Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s updates and some ideas that will help us all overcome this crisis.

Australia Opens Up More Borders in Domestic Travel

Australia will lift more internal state border restrictions in a boost for tourism as new COVID-19 cases slow to a trickle, while the first vaccines could be available in March.

Queensland will allow visitors next week from New South Wales and Victoria, after closing its borders in August. Meanwhile, NSW will ease restrictions on arrivals from Sydney on December 1 and will allow restaurants, pubs, and cafes to increase capacity.

NSW and Victoria opened their border on Monday, while the South Australia-Victorian border opens fully next week.

Imports Bounce Back, Trade Surplus Shrinks to $4.84 Billion in October

According to recent data, imports of goods for October 2020 increased 8% or $1.98 billion, while exports rose 6% or $1.80 billion. With this, trade surplus for October declined to $4.84 billion.

Australian Shares at Near 9-Month High

Australian shares hit their highest level in almost nine months on Tuesday, led by energy stocks. This comes on the back of news regarding the positive developments of a potential COVID-19 vaccine.

Financial Help and Free Mentorship For Online Businesses

Micro and small business operators can get financial assistance and free mentoring through a government-funded programme called New Enterprise Incentive Scheme (NEIS).

New entrepreneurs can access free mentoring for the first 12 months of participation in the program and receive financial assistance for up to the first 39 weeks of business operation.

Existing micro-businesses impacted by COVID-19 can access NEIS if they need help to keep their businesses running.

Also, people with part-time contracts, who are working up to 25 hours per week, can access NEIS if they are looking to start their own business.

You can learn more about this government assistance here. Alternatively, you can contact us so we can also help you evaluate other funding and business support options you may be eligible for.

Employers May Need to Give Employees More Super Choices

A change to the law means that you may need to offer employees more choice in relation to the super fund that you pay their compulsory superannuation contributions to.

All workplace determinations and enterprise agreements made on or after 1 January 2021 must give employees the right to choose their super fund.

Once a new determination or agreement is in place, you’ll need to give a Superannuation standard choice form to:

• existing employees who request to choose their super fund
• all new employees.

You must then pay employees’ compulsory super to their nominated fund. We will keep you informed of the updates but please feel free to chat to us if you have any questions.

Upcoming Key Date

Please keep in mind this deadline:

• 30 November 2020 – September quarter SG charge statement due

Missed or unpaid super amounts?

Business downturn due to COVID-19 may be affecting your business and you may have missed, or not paid in full, regular payments.

This includes your employees’ super guarantee (SG) for the quarter ended 30 September 2020.

By law, the ATO can’t extend the due date to pay super.

To meet your obligations, lodge a Superannuation guarantee charge statement by 28 November 2020, even if you can’t pay in full. Doing this will mean you avoid penalties and we can work with you to set up a payment plan that suits your circumstances.

You can find more information from the ATO here, but please contact us if you need any help

Business Growth Fund Launched

The government-backed Australian Business Growth Fund has launched to ensure small- and medium-sized businesses have access to equity finance, as the country recovers from the COVID-19 crisis.

Initially, the Australian Business Growth Fund will have an initial investment capacity of $540 million, with a goal to grow the fund to $1 billion.

The government is making a $100-million investment, while major banks including ANZ, Commonwealth Bank, NAB, and Westpac have also committed $100 million each.

The fund will allow Australian businesses to apply for long-term equity capital investments between $5 million and $15 million, where they have generated annual revenue between $2 million and $100 million and can demonstrate three years of revenue growth and profitability.

If you need help in assessing your eligibility or to consider other financing options, don’t hesitate to contact us for guidance.

Government-backed COVID-19 Loans Extended

The government is extending its small business COVID-19 loans scheme until June 2021. If you need help to access these loans or you want to find out if you are eligible, don’t hesitate to drop us a message.

Get in touch

Contact us if you have any questions.