Understand your external environment

The COVID-19 pandemic has implications well beyond the economy

It has changed how business operates and how consumers act. 

resilienceWhile comparisons are made to the 2008 Global Financial Crisis and the recessions of the 1980s and 1990s, the reality is, we have no case study. There is no rule book for the post pandemic road to recovery as this is not an economic event. The pandemic pulls the economy up short curtailing both supply and demand; businesses are not operating at capacity and fewer people are working. 

The Federal Budget is released on 6 October and we're expecting to see the Government invest heavily in job creating projects. Many of these will be focussed on infrastructure. Each of these projects will have a flow through effect to the broader economy. We'll bring you our insights the day after the budget and you should loom to see if there are opportunities your business can capture.

Read more…

NSW Grants and loans

Help to rebuild your business

Below is a range of financial support available to help NSW businesses survive bushfire, COVID-19 or drought.

audIf you need help assessing if you're eligible for one of these grants, or filling in an application, please contact the team at Collins Hume on 02 6686 3000.

Supporting recovery at work during COVID-19
The NSW Government's State Insurance Regulatory Authority offers financial assistance to employers who help people injured at work, or on the roads, get back to work during COVID-19.

These programs are designed to benefit both employers and employees. There are a range of financial incentives available including 'Support4work' a $4,000 grant to eligible small businesses that support their injured employees recovery at work. Read more…

Forecasting during a pandemic

Now, more than ever, business operators should have a plan in place to manage during uncertain times

Even if your business is not directly impacted, it's likely your customers, your supply chain, and your workforce will be to some extent.

break evenSo, how do you plan for uncertainty when every assumption is subject to change?

Understand where you stand now
Businesses fail (or fail to thrive) for a myriad of reasons, but the precursor is often a failure to understand what is occurring and what to monitor. Strategically, managers need to be on top of their numbers to identify and manage problems before they get out of hand. If you do not know what the key drivers of your business are - the things that make the difference between doing well and going under - then it's time to find out.

Read more…

Home ownership without a full deposit

Looking to buy a home, but do not have the full deposit?

There are options.

saving home depositLet's face it, saving the deposit for a home can be hard when you are paying rent, and sometimes 'life happens'. Can you achieve home ownership without the need for a full deposit? The short answer is yes, there are options โ€“ when buying a home there are 3 things that you need to bear in mind โ€“ the purchase costs, moving costs, and the deposit.

  1. Purchase costs โ€“ if you are a first home buyer and the property being purchased is under the relevant state limits for the property value you may be eligible for stamp duty concessions, or even waiver. This means that depending on your solicitor or conveyancer your purchase costs are generally under $4,000 (but please check this with your professional adviser in this area). You will need to insure the property and depending on the build, location and so on this cost will vary, so talk to an insurance broker for assistance.  Read more…

JobKeeper Alert

JobKeeper eligibility changes

With the employee test date for JobKeeper moved to 1 July 2020, some additional employees might have become eligible for JobKeeper. 

JulyThe August JobKeeper monthly business declaration is due by 14 September and is different to the previous form as it covers three JobKeeper fortnights.

Employers need to ensure that they identify all additional employees who could be eligible for JobKeeper to ensure that they comply with the "one in, all in" principle and that they meet the nomination requirements.

The first round of JobKeeper ends on 27 September 2020. To receive JobKeeper from 28 September 2020, employers need to reassess their eligibility with reference to actual GST turnover for the September 2020 quarter (for JobKeeper payments between 28 September to 3 January 2021), and again for December 2020 quarter (for payments between 4 January 2021 to 28 March 2021). However, we are still waiting on the rules relating to these periods to be released.

From this date, the JobKeeper payment rate will reduce and split into a higher and lower rate based on the number of hours the employee worked.

Collins Hume have implemented operational changes that ensure we continue to keep you and our team safe. Read them here ยป

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