Business News Update – 4 February 2021
Welcome back to another week of business news updates. Here’s what’s happened in the past week plus we share some ideas that may help us all move forward.
Australia Aims to Vaccinate Entire Population by End of 2021
Australia will spend more than $1.9 billion on equipping hospitals and health centres to administer COVID-19 vaccines that will see 26 million Australians vaccinated by the end of the year, according to Prime Minister Scott Morrison.
Morrison said a Melbourne manufacturing plant alone should produce enough of the AstraZeneca vaccine to cover the nation. However, the Pfizer vaccine will still be the first rolled out from late this month, after approving it last Monday (25 January 2021).
Perth in Lockdown, Ending Australia’s Two-Week Run With No New COVID-19 Cases
Perth was ordered into lockdown on Sunday (31 January 2021) after a security guard working in hotel quarantine tested positive for COVID-19, ending the country’s longest coronavirus-free run.
Everyone must stay at home until Friday, except for essential work, healthcare, grocery shopping or exercise. Visits to hospitals and nursing homes are also banned.
This comes after Australia reopened its “travel bubble” with New Zealand last Sunday, meaning travellers from New Zealand are exempt from 14-day hotel quarantine.
RBA to Pump $100 Billion into Australia’s Economy By Extending Quantitative Easing
The Reserve Bank of Australia will continue printing money through its quantitative easing program until September, pumping an additional $100 billion into the economy, despite stronger than expected recovery from the COVID-19 crisis. The RBA board also left official interest rates unchanged at the record low level of 0.1%.
Western Australia Expands Mandatory SafeWA QR Code Register
Additional Western Australian businesses have been added to the list of premises that will be required to use the SafeWA QR code for COVID-19 contact tracing starting 12 February 2021.
These additional venues include retail venues such as supermarkets and shopping centres; commercial buses or vessels that have a capacity of 12 or more people; public and private hospitals; takeaway food and beverage services; and events with 500-plus patrons and functions such as weddings or corporate functions.
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 Key Dates
Upcoming key lodgment and payment dates for businesses:
- Activity statements
January monthly activity statements – final date for lodgment and payment.
- Activity statements
Quarter 2 (October–December) activity statements – final date for lodgment and payment, including electronic lodgment.
Annual GST return or Annual GST information report – final date for lodgment and payment (if required) if you do not have an income tax return lodgment obligation.
- PAYG instalments
Quarter 2 (October–December) instalment notices (forms R and T) – final date for payment, and lodgment if varying the instalment amount.
- GST instalments
Quarter 2 (October–December) instalment notices (forms S and T) – final date for payment, and lodgment if varying the instalment amount.
- Income tax
Lodgment and payment due date for self-preparing entities that were not due at an earlier date (if you don’t lodge your previous financial year return on time, your income tax return for the current financial is due by 31 October.)
Contact us if you have any questions.
Upcoming Superannuation Deadline
Here’s an upcoming due date you need to look out for:
- Lodge and pay quarter 2 (1 October–31 December) Superannuation guarantee charge statement – quarterly if you did not pay your contributions on time.
- You can choose to offset contributions you’ve paid late to a fund for each employee against the super guarantee charge for the quarter for those employees.
- You cannot claim an income tax deduction for the super guarantee charge.
If you need help with your taxes or superannuation, drop us a message.
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.
3 Ways Busy Entrepreneurs Can Save Time
As a small business ourselves, we understand how hectic your day-to-day operations can get. Given there will never be more than 24 hours in a day, we’ll share some effective tips to help you accomplish more and save time to do the things you love.
1. To Delegate
As a business leader, one of the key skills you need to learn is delegation. Small business owners tend to think that no one can do the job as well as they can.
However, wearing too many hats may mean something important could fall through the cracks. So learn which ones to delegate based on your employees’ skills and focus on the core aspects of your business.
2. To use the power of technology
In the modern business landscape, cloud-based systems and apps are your bestfriends. When used properly, they can simplify and streamline processes, helping you get the job done with ease. Research on the best tools that can automate repetitive tasks and have more time in your hands.
3. To outsource
Outsourcing is a more cost-effective approach to expanding your team compared to hiring an in-house staff. When you outsource non-core yet essential tasks, you’re allowing yourself to focus on what you do best, like growing your business.
If you want to learn more about how our advisors can help ease your burden, get in touch with us today!
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.
The 2 Peas Team
P: 1300 896 732