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Newsletter – February 2021

08/02/2021 by Pascoe Partners Accountants

Newsletter – February 2021

 

February 2021

It’s February, and other than where the COVID restrictions are in place, the kids are back at school and the nation is getting back to business. It’s still not business as usual, but with the vaccine rollout about to begin there is a growing sense of optimism.

Our thoughts are with everyone currently being affected by the fires in the Perth hills. It is heartbreaking to hear of so many lives being tragically touched by this event. If you need assistance with lodgement extensions or insurance claims, please contact us. We will assist in any way we can.

There was a sense of relief on the global economic front in January as Joe Biden was sworn in as US President. Financial markets rallied on expectations of more US government financial stimulus and a stronger focus on containing the COVID-19 health crisis. There were also positive economic signs from our other major trading partner, China where a V-shaped recovery is underway. China’s economy grew by 2.3% in 2020, the best performance of any major economy even though it was China’s slowest growth since 1976.

In Australia, there are also signs of a cautious economic recovery. Consumer confidence hit a 14-month high in January, due to our success in dealing with the pandemic and supporting jobs. The ANZ-Roy Morgan consumer confidence rating hit 111.2 points, just below its long-term average of 112.6. Unemployment fell from 6.8% to 6.6% in December, a time when businesses typically hire casual staff for the Christmas-summer holiday rush. Retail trade fell 4.2% in December but was still up 9.4% over the year. Inflation remains weak, with the consumer price index (CPI) up 0.9% in the December quarter and also up 0.9% in 2020 overall. The exception is house prices, up 3% in 2020. This was reflected in the value of new home loans which rose 5.6% in November due to record low interest rates and government policy initiatives. The Aussie dollar finished the month slightly lower at US76c.


GrantGuru February Pick Of The Month

GrantGuru February 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 has 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 that will enable us to explore the full extent of competitive and entitlement grants from…
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Turning redundancy into opportunity

Turning redundancy into opportunity

As the economy starts to recover from COVID-19 shutdowns, some sectors may take longer than others to return to their normal operating capacity and some companies may never fully recover. That means there is still the chance that some employees could be made redundant.

If you are offered redundancy, how can you turn a potentially bad situation into a new opportunity?

In the first instance, make sure that you negotiate a good redundancy settlement. By law you are entitled to a certain amount depending on your years of service…
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Group 3 Awards 1.75% Wage Increase to minimum Wages 2020 – 2021

Group 3 Awards 1.75% Wage Increase to minimum Wages 2020 – 2021

The Final Group of Federal Award Increases

A note to remind everyone that as of 01 February, the federal awards’ final increase is in place.

Please ensure that you adjust the amounts for the first FULL PAY PERIOD in February if this relates to you. What does that mean? The first pay-run that covers only days in February or after. 
 

Group 3 Awards – from 1 February 2021

• Air Pilots Award
• Aircraft Cabin Crew Award
• Airline Operations-Ground Staff Award
• Airport Employees Award
• Alpine…
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Tradies: How does your insurance measure up?

Tradies: How does your insurance measure up?

As a tradie, you are largely dependent on your physical ability to earn a living. So, what would happen if you fell ill or had an accident? Would you be able to continue your current lifestyle?

Most tradies work in a far more dangerous environment than any white-collared worker, so the chances of an accident are greater. A report by a major Australian insurer in 2017 showed that the occupations with the most insurance claims are carpenters and electricians.i

Cover for the self-employed

To make the topic of insurance even…
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Changes In Application Of Casual Overtime Rates In Some Awards

Changes In Application Of Casual Overtime Rates In Some Awards

Changes To Casual Overtime Rates From November 2020

The Fair Work Commission (FWC) has amended the overtime provisions concerning casual employees in several modern awards, which take effect in the first full pay period from 20 November 2020.
Previously, there was confusion surrounding whether casuals received overtime rates at all, or if they did, the rate they should be paid. The confusion usually arose because of the interplay between an overtime penalty rate and the casual loading. For example, did employees get both entitlements when working overtime, or should the casual…
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Unleashing your creativity

Unleashing your creativity

When you think of creativity, does an easel and pot of paints spring to mind, or perhaps a musical composition or dance choreography? You don’t need to be artistic to be creative. Creativity can benefit all of us, in all aspects of our lives.

In fact some of the biggest success stories come from people who have managed to think outside the box and find a new way of doing things – people who innovate and revolutionise, such as Steve Jobs, Elon Musk, Marie Curie and Alexander Graham Bell.

How…
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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.