Business Update – 5 January 2022
Welcome back to our Weekly Digest. We hope you and your families and a very safe and happy New Year! Read on for the latest updates and some ideas to help you have a great start into the new year.
COVID-19 Vaccination Info Kiosks
COVID-19 vaccination information kiosks are now open in shopping centres and at events in New South Wales, Queensland, South Australia and Western Australia to help you book a vaccination appointment.
Australia to Push Ahead with Reopening
The government said the milder impact of the Omicron variant of COVID-19 meant Australia could push ahead with plans to reopen the economy even as new cases hit a record of over 37,000. According to Prime Minister Scott Morrison, it’s important to manage our own health, ensure that symptoms are monitored, live with the virus, and keep the economy going.
Grants for South Australian Businesses
The South Australian government has announced a $40 million support package for businesses affected by COVID-19 restrictions. Initial automatic cash grants of up to $11,000 will be paid to eligible tourism and hospitality businesses, as well as gyms.
A second cash grant will be available on application for businesses who suffered a 30% reduction in turnover in the two weeks starting from 27 December. Other businesses who have had a 50% reduction in turnover during the same period will be eligible for grants of up to $8,000.
Meanwhile, a grant of up to $100,000 will be available for major events that had to be cancelled or delayed between 27 December and 27 January.
WA Border Reopening
Western Australia will reopen its borders at 12.01am on 5 February. For domestic travel, you can find information about state-by-state travel restrictions here. Meanwhile, for international travel, you need to check the official advisory of the country you’re visiting.
Depending on the location, you may need to obtain a PCR test, show proof of vaccination, quarantine, or purchase insurance. Australia has a travel bubble with Singapore, which means West Australians can travel to the country without having to quarantine.
Business Adoption of eInvoicing
More than 1.2 billion invoices are exchanged in Australia every year, with around 90% of invoice processing still partly or fully manual. Replacing a paper or email invoice with an eInvoice will lead to up to around $20 in cost savings.
The government has taken a series of actions to support the business adoption of eInvoicing.
- In the 2020-21 Budget, as part of the JobMaker Digital Business Plan, the government invested $3.6 million to facilitate eInvoicing adoption across the public sector.
- In the 2021-22 Budget, as part of the Digital Economy Strategy, the Government invested a further $15.3 million to improve business awareness and accelerate eInvoicing adoption.
The government is now seeking stakeholder views on further ways to support business adoption of eInvoicing, including by consulting on the idea of a Business eInvoicing Right (BER). You can submit responses to this consultation up until 25 February 2022. You can view the submission guidelines here.
5 Ways to Beat Inflation
Business owners will encounter a lot of opportunities and face hurdles in 2022. One of the greatest challenges is likely to be inflation due to the increase in national debt, among other factors. This Forbes article shares some tips on how entrepreneurs can fight back.
- Do more with less. Many have improved their financial discipline due to the pandemic. Continue to cut waste and find more ways to do more with less. After cutting waste, focus on building high-margin products and services.
- Seek more low-cost financing and cut financing costs. Government financing can be a great source of cheap financing for business.
- Raise more internal financing. Improve your cash flow.
- Use smart driver-focused sales. One of the biggest problems in business is getting sales and spending too much to get it. Learn how to sell more with less.
- Make your strategy finance-smart. Evaluate the financial impact of your business strategy and adjust if necessary.
Need more personalised business advice? Get in touch with us today so we can discuss your specific concerns.
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Contact us if you have any questions or want to discuss the next steps for your business.
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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.