Extra funding to provide relief for Melbourne SMEs and sole traders

For those small businesses and sole traders that continue to be affected by the necessary restrictions for the continuing health of the public, there is additional funding from the Victorian government to the sum of $8.4 million designed to provide relief.

This comes with praise from many, especially businesses significantly impacted by lockdowns and cannot operate online to significant effect.

There are approximately 3700 small businesses that are set to receive this support, with eligible sectors including gyms, yoga studios and dance schools. Unfortunately, as we know, these businesses have been unable to operate during the Covid-19 lockdowns imposed upon the state as the community works together to ensure the safety of those living within the border, as well as those outside of it.

Although a creative approach to operating remotely is encouraged, such as with online classes, there is no hiding the fact that most of these businesses have been unable to bring in the cash flows necessary to remain in a healthy financial state for when business resumes.

This additional support comes on top of the already provided $2500 to $5000 that is available to such businesses through the Business Costs Assistance Program Round Two, bringing the total support to date at about $7000 to those eligible businesses.

The total support for businesses that have been announced recently has gone beyond the $500 million mark. This includes this extra funding, the Business Costs Assistance Program, the Licenced Hospitality Venue Fund and the Regional Tourism Support Package.

As the names of each of these suggest, the different financial support packages are designed for other sectors of business that are seen to have been significantly affected by Covid-19 restrictions within the community. In total, over 90,000 different businesses across many sectors will be offered support through these schemes over the next three weeks.

With some applications restricted to deadlines, it is important that you act swiftly to obtain the support that you and your business is entitled to as we all continue to do what is necessary to keep Covid-19 out of our community.

Please call our office on 03 9885 9793 or email us at enquiries@glanceconsultants.com.au if you have any questions.

STP (Single Touch Payroll) changes to look out for


After a couple of years, the STP (Single Touch Payroll) initiative rolled out by the ATO has been going strong, supporting businesses to deliver real-time digital payroll reports. This includes Gross wages, PAYG withholding tax and superannuation information. As this process has been a gradual change from the previous process, there have been exemptions for certain smaller businesses from the initial deadlines. Until now, that is.

If you are facing the transition into STP for the first time this financial year, our team here at Glance Consultants are more than capable to assist. It may seem a little daunting, needing to utilise a new digital payroll system for the first time. Our team are familiar with its requirements.

As of July 1st 2021, businesses that were previously not required to report through the STP, such as micro-businesses and seasonal employers or those with closely held employees, will need to transmit wage information through Single Touch Payroll.

What is a closely held employee?

This is another term for employees directly related to the business, such as family members of a business owner who are being paid for their time, beneficiaries of a trust, directors and shareholders. So, for example, if you employed your uncle for the use of his truck or a cousin you will need to process payroll and submit the information via STP.

You can either submit the information directly yourself or outsource this function to your bookkeeper/accountant, depending on how involved you wish to be in the financial matters of your business. We will also discuss the timeframe you are given, whether you need to be declaring wages weekly, monthly, quarterly or yearly, as businesses will be faced with different circumstances.

If you are one of the small businesses having to adapt to STP, embrace the digital transformation as a positive experience, especially when you have us on your side. The STP process allows you to simplify matters when it comes to EOFY.

Contact our office located at 217A High Street, Ashburton VIC 3147 on  03 98859793 or email us at enquiries@glanceconsultants.com.au for assistance your STP obligations.

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