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

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

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

GrantGuru Pick Of The Month

How We Can Help You Find The Right Grant

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.

City Of Wanneroo Economic Recovery Grants Are Still Available

Recover, Revive, Thrive

Are you are local business in the City of Wanneroo?

Bookkeeping Made Easier With Technology

Technology And Bookkeeping

Bank Feeds

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

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

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

We wish everyone a happy and safe festive season.

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