Institute of Certified Bookkeepers

ICB provides a budget for bookkeepers explanation.

An explanation of the Budget from a Bookkeepers for Business perspective.  What does it mean and what instant difference does it make?

ICB's Budget for Bookkeepers - Explanation here

Members Webinar (Friday's with ICB) talked through the impacts of the Budget - Members access the recording here

We had hoped the JobMaker program would enable existing businesses to re-engage with employees who may have been stood down.   

We had hoped it would provide real incentive, encouragement and assistance to businesses to seek to re-establish or re-engineer their business through new employment.  The conditions around this program seem restrictive.

We had hoped for direct assistance to truly small (i.e turnover below $10m) business to establish their new COVID or post-COVID normal operation.  JobKeeper will provide this for some into the rest of the year, but there is no direct assistance for others.  The budget is driven by a concept that business will recover through the expenditure of; government, or by those who can afford to invest (the asset write off), or with the theory that individuals will spend the extra amount in their pocket due to the reduction in taxes.

The Governments encouragement to all business that expenditure will happen therefore “keep your doors open” and “employ” seems to be the message.

External Resources

for the Treasury detailed material - treasury.gov.au

for commentary and explanation from others

mybusiness.com.au

Xero Blog

MYOB Blog

 

  • 7th October 2020
loading