, , , , , ,

EOFY alert! Financial year end just days away

Small business owners wanting to buy a vehicle, asset or important piece of equipment and immediately write off the cost only have a few days to act this financial year. Ah, deadlines: love ‘em or hate ‘em, they sure do get you moving. And with June 30 just days away, time is running out for your business to take advantage of the federal government’s temporary full expensing scheme this financial year. What is temporary full expensing? Temporary full expensing is…...
Read More
, , ,

Aussie businesses load up on light commercial vehicles

Australian businesses have shifted things up a gear this year, with new asset finance figures revealing a 187% rise in light commercial vehicle purchases since January. The spike in business vehicle financing was driven by sales of all classes of vehicles, no doubt partly due to SMEs making the most of the federal government’s temporary full expensing scheme (aka instant asset write-off) ahead of June 30. Here’s a quick snapshot of the Commonwealth Bank’s (CBA) business financing figures by vehicle…...
Read More
, , , ,

Pedal to the metal: EOFY is officially bearing down on us

Keen to buy a vehicle, asset or another vital piece of equipment for your business and immediately write off the cost? Well, you better get cracking, as we’re officially entering end-of-financial-year territory. How time flies. It feels like only yesterday that we were gearing up for the year, and now, it’s all systems go to beat the EOFY deadline. Why the hurry? Well, businesses keen to invest in their future can immediately write off the full value of any eligible…...
Read More
, , , , ,

SMEs to get full asset write-off extension and fairer go with ATO

Small businesses in dispute with the ATO over their tax debt will get “a fairer go” under new rules proposed in the federal budget. Meanwhile, one-year extensions have been granted for the full asset write-off and loss carry-back schemes. Let’s break it all down. There’s a lot to digest in this year’s pandemic-recovery federal budget. So today we’ve chosen to focus on just a few key budget announcements we feel may help SMEs manage finance and debt in the years…...
Read More
, , , ,

Business demand for equipment has hit record numbers

Businesses across the country are purchasing new equipment and vehicles in record numbers, as companies big and small embrace the strongest market conditions seen in years, according to NAB data. And with the end of the financial year approaching quickly, we’re expecting demand for equipment and vehicles to remain strong, with businesses looking to invest in their future by taking advantage of the federal government’s temporary full expensing rules (more on that below). NAB believes the demand for new equipment…...
Read More
, , , , , , ,

Free new mental health support service for small business owners

Floods, fire and pandemic - it’s been an incredibly tough 15 months for many Australian businesses. And with government support about to end, looking after your mental health will be just as important as taking care of your business’s financial health. With the federal government’s COVID-19 JobKeeper wage subsidy scheme expiring on 28 March, experts are tipping as many as a quarter of a million jobs could be lost. When you also consider that rental eviction moratoriums are coming to…...
Read More
, , ,

Do you have a succession plan in place for your business?

Who would take the reins of your family business if you had to take a step back from it? Turns out just one-in-six businesses have a proper plan in place. But rest assured you can develop your own succession plan fairly painlessly, with the help of a new guide. So ... it turns out the Murdochs aren’t alone when it comes to succession headaches. Latest family business data from KPMG shows that just 17% of Australian family businesses have a documented…...
Read More
, , , , ,

SME credit demand improves, lenders begin next phase of COVID-19 support

Things are starting to look better for small business owners across the country with just 5% of deferred business loans yet to resume repayments. Meanwhile, there are signs that business credit demand is improving, especially when it comes to asset finance. The first bit of data comes from the Australian Banking Association (ABA), which shows just 11,263 business loans across the country are yet to resume repayments. That’s a huge drop from the height of the pandemic back in June…...
Read More
, , , ,

Digital transformation: how does your business compare?

How well placed is your retail business when it comes to its digital transformation? Today we’ll look at some of the ways your competitors might be complementing their bricks and mortar stores with online empires. For some retailers, COVID-19 was the death knell for their business. For others, it gave a much-needed nudge to supplement in-store sales with thriving online hubs. So how well did you transform your business compared to your competitors in 2020? Well, Retail Express conducted a…...
Read More
, , , ,

How will your business bounce back from 2020?

If you’re worried about how to recover from the horror show that was 2020, you’re not alone. Two-thirds of Australian small to medium businesses feel the same way, research shows. As SMEs look towards “COVID-normal” in 2021, many are wondering how they will rebound from the stresses and strains of the past year. In fact, as many as 65% of businesses are worried about having a clear recovery pathway, according to findings from business banking analysis firm East & Partners.…...
Read More