Business Update – 10 November 2021
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
$44 Million Recovery Package for Melbourne
The Melbourne Money scheme is returning to the CBD, with the state government and City of Melbourne launching a $200m “revitalisation fund”.
From 15 November, those dining in the CBD between Monday and Thursday can claim a 30% discount – of up to $150 – off their restaurant bill. Previously, the Melbourne Money scheme launched over the winter had a cap of $100.
Last Sunday, funding was also announced to include a $15.7 million boost to Christmas events and pop-up attractions. An expanded Christmas Festival will also start on 12 November, two weeks earlier than usual.
Greater Darwin Lockout Ended
The Greater Darwin lockout ended at midnight on Tuesday, despite the Northern Territory recording one new case of COVID-19. A mask mandate will remain in place in Greater Darwin until 5pm on Friday.
Sydney Further Eased COVID-19 Restrictions
Sydney further eased social distancing curbs on Monday, as close to 90% of the population have been fully vaccinated.
Although limited to people who got both doses of vaccine, the relaxation in New South Wales lifts limits on house guests or outdoor gatherings, among other measures.
The state would transit to its booster programme phase, focusing first on the state’s most vulnerable population.
Business Confidence at 6-month High
Business conditions rebounded in October, after most of the COVID-19 restrictions were lifted. According to the National Australia Bank’s survey of business conditions, which measures profits, sales, and employment, figures jumped to 11 last month from 5 in September, mostly driven by the reopening of New South Wales (NSW) on 11 October.
Meanwhile, business confidence surged to 21 in October, the highest since April. Victoria showed the biggest improvement, followed by Queensland and South Australia.
COVID-19 Disaster Payment Changes in Victoria
Now that 80% of the population in Victoria have been fully vaccinated, changes to the COVID-19 Disaster Payment will come into effect.
Aside from the decrease in payment rate over a two-week period before it stops, people would need to apply each week to ensure they remain eligible.
In the first week after a state or territory reaches the 80% milestone, people can apply for:
- $450 if they’ve lost 8 hours or a full day’s work or more
- $100 if they’re getting a Centrelink or Department of Veterans’ Affairs (DVA) income support payment and have lost work.
In the second and final week after reaching 80% the payment:
- rate decreases to $320 for those who have lost 8 hours or a full day’s work or more
- stops for people getting a Centrelink or DVA income support payment.
JobMaker Hiring Credit Payments for 3rd Period
JobMaker Hiring Credit payments can be claimed by 31 October 2021 for additional eligible employees hired between 7 April 2021 and 6 July 2021. Eligible businesses can claim for up to a year for each additional eligible employee hired between 7 October 2020 and 6 October 2021. Get in touch with us for assistance in your claim.
Single Touch Payroll (STP) Quarterly Reporting Due Dates
From 1 July 2021, small employers must report any closely held payees through STP. Reports can be done every pay day or quarterly. Also, STP quarterly reporting concessions for micro employers are only available to those who meet certain eligibility requirements, including the need for exceptional circumstances to exist.
We can help you apply for this concession on your behalf. Those who haven’t started reporting through STP and don’t have a deferral or exemption must start reporting now.
Upcoming Key Dates for November 2021
Here are the upcoming key dates for the month of November:
22 Nov 2021
- October monthly BAS due
29 Nov 2021
- September quarter SG charge statement due
Change in Super Rules from 1 November for Your New Employees
There’s a change that involves an extra step to comply with ‘choice of fund’ rules when a new employee starts working for you. Currently, if new hires don’t choose their own Super fund, the employer can pay Super contributions for them to your default fund.
Starting 1 November, employers will need to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing account which is linked to an employee, and this change in rules aim to minimise the number of additional Super accounts opened each time an individual starts a new job.
You can use online services for business to request for your new hires’ stapled super fund details. If you need help with your tax and super, get in touch with us!
Changes for Directors starting in November: Identification Number Needed
All directors of a company will need a director identification number (director ID) from November.
The director identification number is a unique identifier that allows shareholders, creditors, employees, and consumers to know certain details about the directors of a company. All directors are required by law to verify their identity with the Australian Business Registry Services before receiving a director ID.
All directors need to apply for their own ID so while we can’t apply for this on your behalf, we can help you if you have any questions.
You can also follow the steps for application here.
Support for Apprentices to be Expanded
The $3.9 billion Boosting Apprenticeship Commencements program will extend support into the second and third year of an eligible Australian Apprenticeship through the $716 million Completing Apprenticeship Commencements program.
From October, eligible employers will receive a 10% wage subsidy in the second year of an eligible apprenticeship, and 5% in the third year. The government’s investment is expected to continue to support the 270,000 anticipated commencements under the Boosting Apprenticeship Commencements program from October 2020 to March 2022.
COVID-19 Government Support By State and Industry
Small businesses that are currently suffering from lockdowns can get financial assistance to help them get through the pandemic. You can find the latest government support schemes for each state or territory here.
The impacts of the COVID-19 restrictions vary from one industry to another. Here, you’ll find the latest government financial assistance available for particular industries.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.
Oracle Accounting & Wealth is located at Suite 31, 89-97 Jones Street ULTIMO NSW 2007. Phone: 02-9715 2977
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The information in this newsletter / factsheet is factual but general in nature. It should not and is not to be construed as advice at any level whatsoever. Because it contains general information that has not been tailored to your personal circumstances it may not be suitable information for you. You must always seek personal financial or taxation advice prior to acting on this information. Further, as many of the comments in this newsletter / factsheet are general in nature, anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.