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Newsletter – December 2020

05/01/2021 by Pascoe Partners Accountants

Newsletter – December 2020
 

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December 2020

December and summer are finally here, along with a renewed sense of optimism that strict lockdown measures will ease by Christmas. It’s been a tough year, but once again Australians have proved extremely resilient. We wish all our clients and their families a relaxed and happy Christmas.

November was an extraordinarily action-packed month for the global and local economy. Joe Biden’s US election victory released a pressure valve on global markets, with US shares reaching new historic highs and Australian shares up more than 9% over the month.

Markets also responded positively to the potential early release of effective coronavirus vaccines despite a rise in global cases. Oil prices were quick to respond to the prospect of borders reopening, with Brent Crude up almost 22% over the month.

In Australia, the Reserve Bank (RBA) cut its target cash rate and 3-year government bond yields from 0.25% to 0.1%, or one tenth of one percent. The RBA is not expecting to increase rates for at least three years. Early indications are that swift action by the government and the RBA have limited the impact of the COVID recession. Economic growth is now forecast to contract 4% in 2020, before rebounding 6% in the year to June 2021. Unemployment, which rose slightly to 7% in October, is forecast to peak at 8% this year but to remain at a relatively high 6% in December 2022. This is reflected in the fall in annual wages growth from 1.8% to 1.4% in the year to September. The Aussie dollar rose 5% on US dollar weakness in November, to close at US74c. The US currency is falling as a spike in coronavirus infections and delays in government stimulus raise the prospect of more money printing.


JobKeeper January Deadlines

JobKeeper January Deadlines

The festive season is a great reason to finally relax in 2020.

It has been a year of survival for many small businesses, with some being in the situation of JobKeeper eligibility.

With eligibility comes reporting requirements, and although our minds may be on recuperation at the end of 2020, the ATO has strict deadlines. 

Your accounting software needs to be up-to-date to the end of December as soon as possible. We need to make all of our clients JobKeeper December…
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GrantGuru Pick Of The Month

GrantGuru Pick Of The Month

How We Can Help You Find The Right Grant

To offer organisations control of their own grants opportunities, We have partnered with GrantGuru to bring you the most comprehensive grants database in Australia, with access to over 1,400 programs with approximately $50 Billion in funding available.
GrantGuru have invested significant resources to build the tools needed to allow businesses to self-determine and manage their grants future. The platform we use provides a tool…
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St Vincent de Paul Society Drought Assistance

St Vincent de Paul Society Drought Assistance

The Drought Community Support Initiative (DCSI) Round 2 is a Federal Government funded grant that provides immediate financial assistance of up to $3000 to farmers, farm workers, or farm suppliers/contractors including sale yard and abattoir workers who have been financially impacted by drought.

To be eligible you must be:
• 18 years old or older
• An Australian citizen or permanent resident
• Living and/or working in an eligible Local Government Area (click here to check if your area is eligible) 
Payments may cover numerous expenses such…
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City Of Wanneroo Economic Recovery Grants Are Still Available

City Of Wanneroo Economic Recovery Grants Are Still Available

Recover, Revive, Thrive

This fantastic opportunity presented to us by the City of Wanneroo to help local businesses with their recovery from the economic effects of Covid-19, by providing them with FREE Business Advice through their Economic Recovery Fund is still available for anyone that meets the criteria.

Are you are local business in the City of Wanneroo?

The City of Wanneroo launched their Economic Recovery Fund to support local businesses to recover from the economic effects of COVID-19. This fund is tailored to assist enterprises to transition following the Pandemic…
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Bookkeeping Made Easier With Technology

Bookkeeping Made Easier With Technology

Technology And Bookkeeping

Record keeping is a significant obligation for those who run their own businesses, and quite often the burden of the day to day operations plus maintaining financial information can cause a tremendous amount of stress. With the emergence of technology there are many tools to make bookkeeping quicker, smoother and more valuable to a business. Three simple functions that highlight how accounting software has adapted to simplify record keeping are Bank Feeds, Bank Rules and Data Capture.

Bank Feeds

An absolute game-changer in the bookkeeping and accounting software…
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Tax Alert December 2020

Tax Alert December 2020

Although individuals and small business owners are now enjoying welcome tax relief in the wake of some valuable tax changes, there is more on the horizon as the government seeks to reboot the Australian economy.

Here’s a quick roundup of significant developments in the world of tax.

Temporary carry-back of tax losses

Previously profitable companies struggling with tough COVID-induced business conditions may find the government’s new tax loss carry-back provisions a useful tool to help keep their operation running.

Businesses with a turnover of up to…
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Maybe just maybe, Christmas is a little more in 2020

Maybe just maybe, Christmas is a little more in 2020

What if Christmas, doesn’t come from a store. What if Christmas…perhaps…means a little bit more!”
― Dr. Seuss

This year has looked different to other years, as the COVID-19 pandemic impacted our lives in many ways. As we look towards the festive season after what has been quite a challenging year for many, we need to consider how this celebration too might change.

It’s not all doom and gloom. Gratitude has been a real focus to the year, and as a result many people are shifting away from the…
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Office Closure December and January

Office Closure December and January

Our Moora office will be closed from Tuesday 15th December and reopening on Thursday 07th January 2021.

Our West Perth office will closed for the day on Friday 18th December, reopening on Monday 21st December.
Our West Perth office will then be closed from Monday 28th December and reopening on Monday 04th January 2021.


We wish everyone a happy and safe festive season.


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Casey Stein CRN 518286 is an authorised Broking representative of Pascoe Partners Finance under ACL 389328 ABN 96 150 439 482. David Williams is an authorised Financial Planning Representative of Pascoe Partners Wealth under AFSL 403566 ABN 96 150 439 482 Pascoe Partners Accountants ABN 57 895 123 851 This advice may not be suitable to you because contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.

 

 

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