Did you know? FIVE End of Financial Year Reminders

1. Apprentices Grants: You still have until 30 June 2022 to obtain a grant for the cost of an apprentice or trainee.

2. Government backed loans are available to businesses up until 30 June 2022. What are these? They are available to small businesses with a turnover of less than $50m who can demonstrate they were impacted by Covid (Martin Cattach is an expert on this).

3. Small businesses can still obtain 100% deductions for all amounts paid for plant and equipment up until 30/06/2023.

4. Super guarantee will be payable at 10.5% from 1/7/2022.

5. We currently are and will continue to experience inflation re costs and interest rates from now on for an unknown period of time. This will impact profits. So – businesses should consider this in budgeting and forecasting – and try to cut costs where they can, lock in prices where they can (talk to their suppliers to try to broker deals and/or get a feel for how (if) their costs will change), and try to increase sales prices where they can to mitigate this impact on their profits etc. It is always better to be prepared!

Contact your accountant or financial advisor for more information. Or contact one of our Expert Finance and Risk Team

Did you Know Business updates are provided by the BB4G Business Advisors Alliance, on a mission to ensure every small business owner has access to the knowledge and support they need to succeed.

This DID YOU KNOW Update was provided by:

Maria Coleman, Carrazzo Consulting.

Maria is a Chartered Accountant who has obtained excellent broad-based experience working in top tier chartered accounting firms (Deloitte, PKF & BDO), in large Public companies (PBL, ANZ) in their Finance area, with SMEs as an FC in a medium-sized retailer and with SMEs and individuals in boutique accounting practices.

Maria has developed strong technical skills and experience in tax consulting and business advisory over the course of her career. She particularly likes to help businesses with their long-term strategy and grow in value.

Did you know? FIVE End of Financial Year Reminders

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