How is the Government Supporting Small Businesses + Unpacking the Stimulus Packages

By Alexi Boyd | Tuesday April 21

Small Biz Matters – a half hour program each week where you can work ON your business rather than IN it.
with Alexi Boyd, broadcaster, advocate and small business owner.
Date: 21 April 2020

Anyone else sick of hearing about Stimulus Packages? I promise this is the last one. (I really HOPE it is the last one). Today on Small Biz Matters we welcome a true expert in their fields and the State Government explaining in clear language what you can access and how to do it.

The Minister for Small Business joins us to explain what NSW is offering as its latest stimulus measure for small business and puts some definitions around how it will be fairly distributed. Now that the ATO has everything up and running for JobKeeper the incredibly hard working Matthew Addison, Chair of the ICB is here to help you understand the HOW to access and then correct way to distribute the $1500 a fortnight to your employees.

Strap on your thinking caps peeps; its another jam-packed show.

Learn LIVE Tues morning 9am on Triple H 100.1FM or later podcast on iTunes or via http://www.smallbizmatters.com.au

Welcome to the show Minister Tudehope:

  • In this role tell me what experiences and expertise you bring with you to best support small business in NSW?
  • Tell us a little about the various support programs and mechanisms in place to support small business currently? In particular the newly announced NSW Govt Small Business Stimulus package
  • What do you recognise as the main issues facing small businesses in NSW in the next 12 months and how are you going to support these emerging concerns?
  • One of the selling points of Liberal policy is “cutting red tape” and one of the issues we are talking about on Small Biz Matters is the confusion around employee vs contractor which can be confusing at best. Are you aware there are 5 different (federal & state) calculator tools across the 5 pieces of legislation? Are there any plans for the NSW government to work with Federal Govt to simplify this process so small business can confidently get this right across all pieces of legislation?
  • Cashflow is time and time again raised as the number one problem Small Biz faces. And they are at near breaking point when it comes to payment times. Are you aware that according to the latest figures over $55B is paid late to small businesses in Australia from bug business every year? What is the NSW government doing to combat this problem of the little guys bankrolling big business?

About the NSW Minister for Finance and Small Business The Hon. Damien Tudehope MLC

Damien resides in the Hills District and grew up in the Moss Vale area before attending the University of Sydney, where he graduated with a Bachelor of Arts and a Bachelor of Laws in 1978.

Prior to being elected to the NSW Parliament, Damien was a partner in his own law firm, O’Hara and Company Solicitors, for thirty years. Damien has also been a small business owner, primarily in the childcare sector and was the Chief of Staff to the former Attorney-General Greg Smith.

Damien was elected to the seat of Epping in 2015 with the second highest primary vote in the history of the electorate.

In March 2019, Damien was elected to the Legislative Council and was appointed as the Minister of Finance and Small Business.

Welcome to the show again Matthew:

INTERVIEW #2 - Trust Your Bookkeeper in times of Crisis… We unpack Stimulus with a true expert. Matthew Addison, Director,  Institute of Certified Bookkeepers

  • Let's start with explaining each of the Federal Govt support mechanisms and broadly how they are going to support small businesses
    • Cash Flow Stimulus for employers — round 1 & 2
    • Jobkeeper o Instant Asset Write-off
    • Access to Super
    • SME Guarantee Scheme — loans
    • Commercial Rental Relief
  • With each new "round" of stimulus measure are they adding on to the previous version in terms of what they offer?
  • What info are we now waiting for, or is everything in place for small business to start reporting and opting in?
  • What have bookkeepers seen as the main points of confusion?
  • As the head of a professional association, would you like to see more appreciation from the federal parliament for all the additional work bookkeepers are delivering for their clients and in unpacking this for the federal govt?
  • Why is more important than ever to engage with a qualified bookkeeper to support your business?
    • Be wary of the ATO having the power to through, data collection, look out for businesses trying to rort the system.

To find out more go to their website: https://www.nsw.gov.au/your-government/ministers/minister-for-finance-and-small-business/