Bowling logo
P. 02 4983 1611 | F. 02 4983 1730 | E.

Firm News

Working-from-home web tools you should utilise

Posted on April 2, 2020 by admin

Traditionally, it has always been much easier to manage employees and ensure collaborative productivity through onsite and in-office procedures. However, with the COVID-19 outbreak forcing many businesses to continue their operations online business owners and employees are understandably struggling to keep productive and synergised while working individually from home. To help with keeping businesses running ensuring employees are able to work together through the web, here are a few helpful web features to utilise. Video conferencing/online messaging:Live video conferencing and messaging through a number of efficient programs and apps available through the internet is a good way to keep your employees accountable to their tasks, keep up to date with any business developments and help employees communicate with each other. Organising daily video conferences in which all employees are required to participate and contribute will keep workers motivated and aware of any upcoming projects, developments or business activities relevant to them. Scheduled live meetings will also mean employees are required to stay on top of their work even when working from home. Instant messaging apps specific to businesses will also work as a separate space for employees to communicate and collaborate and act as a virtual working space functioning similarly […]

Keep Reading...


BAS lodging and government funding eligibility

Posted on by admin

As part of the second $66 billion support package in response to COVID-19 and its negative effects on the Australian economy, the Federal Government has expanded tax-free cash payments to small and medium businesses with a minimum payment of $20,000 and maximum of $100,000, up from the previous $2000 to $25,000 range. However, it is important to note that payments are only given to eligible businesses after they lodge their BAS (business activity statements) by the 28 July and 28 October 2020 due dates. The new enhanced scheme will be delivered in two phases: Employers are set to receive a first payment equal to 100% of their salary and wages withheld (a maximum of $50,000) when lodging their activity statements at quarterly due dates. An additional payment equal to the first payment made after businesses lodge their BAS by 28 July and 28 October 2020. Businesses will receive payments based on their BAS lodgement schedules. For example, a business that receives a payment for the period up until June 2020 will receive the same amount for the period up until September 2020 upon the lodgement of their BAS in two separate occasions. For monthly BAS lodgers, businesses will receive their […]

Keep Reading...


New JobKeeper payments for employers

Posted on by admin

The Federal Government introduced a third COVID-19 support package of $130 billion on 30 March 2020. The package includes additional support for businesses, including a new JobKeeper payment to help businesses retain employees. Businesses who have been affected by COVID-19 may be able to receive a Government subsidy to help them continue to pay their employees. To be eligible, employers must: Have more than a 30% reduction in their turnover for at least a month compared to last year if the business has an overall turnover of less than $1 billion. Have more than a 50% reduction in their turnover for at least a month compared to last year if the business has an overall turnover of $1 billion or higher. Not be subject to the Major Bank Levy. Have been in an employment relationship with eligible employees as at 1 March 2020. JobKeeper payments must only be made to eligible employees, which are employees who: Are under current employment with the employer. Were already employed by the employer on 1 March 2020. Are employed on a full-time or part-time basis, or are a long-term casual who has been employed on a regular basis for over 12 months as at […]

Keep Reading...


Expert advice on early superannuation access as a result of COVID-19

Posted on by admin

Under the coronavirus stimulus package released and revised by the Australian Federal Government on 22 March 2020, individuals in financial trouble due to the negative economic impacts of COVID-19 will be able to access their superannuation funds early. However, while the option is available, it is recommended that individuals only consider withdrawing from their super in the case of absolute emergencies and treat it as a last resort. With the new rules on superannuation, workers whose incomes are reduced by at least 20% due to the COVID-19 outbreak are allowed to take $10,000 out of their super for the 2019-20 financial year and another $10,000 for 2020-21. Individuals will also not need to pay tax on any withdrawn amounts and existing welfare payments will not be affected either. While the introduced early access to superannuation funds may be inviting for newly unemployed workers, it is important to consider whether the temporary relief is necessary and worth foregoing super funds available for long term investment. For example, even when accounting for Australia’s slowing economy in the coming years, $10,000 is predicted to be worth over $65,000 in another 30 years. Especially for younger workers who are less likely to have access […]

Keep Reading...


Setting up your myGovID

Posted on by admin

If you haven’t set up your myGovID yet, you need to do it before you can lodge your next business activity statement (BAS). AUSkey, including Manage ABN Connections, will be replaced by the ATO’s myGovID and Relationship Authorisation Manager (RAM) from 27 March 2020. After this change, you will no longer be able to access government online services through an AUSkey. Device AUSkeys will be replaced by new machine credentials. Business owners will need to set up a myGovID soon if they haven’t already done so and link it to RAM. Your myGovID is separate from your myGov account and will allow you to prove your identity online. RAM is an authorisation service that uses your myGovID to provide you with access. When linked with your myGovID, RAM will allow you to act on behalf of your business online. Desktop and browser-based versions of myGovID will not be supported as these devices are easily accessible. To set up your myGovID, you will need an email address (that you do not share with anyone else) and a smart device that uses iOS 10 or later on Apple devices, or Android 7.0 or later (not including devices that use Android Go operating […]

Keep Reading...


How to implement social distancing in the workplace

Posted on March 27, 2020 by admin

With COVID-19 threatening the health and safety of all communities around the world, it is now more important than ever to practise social distancing in the workplace. Social distancing includes ways to stop or slow the spread of infectious diseases and as the name implies, lessens the amount of contact between you and other people. It is important to apply social distancing wherever possible within your workplace to minimise the risks of person-to-person infection and fulfil the responsibility you have to the safety and health of your colleagues and clients. In the context of a workplace, social distancing means avoiding direct contact with your colleagues through a number of effective methods, including: Staying at home if you feel unwell or are sick Implementing work-from-home measures wherever possible Dividing in-office work hours between employees to reduce the number of people in an indoor space at any given time Stopping handshaking as a greeting – emerging alternatives include the “elbow bump” or a pat on the back Moving office meetings to online video or phone calls Limiting food handling and sharing of food in the workplace Having employees take lunch at their desk rather than in a communal lunchroom Cancelling non-essential business […]

Keep Reading...


Government increases cash flow support for businesses

Posted on by admin

The Australian Government has increased support for businesses to manage cash flow challenges under the ongoing COVID-19 circumstances. The Boosting Cash Flow for Employers measure announced on 12 March 2020 will be increased to provide up to $100,000 for eligible small and medium-sized businesses. To be eligible employers must have been established prior to 12 March 2020 and have an aggregated annual turnover of less than $50 million and employ workers. The measure will provide employers with a payment equal to 100% of the tax withheld from wages and salaries. This is a rise from the original 50%, with maximum payments being increased from $25,000 to $50,000 and minimum payments being increased from $2,000 to $10,000. Employers will receive payments from 28 April 2020 from the ATO as automatic credit in the activity statement system upon lodging eligible upcoming activity statements. Eligible businesses will be provided with an additional payment during July – October 2020. The payment will be equal to the total amount received under the Boosting Cash Flow for Businesses scheme. For monthly and quarterly activity statement lodgers, these payments will be provided as automatic credit in the activity statement system for each lodgement up until October 2020. […]

Keep Reading...


COVID-19: cybersecurity considerations when working from home

Posted on March 19, 2020 by admin

With COVID-19 motivating many businesses to have employees work from home, the change may be difficult for some teams, especially if they haven’t worked remotely before. The focus is often on your team’s productivity, communication, equipment and ability, however, cybersecurity is a crucial element that should not be overlooked. Most home networks are not secure. Employees working from home may unintentionally put business assets at risk when they access work-related files on their personal devices and through personal wifi connections. Employers should inform workers that their personal devices probably don’t have the security systems that workplace devices have in place, such as anti-virus software, secure network connections and automatic online backup systems. They should, therefore, avoid downloading business materials onto their personal devices, hard drives, desktops or their own cloud system. Here are some measures you can consider to strengthen your cybersecurity: Use a virtual private network (VPN). Make sure home routers are secured by changing passwords, installing firmware updates, restricting inbound and outbound traffic, using a high level of encryption and switching off WPS. Don’t use public wifi, such as libraries or shopping centres. Equip employees with up to date security software and manufacturer software updates. Setting up multi-factor […]

Keep Reading...


What to consider before taking out a business bank loan

Posted on by admin

Many businesses, whether they are only just starting up or have been in the market for a number of years, will need a bank loan at one time or another. However, before you apply for a bank loan, it is important to think things through to ensure that you know if you should get one, if you are getting it at the right time and how you can make the most out of a loan. Here are some questions business owners should ask themselves before beginning their bank loan application: How likely is it that I qualify for the loan?If you believe that your business won’t qualify for a bank loan, then you will only hurt your credit rating if you apply for a loan you won’t get. Being rejected for a loan can also make it more difficult for a business to borrow in the future. Will the loan help the business grow?Instead of using the loan for aspects like routine operating expenses that don’t generate much revenue, owners should consider putting the borrowed money into parts of the business that will generate more revenue and help reduce future borrowing needs. How much do I need?Before making requests of […]

Keep Reading...


Business loan vs business credit card

Posted on by admin

Business loans and business credit cards are the most popular financing options, but there are key differences between the two that you should consider to help you make the right choice for your business. Business loanA business loan is a lump sum of money that you borrow. They can be a good option for your business if you require funding for a larger one-off purchase, such as buying new equipment or machinery, real estate, business acquisition, capital investment or refinancing existing debts. Business loans typically range from $5,000 to $50,000 and can be paid as a lump sum or through multiple set payments. Depending on your bank, you can generally make repayments in monthly or quarterly instalments that are tailored to you and your cash flow. To get your business loan approved, there is usually a strict approval process you must pass, which can include details such as your business’s financial position and a financial spending plan. In terms of extra costs, a business loan generally comes with signup fees and late repayment fees. The interest rate for a loan is often lower than a credit card and can be a monthly or annual rate, which typically ranges between 3-10% […]

Keep Reading...


Bowling and associates services

accounting services

Bowling and associates services

taxation services

Bowling and associates services

self managed super funds

Bowling and associates services

bookkeeping

Bowling and associates services

company secretarial

Bowling and associates services

business support

Bowling and associates services

audit
services

Bowling and associates services

business
plans

Bowling and associates services

cloud accounting