JobKeeper

Extension of time to enrol for the JobKeeper scheme The Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. If you enrol by 31 May you can still claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight. For the first…  Read more

Tax Planning and the Government Stimulus

We have recently communicated with you via a blend of newsletter, email and phone calls across various topics including: Business Continuity Planning – bring structure into your business management across a range of areas Cashflow management and forecasting PAYG instalments – options to pay or vary for March quarter and also an option to reduce previous quarters to nil and receive a refund of tax instalments paid Government Stimulus –…  Read more

Update for Investments and Super – Knight Financial Advisors

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

Commercial Lease Rent Relief during COVID19

If your business qualifies for JobKeeper support (effectively measured by your actual or forecast turnover reducing by more than 30%), then your business may qualify for commercial rent relief as provided for in the National Cabinet Mandatory Code of Conduct SME Commercial Leasing Principles during COVID-19. The key principles are as follows: Where it can, rent should continue to be paid, and where there is financial distress as a result…  Read more

Stimulus for Eligible Employers

The legislation and supporting documentation for the first two stages of the stimulus came to more than 200 pages. Our team has been reading the literature and attending training seminars on the application of this new legislation and working out how this legislation applies to your business. PAYG Withholding Stimulus for eligible employers TAX FREE PAYMENTS of up to $50,000 for eligible* small and medium businesses based on their PAYG…  Read more

WA Government Additional Support

      The Western Australian Government announced this week, further stimulus actions to help Western Australians The small business relief includes: $17,500 grants for small businesses with a payroll between $1 million and $4 million. The $1 million payroll tax threshold (announced in October 2019) will be brought forward by six months to 1 July 2020. Grants of $17,500 will automatically be paid by cheque to eligible businesses from…  Read more

What the Coronavirus Stimulus Package means for you

It’s hard to escape the news of the Coronavirus as it continues to have a huge impact on people across the world. Closer to home, the Morrison Government has announced a stimulus package in response to the anticipated economic downturn. This package includes a number of economic stimulus measures for the 2019/20 and 2020/21 income years, with most of targeted at helping small to medium-sized businesses. Here to help But…  Read more

banks and lending institution concessions

Banks and Lending Institutions Specific COVID-19 concessions have been announced by the following banks: i) CBA Deferring repayments on a variety of business loan and overdraft products, for 6-months. Reducing commercial interest rates by 0.25 Waiving merchant terminal fees for impacted customers with CBA payment terminals, for 90 days. Waiving early redraw fees on business term deposit accounts (including Farm Management Deposit accounts). Waiving establishment fees and excess interest on…  Read more

WA State stimulus

Payroll tax concessions The payroll tax threshold will be increased to $1 million on 1 July 2020. This brings the increase forward from the planned date of 1 January 2021 and will result in approximately an additional 300 businesses no longer being liable for payroll tax. The threshold increase will be reflected in Revenue Online when it comes into effect. Employers, or groups of employers, who pay $7.5 million or less in…  Read more

Federal stimulus packages explained

The Australian Government has announced two Economic Stimulus packages to the sun of $189 billion. The package includes both cash and tax incentive measures including; Real, Cash Money for Small Business Owners 1) 100% Cashback on PAYG Withholding, up to $100,000 in total Eligible small and medium-sized employers will be provided a 100% tax-free ‘cash back’ of up to $50,000 (and a minimum of $10,000) on your PAYG Withholding on…  Read more

stimulus package in detail

GOVERNMENT STIMULUS PACKAGES – OUR TAX PLANNING MEETING WITH YOU THIS YEAR WILL BE VITAL! The Australian Government has just released a $17.6 billion economic stimulus package. The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs. The key tax and stimulus measures include: Business Investment From Thursday 12 March 2020, the instant asset write-off threshold has been increased from…  Read more

Assistance for your Business to Cope with the Coronavirus Effects

We have drafted a memo with some insights to help you during this difficult time with the Coronavirus (or COVID-19) affecting all of us. So take a moment to make yourself a cup of tea, then read through this memo with an open mind. As a business owner, you need to face the possibility of team members being absent from your workplace, product supply issues and demand for your services…  Read more

Coronavirus – economic stimulus package

Today the Commonwealth government announced a $17.6 billion economic stimulus package to support Australian businesses dealing with the significant challenges posed by the spread of the coronavirus. The package has four components: Supporting business investment Providing cash flow assistance to help businesses Targeted support for the most severely affected sectors, regions and communities Household stimulus package The new measures will be introduced in the Parliament when it returns on 23…  Read more

Is DIY bookkeeping holding you back?

Small business owners can enjoy diversity and job satisfaction by being involved in all aspects of their business. Involvement in all areas of your business allows you to use a variety of skills which challenge you and keep work interesting. Very few operators however, enjoy doing the books. Many business owners do their own bookkeeping under the assumption they will save money. Time spent on the books is less time delivering…  Read more

Office Opening Celebration

In October we held our official Albany office opening. The celebration marked Porters’ return to Albany, with our goal to rebuild a strong local presence in our beautiful new space overlooking Princess Royal Harbour. We believe in supporting local businesses and in our preparing for our official opening we know why. The personal service, attention to detail and commitment to get the job done made the event a resounding success.…  Read more

A Worthy Cause

As part of our pledge to leave a legacy. Porters Director Simon Terry completed the MACA Cancer 200 ride last weekend raising $5364 for Cancer research. Simon attained a position on the honour roll whereby individual entrants committed to raising more than $4000 for Harry Perkins institute instead of the minimum required entry of $2500 funds raised. We are so grateful to all who donated and helped Simon reach his…  Read more

Job Opportunity for Motivated Accountant.

We’re looking for a new team member at Porters CA – Chartered Accountants. www.portersca.com Porters CA is a boutique firm, combining excellence in tax with a personal touch and a view that opportunities are everywhere. Our focus is to help our small business clients achieve prosperity and peace of mind. We provide accounting, tax and bookkeeping advice throughout WA using the latest cloud accounting software, from our offices in South…  Read more

New Partner not a New Face

It’s been 18 years since  Jodi Bradley joined Porters Chartered Accountants in Albany in 2001. She has well and truly earned her stripes and this year joins us as a Partner of the firm. Jodi will take on a greater leadership role, the biggest of which is to re-open and expand our offices in Albany. The new partnership brings opportunity for business growth, employment of more staff in Albany and expansion of…  Read more

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