Monthly Archives: February 2022

More COVID support for businesses: NSW, SA, VIC

The State governments of NSW, South Australia (SA) and Victoria have introduced new measures and/or extended existing measures to help the businesses in their respective States survive the disruption caused by the omicron wave. Eligible small businesses in NSW may be able to receive 20% of their weekly payroll as a lump sum, while certain grants and rebates have been extended. SA announced additional grants for tourism, hospitality, gyms, and businesses experiencing hardship. Victoria has extended the commercial tenancy relief scheme.

Read More

SMSFs investing in crypto-assets

According to ASIC, there has been surge of promoters encouraging individuals to set up SMSFs in order to invest in crypto-assets. It warns that crypto-assets are high risk and speculative, as well as being an attractive target for scammers. While SMSFs are not prohibited from investing in crypto-assets, individuals thinking of setting up an SMSF are encouraged to be informed around the decision. Remember, trustees bear all the responsibility for the decisions of the SMSF complying with the law, and breaches may lead to administrative or civil and criminal penalties.

Read More

Tax debts may affect business credit score

The ongoing COVID-19 pandemic has caused uncertainty in many parts of the economy and has led to what many experts term a “two-speed economy”, while some businesses are recovering well, others continue to suffer from the effects. If your business has had issues paying debts, or have prioritised trade debts ahead of tax debts, remember that these actions may lead to a lasting impact on your business’ credit score. The ATO is able disclose business tax debts to credit reporting agencies if certain conditions are met including non-engagement.

Read More