When the government announced the $70-billion JobKeeper program to support businesses and their employees during the COVID-19 pandemic, many small- and medium-sized businesses and non-profit organisations heavily relied on this scheme to stay afloat.
According to a recent survey by the Australian Institute of Company Directors on the impact of COVID-19, over 40% of the respondents reported reliance on JobKeeper payments. 47% of SMEs indicated that the JobKeeper Scheme had provided the most relief.
As you well know, the COVID-19 pandemic is not just a public health issue, it’s also caused lockdowns and resulting financial worries on a global scale.
A business plan is essential for business development. But even with a solid plan there is some aspect of unpredictability. There are a multitude of variables that have to be taken into account, any of which could have great impact on the prosperity of a small business.
Sales forecasting may well be the most difficult and complicated of all areas covered in a strategic business plan. To predict sales, a business has to consider numerous economic, demographic, and social variables. Because sales has a major impact on income stream, a business plan should include a continuity strategy for dealing with poor sales performance. But what happens if a business does better than expected?
When anyone is buying into an existing company, or setting up a new company with colleagues, friends or even family, it is essential to document how the relationship is going to work and set ground rules for what happens in the unfortunate event of a dispute.
Digital signing, versus the traditional "wet" signature, has become increasingly popular in recent years. More and more countries across the globe have endorsed the legal validity of digital signing, enabling businesses to digitize entire workflows and further optimize management processes.
The Australian Government recently introduced new legislation in a bid to maintain its budget surplus. It has extended its Director Penalty Notices (DPN) issued by the Australian Taxation Office (ATO) to also include unpaid taxes included in your BAS Returns such as Goods and Services Tax (GST), Luxury Car Tax (LCT) and Wine Equalisation Tax (WET). These taxes join PAYG Withholding and Superannuation which are currently subject to DPN’s.