Business News Update – 28 January 2021
Welcome back to another week of news. Read on for the latest updates and some ideas to help us all to keep forging 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.
6 Tips to Streamline Your Small Business Accounting Processes
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.
Here are 6 simple tips to help you streamline your business accounting systems:
- Use online accounting software. Accounting software can automate many business processes if used to its’ full potential. they help you manage your accounts with less steps than the old traditional way of managing your bookkeeping. Simple programs like Xero, MYOB and QBO are a good starting point.
- 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, forecast as well as make better decisions. Choose a system that integrates with your accounting system to save even more administration time. Need help selecting the best system reach out to us as that is our area of expertise.
- Automate your invoicing. Cloud-based accounting systems now allow you to email invoices from your accounting system to other business’s accounting systems as well as connect to tools like Stripe and PayPal so your customers can pay online. If you make it easier for clients to pay you, chances are you’ll get paid faster and boost cashflow!
- 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. Be diligent about which card you swipe. Your business transactions must be accounted for, so keeping your personal and business affairs separate will save you time 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. We manage many of our client’s payroll system so they have the freedom to focus on increasing their sales.
Don’t hesitate to seek help from an advisor or certified bookkeeper to help you stay on top of your finances and to help you build even greater systems and processes. As experts in small business accounting systems we can provide training for you and your in-house team to maximise the system you have in place. Drop us a message today so we can discuss how we can help you.
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