Over the holiday period we will be closed from 5pm Tuesday 22 December and will re-open 9am Monday 11 January. We would like to wish you a Merry Christmas, hope that you have a safe holiday season and wish you all the best for the New Year.
SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis
As part of the preparations for 2021 it's a good idea to take some quality time and sit down, either alone or with your team, and consider the key areas of your business. As you consider those areas complete the items into the SWOT Analysis.
· What are you doing well?
· What are you not doing so well?
· What improvements need to be made?
· What is your vision for 2021?
· What is your mission?
· Can you enter the key items into your action plan?
If you need assistance on the preparation of your Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis, please do not hesitate to contact us.
Succession Planning – Have You Thought About It?
Succession planning is not something that should only be thought about when you're old and ready to retire. It is a process that should be thought about in every segment of your business journey.
Who would take over from you, if something happened to you? What is your vision for your business?
If someone walked in now and asked whether you wanted to sell your business, how would you respond?
If you said that you are interested, is your business in a position to be able to be subjected to a "Due Diligence Review" by a potential purchaser or their representative within the next 2 weeks?
This means that you have a documented process on how your business operates relating to:
· Team Members
· Job Descriptions
· Team Training and Development Policies
· Supply lines that hopefully will not lead to stock shortages
· Suppliers and Agreements with them
· Premises Occupancy Agreements
· Patents, Trademarks, Trade Agreements finalised
· Distribution Agreements with Customers
· Terms of Sale Agreement with your Customers
· Major Agreements all documented and not just left in your head
· Business Plan
From this review, is your business ready for a "Due Diligence Review" if need be?
JobMaker Hiring Credit scheme registration now open
The ATO has opened registration for the new JobMaker Hiring Credit scheme for eligible employers from 7 December 2020. The scheme is a wage subsidy paid directly to employers for up to 12 months to employ additional job seekers aged between 16 and 35 years through a hiring credit between 7 October 2020 and 6 October 2021.
Eligible employers will be able to claim a maximum amount of $10,400 per additional new position created. Each additional eligible employee aged 16–29 years, if hired, will get a claim of up to $200 and those aged 30–35 years will get up to $100 a week
Employees will be required to work a minimum average of 20 hours (worked or paid) per week during their employment in the JobMaker period. Eligible employers can register through ATO online services, the Business Portal, or a registered tax or BAS agent. Claims for the first quarterly payment will open on 1 February 2021. The JobMaker Hiring Credit scheme will end on 6 October 2022.
JobKeeper Key Dates
Action for Employers
4 January 2021
The JobKeeper extension 2 starts and the payment rates change for your eligible employees
Between 4 January 2021 and 28 January 2021
Complete the December business monthly declaration (this is an extension of two weeks past usual due date of the 14th day of each month)
By 31 January 2021
New Entities enrolling for JobKeeper will need to enrol and submit their 'Check decline in turnover' form online
31 January 2021
For JobKeeper fortnights 21 and 22 only (from 4 January 2021 and 18 January 2021 respectively, the ATO is allowing employers until 31 January 2021 to pay their employees (meet the wage condition)