Business Update – 14 July 2021
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
NSW Lockdown Extended for 2 Weeks
Lockdown measures in Greater Sydney have been extended by at least another two weeks from Monday. At this stage it will last until 11:59pm on Friday July 30. We’re thinking of everyone affected and encourage you to get in touch with us if you have any questions about your business.
New NSW COVID-19 Support Package Announced
Under a combined NSW and Federal Government support package, the COVID-19 Disaster Payment will be expanded and increased. In a Commonwealth Government declared hotspot, the COVID-19 Disaster Payment will increase to $600 if a person has lost 20 or more hours of work a week or $375 if a person has lost between 8 to 19 hours of work a week.
The Commonwealth have also agreed that from 18 July 2021, the Disaster Payment will also be available to those outside the Commonwealth Government declared hotspots in NSW, if they meet the criteria for the payment. It will be offered to any other state or territory that experiences an extended lockdown.
Also, a new business support payment will be available for those with an annual turnover between $75,000 and $50 million who can demonstrate a 30% decline in turnover. Eligible entities, including not-for-profits, will receive $1,500 to $10,000 per week based on the level of their payroll.
For sole traders, payment will be set at $1,000 per week.
More information will be on the Service NSW website later this week.
NSW COVID-19 Business Grant
If you’re a business, sole trader or not-for-profit organisation impacted by the current Greater Sydney COVID-19 restrictions, you may be able to apply for a grant of up to $15,000 from 19 July 2021.
Victoria Closes Border to NSW
Victorian authorities closed the state’s border with New South Wales on Sunday. The border is closed to NSW and the ACT, except for Victorian residents returning on a red zone permit for 14 days of quarantine and those with exemptions.
NZ Resumes Travel Bubble with QLD as restrictions ease
NZ has resumed its quarantine-free travel arrangement with QLD from 11:59 pm on Monday. QLD health authorities announced reduced restrictions on social gatherings and mask wearing starting this Friday, prompting the NZ government to bring back the travel bubble. Queenslanders will still need a pre-departure test to enter NZ.
Kiwis Stranded in NSW Start to Come Home
Managed return flights will start bringing New Zealanders stranded in NSW home to NZ on Tuesday. There are as many as 2,500 Kiwis in NSW, but there are only about 1,000 rooms available in the MIQ facilities over the next two weeks. Returning travellers will be required to quarantine for 14 days upon return.
Singapore-Australia Travel Bubble More Likely to Happen at the End of 2021
A planned travel bubble between Singapore and Australia is more likely to happen towards the end of the year, according to Australian Minister for Trade, Tourism and Investment Dan Tehan. Plans have been on hold due to a third wave of COVID-19 in Australia.
At present, around 40% of Singapore’s population have been fully vaccinated, while 11% of the Australian adult population (20.5 million) have received both shots of an approved vaccine.
Western Australians Exposed to Victoria, SA Hotspots Must Get Tested
Western Australians who have been to recently announced exposure sites in Victoria and South Australia are required to be tested immediately and to quarantine for 14 days regardless of the result.
This comes after a group of COVID-infected removalists from Sydney visited a Melbourne apartment complex and a South Australian petrol station. The entire apartment building in Maribyrnong has been placed into lockdown after the removalists dropped off furniture using the building’s lift.
Australian Business Activity Fell From Record Highs
National Australia Bank’s index of business conditions dropped 12 points to +24 in June, after climbing 5 points in May. Meanwhile, its measure of confidence slipped 9 points to +11, though that was still above the long-term average.
This comes as the COVID-19 lockdowns in New South Wales and Victoria curbed sales and undermined confidence.
JobMaker Hiring Credit’s Second Claim Period
The second claim period of the JobMaker Hiring Credit is now open. So if you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments:
- up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
- up to $5,200 over a year for each additional eligible employee aged 30 to 35 years
Register any time until the scheme ends.
Wage Subsidy Scheme for Apprentices and Trainees
The Government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.
Income Statements can be found in myGov in July
Since Single Touch Payroll (STP) came into place in 2019, payment summaries (previously called Group Certificates) now known as Income Statements can be accessed through myGov. These are no longer directly provided by employers. These should be prepared and ready for employees from 14 July to 31 July, depending on the number of employees.
Eight Tips to Calmly Handle a Company Crisis
Running a business has its own ups and downs. Sometimes, ideas fail and things go out of hand, leading to a crisis within the business. In this Forbes article, members of the Young Entrepreneur Council share eight tips to manage company crises calmly and competently.
- Take a moment to sit and think, without distractions. It’s through clarity that you can make the best decisions and take the right actions.
- Ask senior leaders to help address the crisis. Catch up with leaders, explain the current situation, and ask them to help you address the crisis.
- Respond in a calculated manner instead of reacting. Responding requires you to take a moment, gather all relevant information, and make a plan to move forward.
- Encourage employees to stick to their daily routines. This keeps a sense of normalcy and prevents placing unnecessary stress on employees.
- Take ownership of successes and failures. Resist the urge to shift blame as this will only cause more problems and worsen the crisis.
- Remember your company’s purpose and vision. Re-centre everything to your true north in order to stay calm and manage the crisis.
- Quantify the issue to put it into perspective. Being able to quantify the issue as a one-dollar problem or a thousand-dollar problem, for instance, can help you approach the crisis from a composed viewpoint.
- Create a plan of action with detailed steps. Proactively define priorities and then communicate the three or five most important steps. Having a plan will not only help address financial concerns and preserve operational continuity, but will also make your team feel secure.
Need more focused business advice? Get in touch with us today and let us talk about your specific situation and how we can help you.
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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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