Business News Releases

Viability voucher program proposed to assist cash-strapped small businesses

THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell is backing the nation’s peak accounting bodies which have today called on the Federal Government to provide small businesses with better access to financial advice through a voucher system.

CPA Australia and Chartered Accountants Australia and NZ have issued a joint statement requesting a government-funded voucher system to ensure small businesses can access urgently needed professional advice on their viability once stimulus measures end in September.

The proposal is in line with ASBFEO’s COVID-19 Recovery Plan, which recommends a small business viability voucher program.

“Small businesses have endured some of the toughest trading conditions we’ve ever seen in Australia over the past few months,” Ms Carnell said.

“ABS data tells us 900,000 businesses are getting JobKeeper payments and about 690,000 businesses have received emergency cash flow assistance, while 38 percent of businesses still trading have renegotiated their rent arrangements.

“Two thirds of businesses were still reporting reduced revenue in June. Of those about a third were reporting revenue losses of 50 percent or more.

“Small businesses with cash flow issues, compounded by falling revenue, may find getting the professional financial advice they need unaffordable. The ramifications of this could be devastating, both for the business and its owner and family, down the line," Ms Carnell said.

“That’s why our COVID-19 Recovery Plan recommends the establishment of a small business viability voucher program, where small business owners facing financial stress can obtain a voucher valued up to $5,000  to access tailored advice on how and whether to turn around their business.

“Under the program, a business owner (or their accountant) would apply for the voucher with services provided by a relevant accredited professional.

“This would ensure small businesses have access to expertise in judging business viability, so they can make an informed decision about whether to turn their business around or exit.

“The advisor would be paid directly by the government to the accredited professional up to the value of the voucher," she said.

“Ultimately, we want to see as many small businesses come out the other side of this difficult period as possible – getting a tailored business plan is critical to their survival.”

www.asbfeo.gov.au

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Victoria-NSW border closure 'disappointing but necessary' says AFTA

THE Australian Federation of Travel Agents (AFTA) said the decision to close the Victoria–New South Wales border was disappointing but necessary.

AFTA, the peak industry body which represents 3000 travel agents and their 40,000 employees, has been working constructively with government as well as other industry associations, and key stakeholders in the tourism sector.

AFTA CEO, Darren Rudd said, “AFTA will continue to work collaboratively with government at a Federal, State and Territory level to constructively navigate these incredibly confronting times.

“We acknowledge that the primary focus of government and health authorities is protecting lives and containing the spread, whilst also re-booting the economy in a sensible way.”

About AFTA

The Australian Federation of Travel Agents (AFTA) is the peak body in Australia representing the retail travel industry. Founded in 1957, AFTA represents the majority of travel agents in Australia and includes all of the major travel agency groups. AFTA’s role is to uphold the interests of members in matters relating to the operation of all travel agencies in Australia. In broad terms these issues are ones that are not addressed by agent chain or corporate entities on behalf of their members, and are ones that involve the industry as a whole.

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ATO toolkit helps small businesses tick tax time off their to-do list

THE Australian Taxation Office (ATO) has released a tax time toolkit designed to help small businesses and their tax advisers.

The toolkit packages up a series of easy-to-understand fact sheets on topics that small businesses need to know this tax time, especially given the tax implications of COVID-19.

ATO Assistant Commissioner Andrew Watson said, “As we all continue to navigate the COVID-19 pandemic, we completely appreciate that it’s a really tough time for many small businesses. Our job is to continue to support businesses who need help with their tax and super obligations, in partnership with the tax profession.

“Many small businesses have had a really difficult few months, and we fully acknowledge this. From bushfires to floods to COVID-19, we know times are tough. Small businesses have a long to-do list, and tax obligations are just one of many items that need to be done.

“We also know that many small businesses rely on and trust the advice of their tax professional. Whether you use a registered tax professional, or lodge your own tax return, we hope our toolkit will be helpful when the time is right to sit down and consider lodging your income tax return,” Mr Watson said.

The toolkit includes a set of fact sheets to help you understand a range of tax time topics, including:

  • home-based business expenses – if as a business owner, you’re claiming deductions for the costs of using your home as your main place of business.
  • pausing or permanently closing your business – if you’ve had to pause or permanently close your business due to COVID-19.
  • motor vehicle expenses – if you’re claiming a deduction for motor vehicle expenses for your business.
  • travel expenses – if you’re claiming a deduction for expenses you incur when travelling for your business.
  • using your company’s money or assets – if you’re a director or shareholder of a company that operates a small business, and you take money out of your company or use its assets.


“Don’t forget, it’s best to ask for help with your tax if you need it," Mr Watson said. "And it’s never too late to speak with us or a registered tax professional if you aren’t sure about something or need a helping hand.”

The tax time 2020 toolkit for small business is available at ato.gov.au/SBtaxtimetoolkit

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First public hearings for homelessness inquiry

THIS WEEK the House Standing Committee on Social Policy and Legal Affairs will hold its first two public hearings for its inquiry into homelessness in Australia.

On Tuesday, July 7, the committee will hear from government agencies, research institutes, and other organisations about the extent of homelessness in the Australian community and the programs and services in place to support those experiencing homelessness and those at risk.

On Wednesday, July 8, the committee will hear further from some of Australia’s largest community organisations involved in providing housing and homelessness services.

Chair of the Committee, Andrew Wallace MP, said the committee was keen to hear from witnesses about the challenges in supporting the homeless, particularly in the current environment, and about what further actions can be taken by all tiers of government, the not‑for-profit and private sectors to assist those most in need.

"These hearings are an opportunity to learn about the work of the homelessness sector in supporting some of our most vulnerable people, and about where there could be improvements to services to ensure as many of our homeless as possible are supported," Mr Wallace said. 

'The committee is also keen to hear about how governments around Australia and the homelessness sector have worked during the COVID-19 situation to continue to provide essential support services to those experiencing homelessness and those at risk."

In order to ensure public safety during the COVID-19 situation, witnesses will participate in the hearing remotely, via teleconference. Interested members of the public are invited to listen to the live broadcast, available at aph.gov.au/live.

Further information, including hearing programs and submissions to the inquiry, is available on the Committee’s website.

Public hearing details

Date: Tuesday, 7 July 2020
Time: 10am to 5.10pm
Location: Via teleconference

Date: Wednesday, 8 July 2020 
Time: 9am to 3pm
Location: Via teleconference 

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Final entry deadline approaching in the 17th International Business Awards

THE FINAL entry deadline for the 2020 (17th annual) edition of The International Business Awards is Tuesday, July 28.

All individuals and organisations worldwide — public and private, for-profit and non-profit, large and small — may submit nominations to The International Business Awards.

The International Business Awards, one of the eight Stevie Awards programs, are widely considered to be the world's premier business awards competition. In 2019 the competition attracted more than 4,000 nominations from organizations in more than 70 nations.

Juries featuring more than 150 executives will determine the Stevie Award winners. The Gold, Silver, and Bronze Stevie Award winners will be announced on September 9. Stevie Award winners will be honored at a virtual awards ceremony this year.

New this year are a variety of COVID-19 response awards categories that do not have entry fees. These aim to honor heroes of every industry including medical, education, food delivery, media, public service, business response, and more.

The International Business Awards recognise achievement in every facet of the workplace. Categories include:

The IBAs feature more than 40 categories that do not require the payment of entry fees, including all 35 of the Company/Organization of the Year categories, and that there are many new and revised features of the IBAs for 2020, including:

  • Nine new categories to recognize singular business achievements in areas such as business turnaround, finance, revenue generation, and science and technology, among others.
  • The simplification of submission requirements in the Company/Organization, Corporate Communications & Public Relations, Marketing, and New Product & Product Management category groups.

About the Stevie Awards
Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, The American Business Awards, The International Business Awards, the Stevie Awards for Great Employers, the Stevie Awards for Women in Business, the Stevie Awards for Sales and Customer Service, and the new Middle East Stevie Awards. Stevie Awards competitions receive more than 12,000 entries each year from organisations in more than 70 nations. Honouring organisations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide.

www.StevieAwards.com.

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