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Newsletter – November 2020

05/01/2021 by Pascoe Partners Accountants

Newsletter – November 2020
 

November 2020

November is here and it’s shaping up as a big month at home and abroad. As the Melbourne Cup field burst out of the gates on Tuesday, the Reserve Bank is widely tipped to announce a cut in the cash rate. And then there’s the US election on Wednesday (Australian time), which is still an open race.

The Federal Budget on October 6 was the start of a pivotal month on the economic scene. Budget estimates released later in the month revealed a deficit of $132.5 billion in the year to September. While the deficit is expected to peak next year, there are also some positive signs emerging.

The Consumer Price Index (CPI), the main measure of inflation in Australia, rose 1.6% in the September quarter and 0.7% on an annual basis. This is a sign that the economy is beginning to move again after price falls in the June quarter. The biggest increases were childcare (as temporarily free childcare came to an end) and petrol. Consumer confidence also improved, with the weekly ANZ/Roy Morgan index hitting an 8-month high of 99.7 points in late October. Unemployment rose slightly from 6.8% to 6.9% in September, a little less than anticipated.

In another sign of confidence, the value of new loans for housing rose 12.6% in August. The value of owner-occupier loans was up a record 13.6%, with first time buyers accounting for almost a third. The value of investor loans was up 9.3%. And used car prices rose almost 30% in the year to September, a sign that when we do decide to spend, we’re bargain-hunting.


We Can Help You Find The Right Grant

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 the…
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How to get paid faster: Why it’s not just about your invoice payment terms

How to get paid faster: Why it’s not just about your invoice payment terms

You’re a small business owner, not a bank. If your customers are paying you slowly, beyond your usual invoice payment terms, then you’re a bank offering interest-free loans. 

Why do I say that?
Because by allowing your customers to routinely pay you late, you’re helping to fund your customers’ purchases, yet you’re not charging any interest for that.
And that’s not really fair, is it? (After all, your bank is charging you!)
You have probably heard the saying, “Cash is King.” This is about the fact you don’t pay…
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Fair Work Matters Matter

Fair Work Matters Matter

It is no secret that many of us believe that we have one of the most convoluted and complicated employment systems in the world

When companies as vast with the resources to get it right as Woolworths get it wrong, you have to wonder how small business is expected to be compliant. We set up a business because we have a skill, which may not include book work and employment interpretation. 

No Excuses

However, the Government says that there are…
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FBT changes under COVID: What are the rules?

FBT changes under COVID: What are the rules?

The COVID-19 pandemic is raising some interesting questions for small business employers in relation to their Fringe Benefit Tax (FBT) liabilities.

With many employees working from home, common employee benefits are often not being supplied, while some employers are now providing protective equipment such as gloves and COVID-19 testing.

To complicate things there are new FBT exemptions on the horizon next year, so it’s important to ensure you know the rules when preparing your FBT return.

Workplace items used at home

If you have provided your employees with a…
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XERO Promotion for new subscribers

XERO Promotion for new subscribers

50% Discount for Three Months

XERO is currently offering a 50% discount for up to three months for new subscribers.
If you obtain your subscription through us you will receive a further 20% discount, which remains if we manage your subscription through our XERO Gold Champion Partner program.


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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.