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Date Time Ombudsman welcomes support for small businesses in lockdown The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed the additional support to small businesses impacted by protracted lockdowns, announced by the Australian Government. From week four of the lockdown, small and family businesses that have suffered a 30% decline in turnover, will receive 40% of their payroll payments (between $1500 and $10,000 per week) so long as staffing levels are maintained. Sole traders who have experienced a 30% fall in revenue will receive $1,000 per week. The payments are co-funded by the Federal and NSW Governments and will be administered by Services NSW. ....
Mortgage Business Home loan deferrals included in banks’ COVID support By Sarah Simpkins 12 July 2021 The banks have launched an extended national relief package for businesses and consumers hit by COVID-19 restrictions, including support around home loans. Big four and non-major banks have expanded on their existing COVID support measures, as the NSW government declared stricter lockdown measures on Friday (9 July), including limiting Sydney residents’ movements to a 10km radius of their home and restrictions on shopping. The lockdown, initially set to a two-week term, was extended by another week to its new deadline of Friday, 16 July. In Darwin and Alice Springs, lockdown restrictions lifted on Friday afternoon, while Melbourne residents saw eased limits on Friday morning. ....
Date Time Banks offer certainty to small businesses impacted by lockdowns The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed the banks’ ongoing efforts to support small businesses impacted by COVID-19 lockdowns. The Australian Banking Association says banks will defer loan repayments for small businesses affected by lockdowns throughout Australia for three months. “This is a positive initiative that will help many struggling small businesses stay afloat in these challenging times,” Mr Billson says. “The banks’ commitment to support small businesses through this period is highly valued and is the kind of a key support element that could be incorporated into an agreed predictable and known national framework of support. ....
Date Time Thriving Indigenous business sector contributing billions to economy The Australian Small Business and Family Enterprise Ombudsman Bruce Billson is encouraging Australians to support Indigenous businesses, as the nation celebrates NAIDOC WEEK 2021. Mr Billson says the Indigenous business sector is one of the fastest growing in Australia, with fresh data from the University of Melbourne revealing indigenous businesses’ contribution to the economy has more than doubled. “This new research shows how critical the Indigenous business sector is to the national economy,” Mr Billson says. “In the 12 years to 2018, the sector saw a 115% lift in gross income to $4.88 billion and that is expected to continue to grow. ....
Date Time Ombudsman urges small businesses to get on front foot at tax time The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has urged struggling small and family businesses to be proactive at tax time, as a new report reveals declining payment plans despite record collectible debt owed to the Australian Taxation Office (ATO). Mr Billson says the report, released today by the Inspector General of Taxation and Taxation Ombudsman (IGTO), shows that although SMEs owe $21 billion to the ATO – well over half of this collectible debt is held by just 6.4% of SMEs. “The vast majority of small business owners are doing the right thing and complying with their tax obligations,” Mr Billson says. ....