COVID-19 Business Update – 26 August 2020

Looks like our HBF road trip will have to wait longer. Our clients are always in our thoughts. Victoria’s State of Emergency extended for 18 months Victorian Premier Daniel Andrews has announced the State of Emergency will be in place for 18 months and lockdown restrictions will be extended beyond September. Businesses in Victoria that are struggling can access the state’s Business Support Package. Get in touch with us if…  Read more

Preparing for the end of JobKeeper

Since 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…  Read more

COVID-19 Business Update – 19 August 2020

We are always thinking of our clients, we are here if you need us. Cashflow Boost and JobKeeper Audits The ATO has announced that it will be actively conducting audits on the cashflow boost JobKeeper scheme. If you receive contact from the ATO to review your JobKeeper eligibility, you will be required to provide documentation as proof that you meet the eligibility criteria. This may include: Bank statements Tax invoices…  Read more

COVID-19 Business Update – 12 August 2020

We are with you during this time. Stay home & stay safe. Australia Borders Remain Shut Prime Minister Scott Morrison announced that international border closures were unlikely to lift before Christmas, as the country reported a record single-day surge in COVID-19 deaths on Monday. However, drastic lockdown measures in Melbourne appear to be working, as the rate of daily new infections in Victoria is slowing down to a near two-week…  Read more

What is it like to be an accountant during a Pandemic & Economic crisis

Working in finance during a Pandemic and economic downturn is certainly no bed of roses. And if one more person assumes “I must be raking it in” during this Coronavirus crisis, I seriously think I will lose my mind. You see, we are busy, yes.  And we are super grateful for that. But we are busy in July and August every year.  But this year sees us being a different…  Read more

COVID-19 Business Update – 5 August 2020

We are all in this together, let’s look out for each other. Stay Safe. Support for Victorian businesses As you have probably heard, the Victorian Government has announced updated restrictions for Melbourne and regional Victoria to help slow the spread of COVID-19. Stage 4 restrictions started from 6pm on Sunday 2 August for metropolitan Melbourne. Stage 3 restrictions are in place from 11:59pm on Wednesday 5 August for Regional Victoria,…  Read more

Questions to ask as your small business recovers from COVID-19

As small business owners look to operations after COVID-19, there are some important business questions to ask. These questions will help you determine what adaptations you want to keep, whether your business model is working, and if there are additional changes you want to make to keep your company operational through future economic downturns. It’s not always fun to do this sort of examination, but the answers to these questions…  Read more

COVID-19 Business Update – 29 July 2020

We would like you to know, the HBF team is here to help answer questions.  The road trip will have to wait a little longer. JobKeeper Changes Coming in September Last week the PM announced the JobKeeper wage subsidy scheme will be extended from September through to March next year, with some changes. Please be aware there are still plenty of “unknowns” surrounding the next steps, and these changes are…  Read more

JobKeeper 2.0 – What it really means

So the Morrison government gave a sneak peak at what JobKeeper 2.0 will look like from October 2020, and whilst most people are losing their minds, there are some good changes coming. How will you be impacted? What should you be doing now? And how can you prepare for life “post JobKeeper”? Well first and foremost, JobKeeper 2.0 is not legislation yet so we can’t tell you the exact impact…  Read more

JobKeeper changes coming in September

The government has announced changes to the JobKeeper scheme. The Treasury’s review found that the subsidy was still “needed” but required a “test to ensure that JobKeeper is well targeted”. Be prepared This means there will be changes to your current situation and your entitlements will be affected. The details of the changes are being announced now and we will ensure our clients are fully informed as to how this…  Read more

COVID-19 Business Update – 22 July 2020

We hope our clients and their families are coping okay with all the changes. Stay safe. JobKeeper Changes Coming in September This week the PM announced the JobKeeper wage subsidy scheme will be extended from September through to March next year, with some changes. This comes as businesses continue to struggle and as an increase in infections has been reported in the southeast. The JobKeeper subsidy has been extended to…  Read more

COVID-19 Business Update – 8 July 2020

With the borders closing, we hope our clients with interstate customers are not as heavily impacted as our Victorian clients. We know this is not ideal, however, we know these measures are to restrict the spread of Coronavirus. We can’t wait for a HBF road trip when things are looking better. Next phase of JobKeeper to come after September PM Scott Morrison confirmed today that there will be a “further…  Read more

COVID-19 Business Update – 1 July 2020

It looks like restrictions are increasing in Victoria. We hope our Clients are managing well.  We have a feeling that remote learning is headed back to Victoria. We feel for all working parents, juggling everything at once. State grants and support programs Each state and territory has announced various grants and assistance packages which you may be eligible for. You can find a roundup of these grants on the Government’s…  Read more

COVID-19 Business Update – 24 June 2020

This weeks latest news on all things Covid-19, Coronavirus and government stimulus packages.  Please note that restrictions for those in Victoria have increased due to a higher number of Coronavirus cases being reported.  Heading into EOFY and school holidays, this was not a desired outcome, but necessary to curb the rise of cases. Second Round of Cash Flow Boosts If you received initial cash flow boosts, you’ll automatically receive additional…  Read more

COVID-19 Business Update – 17 June 2020

We are steamrolling towards end of financial year and it seems any relief from the Coronavirus has been short lived.  Cases are on the increase and many state borders remain closed for travel – not ideal news with school holidays fast approaching. Instant Asset Write-Off Extended Last week, it was announced that the Instant Asset Write-off has been extended for six months to 31 December 2020. Australian businesses with less…  Read more

Instant Asset Write-Off is Extended

Good news for those business owners with the capacity to invest in assets this calendar year.  This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to…  Read more

Business lessons learned during COVID-19

If you’re like many small business owners you’re probably astounded by how the world has changed in a very short time. While we can all hope that the pandemic is a once-in-a-lifetime scenario,  we need to find some positive in the whole situation. And there are hidden business lessons that we can learn to help plan for the future. Yes, your business might have changed drastically in recent months. There…  Read more

JobKeeper Myths Busted by a Qualified Professional

Coming up to the second round of JobKeeper reporting and we are still so bloody shocked by the amount of crap information being thrown around in relation to who is eligible for this funding. And more importantly, why are people not qualified to give this advice so happy to throw around these “JobKeeper Myths” like confetti?? Let me bust some of the crap information and myths around JobKeeper that people…  Read more

COVID-19 Business Update – 27 May 2020

It is time for our weekly updates on all things Covid-19, JobKeeper and beyond. JobKeeper Key Dates The ATO’s website has a list of key dates relevant to JobKeeper which you might find handy. Not-for-profits and charities can find some JobKeeper information here also. If you are still wondering if you are eligible, or what schemes apply to you and your business, get in touch with us and we can…  Read more

COVID-19 Business Update – 20 May 2020

Welcome back to our Weekly Digest of all things Covid-19, Coronavirus and change to the economy. We hope you and your family are doing well and if you are a working parent, your children may be returning to the classroom soon. Read on for this week’s update. Easing restrictions Last week we mentioned the government’s state-by-state roadmaps to relaxing restrictions. Most states have started their roadmap and as a result…  Read more

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