Greetings from ESS Small Business – We hope you're starting to see some light at the end of the tunnel. Do you need an insight into research and development? The feedback that we're receiving is that many small business and medium-sized business operators have been using the work from home restrictions during COVID-19 to commence research and development activities on better ways to undertake business activities within their businesses. Read more: https://www.esssmallbusiness.com.au/index.php?option=com_zoo&task=item&item_id=272&Itemid=639

Worst Economic Position In Living Memory The Australian economy has been badly affected by COVID-19 Coronavirus, as indeed have the economies of most countries. The Australian Parliament has passed the extension to JobKeeper legislation at a smaller amount from 1st October 2020 to 3rd January 2021. For eligible team members working more than 20 hours per week the JobKeeper payment in the October to December period will be $1,200 per fortnight. Read more: https://www.esssmallbusiness.com.au/index.php?option=com_zoo&task=item&item_id=271&Itemid=639

Concerns About Business Funding From 1st October 2020 Onwards Whilst the Australian government has announced that the Coronavirus SME Guarantee Loan will be redrawn and applications enabled until 30th June 2021, a $1 million maximum loan for a period of 5 years, with the money being able to be used for any business purpose, there is still an expectation that many businesses will have difficulties in negotiating with banks for new funding facilities from 1st October 2020. Read more: https://www.esssmallbusiness.com.au/index.php?option=com_zoo&task=item&item_id=270&Itemid=639

Greetings from ESS Small Business – Tradies' Charge Out Rates Review And Corporate Governance. In our next ESS Small Business COVID-19 Survival Panel webinar for small businesses and medium-sized enterprises, Kevin Thiele an experienced Management Accountant will discuss the concepts of establishing charge out rates for tradies so as to ensure that the... Read more: https://www.esssmallbusiness.com.au/index.php?option=com_zoo&task=item&item_id=269&Itemid=639

The Prime Minister and Treasurer have announced significant changes to the JobKeeper program: From 28th September 2020, businesses will be required to reassess their eligibility for JobKeeper with reference to their actual GST turnover in the September quarter 2020, as compared to the September quarter in 2019, to be eligible for the JobKeeper payment from 28th September 2020 to 3rd January 2021. Read more: https://www.esssmallbusiness.com.au/index.php?option=com_zoo&task=item&item_id=268&Itemid=639

The latest developments in Victoria, where Level 4 restrictions have now been imposed in Melbourne and Level 3 in Regional Victoria, have really highlighted the challenges that can confront businesses all over Australia if COVID–19 coronavirus is allowed to become established in a particular location. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=282&Itemid=639 

Want to learn more about ESS Small Business? (Click here) Greetings from ESS Small Business – Tax Ruling on JobKeeper and Research & Development. The Australian Taxation Office has issued a draft taxation determination relating to “Notional Deductions for Research and Development Activities Subsidised by JobKeeper Payments”. Read more: https://www.esssmallbusiness.com.au/index.php?option=com_zoo&task=item&item_id=267&Itemid=639

The Australian government made a number of very important announcements this week, including the JobKeeper extension which, from 28th September 2020, will comprise 2 tiers with a reduction in the fortnightly payments payable to people who qualified at 1st March 2020. Tier 1 applies to people who were working more than 20 hours per week at 1st March 2020. Tier 2 applies to people who were working less than 20 hours per week at 1st March 2020. In both cases, the people must still be employed by the business/charity. Tier 1 payments from 28th September 2020 to 3rd January 2021 will be $1,200 per fortnight and from 3rd January 2021 to 28th March 2021 will be $1,000 per fortnight. Tier 2 payments from 28th September 2020 to 3rd January 2021 will be $750 per fortnight and from 3rd January 2021 will be $650 per fortnight.   Read The Full Article Here

Greetings from ESS Small Business – using a coordinated social media campaign and having an awareness of the equity fund raising available for small businesses are the key items for today. The situation in Victoria has created a significant wake-up alert to businesses all over Australia as well as governments and the general public. Read more: https://www.esssmallbusiness.com.au/index.php?option=com_zoo&task=item&item_id=264&Itemid=639

Greetings from ESS Small Business – "Strategies Include Systems and Adequate Funding for Your Business". A lot has happened in the last few months. On 18th June 2020 the “Financial Review” published an article “Accountants Become the “Centrelink” of Business World” – “The accountant of the future will need to be a compliance expert who can grapple with fast changing rules while providing broader advice to clients about their business”.     Read The Full Article Here