A reminder to small businesses with the end of 2021 fast approaching. The government backed small business loan scheme will end on 31 December 2021 and with many businesses and loan brokers finishing up prior to Christmas, now is the time to make these applications before time runs out.
From 1 November 2021, there is a new director identification number scheme in place for individuals who act as directors of companies, whether these are publicly listed or private. This unique 15 digit identifier that all directors must have will allow for better confirmation of their identities and ensure directors can be tracked across their various directorships. It is hoped that this will help reduce phoenix like activities where companies are liquidated and directors move to a new company to avoid paying debts owed.
Applications can now be made for the Victorian Government construction grant which provides assistance to construction businesses which incurred costs that were not recovered as a result of the two week lockdown. Eligible businesses must meet the following criteria: –
The Victorian Government has announced a new grant which will be paid to eligible construction businesses that were impacted by the two-week lockdown enforced in late September.
A reminder that applications are now open for small businesses with turnover less than $50 million. Under this scheme, tenants apply to their landlords for a reduction in the rent based on their turnovers dropping by at least 30% over a three month consecutive period compared to the same period in 2019. The relevant period starts 1 April and ends on 30 September, so in effect there are two quarters to look at.
Employers are being warned to get their processes updated with one major change to superannuation payments changing from 1 November 2021. As has been in place for some time, new employees when they start working for an employer get to choose where the employer contributes their super payments. In effect, they can nominate their preferred super fund. This flexibility and requirement will remain the same.