From 1 January 2021, the proposed law aims to establish a cost-effective alternative to provide the best opportunity for small and micro businesses with less than $1m in liabilities to continue under the current owners.
COVID-19 has forced many organisations to change how they operate and how they connect to the wider community. Some of the key things we are seeing come out of this pandemic are the importance of collaboration, partnerships and even mergers to ensure survival.
The Bottom Line aims to keep you in the loop with all the latest accounting and financial reporting developments, and the potential impact they may have on your business.
We know the members of the association have been suffering from the pandemic via an increase in costs, specifically in air and sea freight and other charges. This has meant that the profit margins have stayed the same or significantly been reduced. This webinar addresses JobKeeper 2.1, GST and the Federal Budget outcomes.
The first round of JobKeeper changes came into effect on 28 September 2020. Watch our overview on JobKeeper 2.1 and the alternative testings.
Recently, the Government extended the temporary insolvent trading, winding up and bankruptcy protections for a further 3 months.
With the initial JobKeeper subsidy coming to an end, businesses will be required to reassess their eligibility for the JobKeeper Extension.
In response to Melbourne’s extended restrictions, the Victorian Government announced the Business Survival and Adaptation Package ($3 billion).
Businesses should be reviewing key functions such as funding models and service delivery in determining their longer-term viability in a post COVID-19 recovery environment.
Super savings are the best structure for funding retirement, however as a result of market movements and the financial hardship caused by COVID-19, super balances have taken a hit.