The NSW Government has recently announced their latest round of COVID Business Support packages targeting business, workers and the performing arts with applications open from mid-February. Summarised below are the key items and details from the announcement:

2022 Small Business Support Program

Eligible business will receive 20% of weekly payroll with a minimum as a lump sum for the month of February, with a minimum payment of $750 per week and a maximum payment of $5,000 per week. Non-employing businesses won’t miss out either receiving $500 per week in the form of a $2,000 lump sum payment.

Eligibility for the grant is summarised as per below with applications open mid February:

  • had an aggregated annual turnover of between $75,000 and $50 million (inclusive) for the year ended 30 June 2021; and
  • experienced a decline in turnover of 40 per cent or more due to Public Health Orders or the impacts of the Omicron COVID-19 strain during the month of January 2022, compared to January 2021 or January 2020; and
  • experienced a decline in turnover of 40 per cent or more due to the impacts of the Omicron COVID-19 strain from 1-14 February 2022, compared to the same fortnight in February in the comparison year used for the above criterion; and
  • maintain their employee headcount from the date of the announcement of the scheme.

Small Business Fees, Charges and RAT Rebate

The existing RAT rebate has been increased to $3000 with employing small businesses being able to use the rebate to cover half the cost of the Rapid Antigen Tests (RATs). Note, these funds can be used to offset other government fees and charges such as licences, event fees, council rates and road tolls. If you are already registered, no need to worry as you will receive an automatic top-up to $3000.

Commercial Landlord Hardship Grant

The existing protections for small retail and commercial tenants will be extended under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 until 13 March 2022. To assist eligible landlords, grants of $3,000 (GST inclusive) per property are available for each month that they provided rental relief waivers to tenants. Please be aware that rent relief waived must comprise at least half of the amount granted to the landlord.

Landlords who have claimed the 2021 land tax relief are also included in the Commercial Landlord Hardship Grant program. Note, landlords under the above regulation are unable to evict or lockout their tenants until they have attempted mediation or renegotiation of rent if the tenants are eligible.

Performing Arts Package

The NSW Government is looking to provide additional financial support for the performing arts sector. To gain access to government supported funding applicants must be one of the following:

  • An eligible venue (list published by Create NSW)
  • A producer of an eligible performance scheduled to perform at one of the eligible venues
  • A promoter of an eligible performance scheduled to perform at one of the eligible venues.

The NSW Government has also provided clarification over what defines each applicant:

Eligible Venue: List created and maintained by Create NSW from their own assessment

Eligible Performance: Requires evidence of the performance through marketing, and ticket sales must be managed through a ticketing system listed by Create NSW.

Once eligibility is determined funding will be provided between 19 September 2021 and 20 April 2022. The total funding is calculated as per below:

Funding = Average Ticket Price x Number of Tickets on Sale x Agreed Percentage.

The agreed percentage is determined by the below table, and with different venues receiving different funding amounts.

Note, NSW Government will cap funding at 10,000 tickets (e.g. no funding for the 10,001 tickets).

Nsw Covid Support

If you’d like further support to explore the NSW COVID business support packages on offer, don’t hesitate to contact a member of the MGI SQ team.

Monochrome is a client of MGI South Queensland. This interview took place on Wednesday 15/12/21

Karen Ng, from our Brisbane office, spent some time talking with Craig Hobart, Head of Distribution to find out more about the world of investing in Cryptocurrency and what they are accomplishing in Monochrome.


Disclaimer: MGI South Qld does not provide financial advice to clients and this article is not intended to provide professional advice in any shape or form. MGI have produced this purely to highlight the interesting ventures of our clients and to give some interesting information on relevant topics in the marketplace. We recommend that readers of this article obtain their own financial advice before considering any of the investments discussed in this article.


Karen: Craig, thank you for your time and spending time talking to us today. Tell us a bit about yourself and tell us a bit about Monochrome.

Craig: I’ve been in the funds management industry for 25 years, predominantly in the intrinsic value, investing space around Australian equities. More recently, I was on the executive of a large industry fund called REST Industry Super. What attracted me to this business was a recognition that Bitcoin and digital currency, is a nascent asset class, and newish asset class. There is a lot of demand for understanding and inquiry around what is going on in this space. It’s been predominantly consumer driven and, importantly, that has created some problems. For example, digital exchanges are not regulated. So, if you buy through an exchange, you don’t actually own the digital currency, the exchange does and they make a promise to you that if they collapse, you lose your wealth. Obviously, a lot of the ramps in and out of these assets is fraught with fraud scams, I mentioned, the exchanges are also unregulated themselves. So, I saw there was a need and I identified with Monochrome’s vision that we need a solution that provides a safe pathway for investors to get exposure to digital assets.

Equally as important, I saw there’s obviously so much misinformation out there. This is one of those things, it’s like Dr. Google, yes, if you Google digital assets, you will go down a bunch of paths that are manipulative. There’s an agenda sitting behind the content that’s provided. Therefore, there is a very important role that Monochrome could play in providing balanced, independent, objective research that would allow not only investors but importantly, the advice community to explore what is occurring in the asset class.

Karen: What does that look like?

Craig: We’ve produced CPD content. Content that advisors can put on their training register as their continuing education requirements. We’ve put six modules on our website as well, which provide a foundation for advisors to get started in this space and respond to their client’s inquiry. For context, we did a survey and 77% of advisors have taken inquiries from their customers. And 89% of them have said that they’re ill equipped to respond. And that’s for a range of reasons. It’s regulatory. Their licences have not allowed them to advise not until the 29th of October. And there’s been no products that are issued. We could see that what we call “suits” were coming into the asset class, in other words, institutional investors, participants, therefore Monochrome has arrived at a time which provides a ramp for investors whether they be wholesale and ultimately retail. When we issue a PDS, it will be a pathway to get exposure safely. Also, provide an appropriate platform for institutional investors, like industry funds and sovereign funds to get exposure, and we use all of our knowledge around digital assets to provide that safe custody experience.

Karen: How would you describe Monochrome’s vision?

Craig: Okay, so our vision is to provide safe access to digital assets and to educate the market. Our foundation product is a Bitcoin fund and all that we do is buy the Bitcoin at the spot price at the end of the month, and put it in what we call cold storage, which means it can’t be hacked or got to it’s a bit like Fort Knox, I guess, like gold and continue to educate the market. It’s a very simple product, we’re not trying to generate outsized returns or do anything tricky. We’re not trying to pick the time of the day, that week that month to buy bitcoin, we just buy it at the market price at the end of the month, and invest it, put it in cold storage, and it’s a buy and hold Strategic Fund, it doesn’t have any intention of doing anything other than provide people that safe access to the asset class. That’s our foundation product, we will do other things in time. Bitcoin is the dominant digital asset by market cap in the world, and it’s also the foundation one, meaning that the protocol of Bitcoin won’t break. The technology is robust, it’s very liquid, meaning like that’s a deep liquid market, it’s over a trillion dollars. There are plenty of liquidity providers, and all the things that ASIC requires of this asset class to be suitable for an ETF, for example, is things like institutionally supported strong service providers, a spot market for accurate pricing, a regulated futures market for the asset, all of those characteristics and things exist with Bitcoin and initially, the only other asset out of the 10,000 out there. The only other one that meets that hurdle is Ethereum. So those two are what ASIC have given permission to proceed forward with.

Karen: You have mentioned that education was probably the biggest barrier for financial advisors to look at this asset class. There is still the opinion that cryptocurrency and Bitcoin, is a “Ponzi” scheme. How do you see that changing? Will it be at the point of when the ASIC and ASX sort out regulation? You are right in the thick of it all and talking to many financial advisors? Have you seen that change?

Craig: Well, there’s a few things inside all of that I mentioned, my background was Intrinsic value investing, so I’ve had to go on a journey as well. The first thing you have to recognise with Bitcoin, is that most other assets, in some way or another, they produce an income stream, whether it be dividends, profits, rental yields, bond yields, coupons and everything in the intrinsic world is linked to interest rates in one way or another. So, when you value a company, you do a discounted cash flow, and you have to put a risk-free rate in and you have to put an equity risk premium in and then you have a discount rate. The first thing to understand is that this (Bitcoin and other digital assets) doesn’t operate on that way of value, which for a lot of advisors is that’s it for them, “I only invest in things that I can intrinsically value”. That’s the Warren Buffett’s of the world, the Hamish Douglass’s of the world, they all operate in that realm, which is completely acceptable and understandable. What is interesting about Bitcoin in particular, is it’s not nominally valued, because it doesn’t produce an income stream and therefore, by inference, it’s not caught up in an event that occurred for the last 20 to 30 years as interest rates have gone down.

All of your readership has seen the value of their homes go up and money has become cheap. We’ve seen equity markets go up & up and we were reaching the end of the dance. We can’t ring any more out of the economy on nominal interest rates. Institutional investors are really looking for some insurance against a market correction, and a realisation that this dance can’t go on any further or for much longer. It’s quite nerve racking, in a way. We’ve seen some industry funds pull risk earlier, meaning like they said that this is all too expensive and have gone conservative being left behind. And they’ve been punished for that. Even though they might be right in the long term.

Bitcoin, for the institutional market, is also seen as a form of insurance because it’s not nominally valued, it’s a store of value and it can sit there when other things collapse. Like gold is sometimes seen as and is used for that purpose as well.

Now, Bitcoin still needs to prove itself, but that’s some of the thinking that’s occurring in that space. Our role in Bitcoin is not for everyone. I mean, it’s volatile. You need to have asbestos gloves on when you handle it. And you need to understand what it is. A lot of education is around the volatility, about the correlation with other assets and the limiting of exposure to percentage of your portfolio like we looked at the United States advice into experience which is ahead of Australia in this particular asset class in terms of understanding, and it’s one to 5%, is kind of where they actually say to clients, and it’s appropriate, how much are you willing to lose? What percentage of your wealth and of course, that then gives everyone a sense of their risk tolerance, and then when you invest it, you monitor it. If it doubles in value, and you’ve got a 1% allocation that goes to 2%. Well, you profit and then reinvest that in your diversified portfolio then need to put some disciplines around dealing with volatility. That is a strategy in itself, but also an awareness because it’s volatile, expect it to be volatile and not be put off by it.

When we turn to value itself, with Bitcoin, there are a number of models out there and people have different ways they look at things like network effects, like how infused is it in its brand value, like Bitcoin itself.

It’s very interesting times. If you take a very simple approach to Bitcoin, which is an economic 101, supply and demand, that determines price, what someone is willing to pay for something, not what it cost to produce, but what they’re willing to pay for it. That’s an interesting way of looking at what is occurring.

We know there isn’t a finite supply of Bitcoin to be mined, it’s 21 million coins, and we’re hovering around the 19 million mark. And every 10 minutes, six and a quarter coins are produced, and there’s a harvest every four years.

That means we are at the end of the production cycle. 99% of all Bitcoin will be mined by 2040. And that last 1% will take another 100 years. Inside of that is the demand equation. Interestingly, a couple of things, this is one of the reasons I got involved in the venture was there are a lot of believers in Bitcoin, and they’re very disciplined around their belief.

And they invest the percentage of their income every month, in continuing to add to their wealth inside the world of Bitcoin, the demand function for that exceeds the supply function, just that alone. If you think of all the coins that are going to be manufactured through this mining process in the next 12 months, over 100% of that production has already been requested through people that are already in Bitcoin, they want to continue to add to this, then we add to it the “suits” that I referred to coming into the sector, the institutional investor, you can just see that the demand exceeds the supply. That has to give us some growth. There may or may not be but certainly the protocol of Bitcoin’s not going to break, like that’s approved 13 years, it’s the first blockchain framework that’s beautiful and it’s eloquent in the way that it was manufactured and it’s not going to break. Bitcoin itself is robust, what you paid for it. That’s the market and we think in life, we don’t realise how much sentiment drives decisions, for example, residential real estate property. We do it all the time. Everyone’s very confident in residential and what we do is look at competitive prices. What did the house on the left sell for and how much did the one on the right sell for?

In the Bitcoin world, what did the coin on the left sell for and how about the one on the right? I know it sounds overly simplistic, but in reality, that’s what’s occurring and we see it in things like how much you are willing to pay for a pair of shoes, or for fine art, or, for a motor car, we’re seeing prices of vintage cars going up, and it’s what someone’s willing to pay for it. They’re all sentimental, we live with a sentiment market. In fact, if we look at traditional equities, you know, Tesla’s on a P E of 350 times, four months ago, it was on 1000 times. An intrinsic value investor wouldn’t be attracted to a stock like that. Even in the real, intrinsic investing world, there are many examples of sentiment being the determinant of the price that people are willing to pay.

Karen: Craig, it’s been a great conversation. Last question, what is one piece of advice for the consumer, who’s looking at possibly entering the asset class of investing in cryptocurrency and Bitcoin especially and then the other one being advice for business owners.

Craig: Yeah, I think, for consumers, do your homework and read extensively. Be careful of what you’re reading, you certainly can come to our website, the comfort of knowing that there’s no bias or sales pitch or anything other than just informing and educating. Like anything in life, before you invest, you should invest the time and understand what it is. Certainly, what we’ve seen with consumers is they just get on a rush from things going up, we’ve got our own fear of missing out. Yes, without having done the homework, we sadly say 90% of all digital ventures fail, no different to what happens in equity markets, or pre-equity markets and there’s a high failure rate. So the first thing is just to be very aware of your interest, and then channel that into knowledge gathering before investing and then be very wary about your pathway or ramp into an asset, particularly around digital assets. We have had plenty of experiences where people think they’re investing in an exchange, and it’s not, it’s a front, that’s a fraud. It’s an area where you need to be particularly careful.

For consumers, I think if they want to explore it, they should do their homework and verify and verify and verify. And make sure that they don’t get caught – the schemes and scams are very sophisticated now. So, they need to be extremely careful before they invest in it. There’s a lot to get over to be able to actually invest. Again, that’s why we came into existence is to basically take all of that concern. So, in terms of the pathways into the asset of the away, so there’s a claim, trusted by through trust accounting in a custodian.

The other thing, of course, for consumers is that when PDS are issued, take the time to read the target market determination, the TMD, which is new legislation. To really understand the PDS before you invest in it. I will be quite clear and it’s important that you read it. A lot of people don’t. And when things don’t turn out the way they want them, they want other people to take accountability for their lack of preparation for the investment. I think consumers need to be very patient about the documents that are prepared, particularly a PDF.

The target market determination, basically, on a page will tell the investor what to expect, are you this type of investor? What is the volatility? How long should I be investing? And, you know, that’s an important step that every investor should put themselves through before they invest.

In terms of business owners

There’s a number of things in this. We’re seeing innovation occurring with digital currency, which opens up new markets for businesses. You see companies like Square and Tesla, for example, have Bitcoin on their balance sheet and Twitter. There are a number of companies that are starting to invest in the primaries and they’re actually investing in Bitcoin, because they actually need a treasury function around the asset itself, because they are offering an alternative form of payment, or a service for their customers. We’re starting to see that.

There’s a range of participants that would love or like the opportunity to transact with a company, not using a fake currency, but using Bitcoin for example, you would have seen in the press recently a tropical island up in North Queensland, being offered for sale, settlement with Bitcoin?

Karen: Yes. I have heard of that

Craig: It’s emerged from a business strategy perspective. It’s just a new way of presenting your business to the market and taking another form of payment. If that develops, then that becomes a treasury and that’s where your accountant gets involved. The question becomes should you have a sleeve of your holdings in this other currency because that’s what you’re transacting in and then going back to the fundamental discussion around how your wealth should be invested in the price of Bitcoin and a portfolio can equally apply to a balance sheet. Remember I’m not giving personal advice here. I haven’t met the person on the other end of the camera. So, all those disclaimers need to be said, of course.

Karen: Yes of course. We are NOT a financial advice firm, and we are confirming that this is just an interview with one of our clients, a series we will hopefully continue in our newsletters. Craig, thank you for the tips and the really great insight to what’s happening in the world of Bitcoin and what’s happening in Monochrome as well. I’m very excited to hear about the journey so far. I certainly think that Monochrome has got a lot of great things ahead of them. So, thank you it really will be a case of “Watch this Space”

Craig: Yeah, we just have to be patient. The market takes time too, to get our head around it. So, you know, when you’re starting a business, it’s awareness, consideration and then there’s a purchasing decision. There will be competitors that will come in behind us and there will be flattery. In other words, they’ll be plagiarising our business model and our ideas. But, you know, we’re a specialist business that offers something special. We’re looking forward to how the next couple of years plays out.

Karen: Thanks Robert, for giving your time today to discuss this topic.

Data recently released by the Australian Tax Office (ATO) confirm that Australians have continued their love affair with self managed superannuation funds (SMSF’s). 

The ATO publishes quarterly information about SMSF’s. Here’s a summary:

At 30th September 2021, there were nearly 600,000 (598,452) SMSF’s with just over 1.1m members (1,123,949), averaging 1.87 members per fund. With 53% of male members and 47% of female members, most SMSF’s appear to be your typical “mum and dad” super fund. Just on 70% of SMSF’s are two member funds, around 23% are one member funds, with the balance being three and four member funds. 

Based on the most recent data available (2020 year), the average value of a SMSF is around $1.3m, with an average value per member of around $695k. This compares favourably with the average super fund balance of all Australians, which for those aged between 40 and 55, is between $121k and $214k for men and between $92k and $157k for women. (1)

The ATO data indicates that SMSF’s hold more than $860 billion in wealth, with around $29 billion in borrowings and a further $6.7 billion in other liabilities resulting in total net SMSF assets of around $825 billion. So, where is all this money invested? 

Well, around $149 billion (or around 18%) is invested in cash and term deposits. A further $238 billion (or around 29%) is invested in listed shares and $53 billion (6%) in listed trusts. A further $134 billion is invested in property, with most of that (around $88 billion) invested in non-residential property. 

Interestingly, the proportion of SMSF funds invested in cash and term deposits is highest amongst smaller balance SMSF’s, perhaps reflecting a more conservative approach given the recent volatility in share markets. 

Around $63 billion of SMSF wealth was invested in limited recourse borrowing arrangements (LRBA) – basically, assets purchased by SMSF’s using allowable debt. This could be either shares or property. The appetite for LRBA’s appears to be highest in SMSF’s with between $200k and $1m in assets, with an average of around 15% of fund assets comprising LRBA’s. 

SMSF trustees have also embraced crypto-currency, with around $230m held in crypto. This has grown steadily since the ATO commenced to measure investments in crypto.

There appears to have also been an increasing appetite for international shares, which now stands at around $12.5 billion. 

Interestingly, around half a billion dollars ($509m) is invested in collectables and personal use assets. 

In terms of member ages, there is a relatively even distribution between members aged 35 to 84, but relatively small representation from members aged under 35, perhaps indicating the lack of superannuation savings from this age group to be able to justify the establishment of a SMSF. 

Interestingly, the 2021 financial year saw a near 20% surge in new SMSF’s established with 25,760 new funds established. However, the number of wind-ups of SMSF’s in 2021 halved from the levels of the previous two years, resulting in a significant increase in the number of net establishments. So it appears that Australian’s love affair with SMSF’s may have longer to run yet.

(ASFA figures as at July 2019).

If you need the support of a specialist SMSF accountant, the team at MGI are here to help.

Who is eligible?

To be eligible, you must:

  • be operating in Queensland in the tourism and hospitality sector (check the eligible ANZSIC class codes)
  • have an annual turnover of over $75,000 and employ at least 1 employee in your Queensland operations.
  • have experienced at least a 70 per cent decline in turnover for your Queensland operations over a 7-day consecutive period between 1 July 2021 and 30 September 2021 compared to the same period in either 2018-19, 2019-20 or 2020-21.
  • have experienced significant impacts in relation to COVID-19 travel restrictions and interstate lockdowns to your Queensland operations

Applications can be submitted via the QDIRA portal and will require submission of various supporting evidence documentation. Applications are now open until Monday 22nd November 2021.

Businesses that are successful in receiving a grant under this Program may also be eligible to receive funding under the Queensland Government’s COVID-19 Business Support Grant and/or COVID-19 Border Business Zone Hardship Grant, where eligible.

For assistance in compiling supporting documentation for your application please contact us.

Who is eligible?

To be eligible, you must:

  • be operating in Queensland in the tourism and hospitality sector (check the eligible ANZSIC class codes)
  • have an annual turnover of over $75,000 and employ at least 1 employee in your Queensland operations.
  • have experienced at least a 70 per cent decline in turnover for your Queensland operations over a 7-day consecutive period between 1 July 2021 and 30 September 2021 compared to the same period in either 2018-19, 2019-20 or 2020-21.
  • have experienced significant impacts in relation to COVID-19 travel restrictions and interstate lockdowns to your Queensland operations

Applications can be submitted via the QDIRA portal and will require submission of various supporting evidence documentation. Applications are now open until Monday 22nd November 2021.

Businesses that are successful in receiving a grant under this Program may also be eligible to receive funding under the Queensland Government’s COVID-19 Business Support Grant and/or COVID-19 Border Business Zone Hardship Grant, where eligible.

For assistance in compiling supporting documentation for your application please contact us.

Legislation was recently passed requiring all directors to have a director identification number (DIN). The DIN is a unique number that relates to the director (not the entity). Some points to note about a DIN:

  • This legislation applies to all existing and future directors
  • It is required when a director has dealings with any government department.
  • The DIN will be retained permanently even if you cease to be a director, change your name or move overseas.
  • Existing directors are required to obtain a DIN before 30 November 2022. We suggest that directors start the process now so that it is in place well before the required start date.
  • ASIC will need to be notified of the DIN for each director. We suggest that all directors of an entity apply for their DIN at the same time so that ASIC documentation only needs to be prepared and submitted once.
  • People appointed as directors between 1 November and 5 April 2022 will have 28 days to apply for a DIN and notify ASIC of same.
  • People appointed as directors after 5 April 2022 will be required to apply for their DIN before appointment as a director.
  • Penalties could be imposed for failing to obtain a DIN within the prescribed period.

The steps to apply for a Director Identification Number are:

1. Set up myGovID

You must do this yourself as it requires proof of identity.
Please note this is not the same as the MyGov app. The myGovID app looks like this in the App Store or the Google Play Store.

To set it up:

  • Download the myGovID app on your smart phone.
  • To set up your myGovID you will need to enter in your full name, date of birth and email address (use an email address that only belongs to you and is not shared e.g. your personal email address).
  • You will also need two of the following identity documents:
    Passport
  • Drivers Licence
  • Birth Certificate
  • Medicare Card

2. Gather the information you require

Have the following information with you when applying:

  • your tax file number (TFN)
  • your residential address as held by the ATO
  • information from two documents to verify your identity.

Examples of the documents you can use to verify your identity include:

  • bank account details
  • an ATO notice of assessment
  • super account details
  • a dividend statemen
  • a Centrelink payment summar
  • PAYG payment summary.

3. Complete the application.

There are three ways in which you can complete the Director Identification Number application process:

a. Online through the following website:

https://www.abrs.gov.au/director-identification-number/apply-director-identification-number

The application process will open on the website on 1 November 2021.

b. From 1 November 2021, you can apply by phone if you have a tax file number and documents to verify your identity. The phone number will be available on 1 November 2021.

c. Apply by paper. You will need to provide certified copies of your identity documents to be sent with the application form. The form will be available for download on 1 November 2021.

If you require any further information, don’t hesitate to contact your MGI Consultant.

Employers  – Super Choice Rules will change from 1 November 2021

If you are an employer, you’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund.

You may now need to request their ‘stapled super fund’ details from the Australian Tax office (ATO).

A stapled super fund is an existing super account of an employee that follows them as they change jobs.

This change aims to stop your new employees paying extra account fees for unintended super accounts set up when they start a new job.

What you need to know

You may need to request stapled super fund details when:

You may still need to request stapled super fund details for some employees even though you don’t need to offer them a choice of super fund. This includes if your employees are temporary residents or they’re covered by an Enterprise Agreement or Workplace Determination made before 1 January 2021.

You and your representatives can request stapled super fund details for your employees if you have full access to ATO Online services for business (previously called the Business portal) or contact us to complete this step for you.   It is important that if you are accessing the information via online services, that you review and update any online accesses to protect the privacy and safety of your employees’ personal information.

You must meet your choice of super fund requirements and any stapled super fund obligations by the quarterly due date or you may face penalties.

What you need to do from 1 November 2021

Step 1: Offer your eligible employees a choice of super fund

You need to give your eligible new employees a Super standard choice form and pay their super into the account they tell you on the form. Most employees are eligible to choose what fund their super goes into.

There is no change to this step of your super obligations.

Step 2: Request stapled super fund details

If your employee doesn’t choose a super fund, you may need to log into the ATO Online services for businesses and go to ‘Employee Super Accounts’ to request their stapled super fund details or contact us to complete this step for you.

The ATO will provide your employee’s stapled super fund details after they have confirmed that you are their employer.

If the ATO provide a stapled super fund result for your employee, you must pay your employee’s super using the stapled super fund details the ATO provide you.

Step 3: Pay super into a default fund

You can pay into a default fund, or another fund that meets the choice of fund obligations if:

If you have any queries in relation to the above, please contact one of the team at MGI South Qld.

The Fair Work Ombudsman has published a new Casual Employment Information Statement.

The attached is the statement which should be given to all new casual employees when they start work.

Please contact your HR team to understand what this means for your business. Feel free to contact your MGI Adviser should you need a referral to an HR expert.

The 2021 COVID-19 Business Support Grant for lockdown-impacted businesses in Queensland is now open to applications (except in relation to the $1,000 grant for non-employee sole traders).  While it was originally announced as a $5,000 grant, the grant support has been increased.  Below is a summary of the grant amounts and eligibility conditions.

Screen Shot 2021 08 17 At 11.34.05 Am

The 30% turnover (i.e. income) decline is based on a nominated 7-day period with comparing to the same 7-day period from 2 years ago (or an alternative 7-day period if that isn’t situatable).  The nominated 7-day period must include one full day of the lockdown periods in July & August 2021. Your business doesn’t necessarily need to have been in one of the lockdown zones, it just needs to show it is in Queensland and it had the 30% decline in the nominated period.

The application for the grant is online only and must be completed by the business and not their advisers.  As part of the application, evidence is required from various records from your bookkeeping records (e.g. BAS, payroll reports, BASs, income reports). Alternatively, a letter can be provided by your accountant instead to advise these details instead or we can assist with getting the records from your bookkeeping records.

Importantly, it has been announced that funds will be provided to all successful applicants, so the grant isn’t limited to a certain cap.  Once a grant application is successful approved, the funding will be paid within 2 weeks of the approval.

The non-employing sole trader grant of $1,000 is not currently open for applications but you can currently register your interest to receive updates from the Queensland Government.  If you are sole trader but have employees, you should consider the small, medium or large grants instead.

For further information, please contact MGI or see the details on Queensland Government website below.

https://www.business.qld.gov.au/starting-business/advice-support/grants/covid19-support-grants

This morning the Queensland Government introduced a $260 million grant for small to medium businesses who have been affected by the two recent lockdowns.

Eligible businesses will receive $5,000 (excluding GST) to use for any business expenses and to support cash flow through the Covid Lockdown. Your business does not have to be located in South East Queensland to be eligible for the grant.

Eligibility

To be eligible for the grant, your business must have experienced a reduction in turnover of at least 30% as a result of the lockdown.

Small & Medium Businesses are defined as having:

Applying for the Grant

You will need to apply online with supporting evidence. The funds will be paid into your bank account within 2 weeks of the application being processed and approved.

More specific information about the grant including opening date will be available within the coming days.

If you need assistance regarding your grant application, please do not hesitate to contact our Team.

The Queensland government has introduced a Business Boost grants program which is aimed at providing support to businesses to advance improvements in their efficiency and productivity with funding of up to $15,000 (excluding GST) on meeting the criteria.

This grant supports activities in 3 project areas:

    1. Future planning
    2. Specialised and automated software
    3. Staff management, development, and planning

Eligibility Criteria

To be eligible for the grant, the business must (at the time of applying):

Eligible Projects to Spend the Grant

1. Future planning

2. Specialised and Automated Software

3. Staff Management, development & planning

Available funding

Your business may be eligible to receive a grant payment of up to $15,000 (excluding GST) on completing your proposed project.

The successful applicants must co-contribute at least 30% of the total project costs.

Grant funding will be paid only after compliant acquittal documentation is received.

Grant funding is not eligible to projects with a total cost of less than $10,715 (excluding GST) and payments made before the approval date.

Application Process

Applications open at 9am on 30 July 2021. The application form will be available online after this date via the DTESB SmartyGrants portal.

https://dtesb.smartygrants.com.au/

This grant program is competitively assessed and not all applications will be funded.

Our team will be available to assist you to maximise your chance of receiving the grant.

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