Business Update – 20 April 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Latest Changes to Travel Rules
The requirement for people travelling to Australia from overseas to test negative for COVID-19 before arrival has been lifted. A ban on international cruise ships coming to the country and a rule preventing rapid antigen testing price gouging have also ended. You can find out more about these changes here.
PM: AU Gets IMF Vote of Confidence
Prime Minister Scott Morrison believes an upgrade of Australia’s economic outlook by the International Monetary Fund is a vote of confidence in his economic plan. The IMF raised its forecast for Australian growth to 4.2% in 2022 from 4.1%, while downgrading its global growth prediction to 3.6% from 4.4%.
Australia Crypto ETF Market Hearts Up
21Shares, which has $2.5 billion in assets under management, has partnered with ETF Securities to launch a bitcoin (BTC) ETF and an ether (ETH) ETF. These will be the first in Australia to invest directly in the underlying assets.
Bonus Tax Deductions for Small Businesses
The Technology Investment Boost allows small businesses to claim 120% of the costs of new technologies and training courses to upskill staff as deductions. An annual cap of $100,000 will apply to eligible technology expenditure, with the initiative set to last until 30 June 2023.
Super to Cover More Employees
From 1 July 2022, you will need to pay super to your employees who earn less than $450 per month, provided they meet other eligibility requirements. This expands super guarantee eligibility so employees can receive super regardless of how much they earn.
Upcoming Key Dates
- 21 April- March monthly BAS due
- 28 April- March quarter super guarantee due
- 28 April- March quarterly BAS due
- 28 April- March quarter PAYG instalment due
Business Assistance Package for WA Businesses
The Level 2 COVID-19 Business Assistance Package is available for businesses in Western Australia most impacted by restrictions. The assistance includes a $66.8 million Small Business Hardship Grants Program, $2.8 million of payroll tax relief for large hospitality businesses, and $2.1 million for a COVID-19 Commercial Sporting Franchises Support Program.
Safe Transition Industry Support Package
The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.
Pandemic Leave Disaster Payment
People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.
You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.
You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.
Support for Small Businesses
If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.
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.