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Are you a large business with a turnover of >$100 then you may need to be ready for the first Payment Times Reporting Scheme (PTRS) report which is due for lodgement on 30 September 2021. The Australian Government appointed the Payment Times Reporting Regulator on 1 January 2021, with the PTRS brought in to help create faster and fairer payment times for Australia’s 3.5 million small businesses. What is the Payment Times Reporting Scheme? PTRS is new legislation that requires larger businesses with a turnover >$100 million to report on their supplier’s payment practices related to small business suppliers with...

The Federal Budget was announced on 11 May 2021. With a lot of information to digest we thought we would simplify this so that small and medium business owners understand how the budget may impact them. Read on for more or download our 2021 Federal Budget Summary one pager here. For small to medium businesses Temporary full expensing measures extended until 30 June 2023 Businesses with a turnover up to $5 billion will be able to deduct the full cost of any eligible asset they purchase for their business in the tax year the asset was purchased. This includes the...

Many businesses have received grants as part of the $1.3 billion Modern Manufacturing Initiative (MMI). The aim of the MMI is to help Australian manufacturing businesses collaborate, scale up and commercialise their product offering. In this blog we explore the MMI in more detail, the 3 different MMI funding streams and manufacturers who have received grants via MMI. The $1.3 billion Modern Manufacturing Fund The Modern Manufacturing Initiative is a key element of the Australian Government’s Modern Manufacturing Strategy, with the goal to enable Australian manufacturers to collaborate, integrate, and expand into wider supply chains, whilst creating jobs, and overall...

A small business owner based in Esperance, has recently become the first person in Western Australia to be jailed for gross negligence. Daren Kavanagh, WA WorkSafe commissioner hopes that this will encourage small business owners to start taking workplace safety seriously. As we start to see a change in how gross negligence cases are dealt with, we are bound to see an industrial manslaughter legislation in WA very soon. In this blog we explore this case in more detail, along with the major changes to the Work Health & Safety Act and how businesses can prepare. Gross Negligence Case of...

The portion of fixed rate residential lending increased by 50% at the beginning of the RBA easing of the monetary policy when Covid-19 first hit. The RBA originally thought that interest rates would remain low until inflation rose by 2 – 3 %, which isn’t expected until 2024. However, accordingly to a recent AFR article, many Banks bill futures imply that rates may begin to increase sooner than expected. In this blog we explore: Why are interest rates expected to rise? What this means for people with a home loan What this means for people entering the property market How...

As a business owner, knowing your breakeven point is so important. It is how you determine whether you’re making profit or not, yet you would be surprised to know that a lot of businesses don’t keep track of all costs involved. In this blog, we explore the importance of understanding your breakeven point, a calculation for businesses to use and the uses and limitations of using a break-even analysis. Key takeaways A breakeven point is the point at which total revenue equals total costs or expenses Fixed and variable costs are used to calculate a break-even point Break even point...

Clarity on who a business’s target customers are, their value proposition and their unique key capabilities are the foundations for business success and are especially crucial when facing capacity and capability constraints. A challenge facing many West Australian businesses this year is that current market conditions are presenting many more opportunities than there is the capability and capacity to take advantage of these opportunities.  Constraints such as retaining and finding staff, and sourcing equipment and supplies are commonplace across many industries.  See below a table that shows where; Opportunities are strong and weak in the economy; and There are forces...