The Director ID is coming

What is the Director ID?  As part of the 2020 Budget Digital Business Plan, the government announced the full implementation of the Modernising Business Registers (MBR) program. The MBR program is being implemented by the ATO and will…
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The SME Recovery Loan Scheme is now open

Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme. The scheme is designed to support the economic recovery, and to provide continued assistance, to firms…
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5 tax tips for navigating the small business CGT concessions

1 AFFILIATESRemember your spouse and children’s birthdays…and that they are no longer automatically your affiliates. Whether a person is an “affiliate” is relevant in numerous small business CGT concession contexts, including…
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New insolvency reforms to support small business

The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19. The insolvency system is facing a number of challenges: An increase…
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A hand up for small businesses on cash flow

The ATO has produced a “Cash Flow Coaching Kit”, which is a free resource and designed as a value-add advisory tool for small business owners. It does not replace any existing accounting or financial tools, although it can be used…
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Make sure you update your ABN: It can be vital

Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support. This became painfully evident during the…
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How to improve your business's financial position

An important part of your business plan should be to improve the financial position of your business. Follow our steps to improve your financial position and cash flow. You don't have to use all the steps, or follow…
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Small business insolvency reforms now in place

Insolvency reforms that will allow small businesses to restructure their debts or wind up their operations faster have now kicked in. Changes to Australia’s insolvency framework have been in effect since 1 January 2021, allowing…

New RBA report reveals how important JobKeeper has been during the coronavirus recession

JobKeeper has been described as a “country-saving moment”, with a new report revealing just what role the wage subsidy played during the pandemic. Job losses would have doubled during the coronavirus pandemic if the federal…