Retirement of Trading Names

Posted on 6 November 2023 | by Allan Hall

Check if a retirement of trading name applies to your business

The Australian Business Register (ABR) has been phasing out the use of trading names and trading name terminology since 2018 and will no longer display pre-existing trading names against an entity’s Australian Business Number (ABN) from 1 November 2023.

The ABR now requires that all businesses that have been operating under the now-retired trading name branding shift to operating under either the name registered against the ABN or a registered Business Name.

Does this apply to my business?

If your registered company such as “Sales Pty Ltd” is registered against an ABN, no change is needed.

However, if you conduct business under a name other than your own or your ASIC-incorporated entity name, you will be required to register a Business Name with the Australian Securities Investment Commission by 1 November 2023. All business names need to be registered against an ABN which is managed via ASIC Connect.

You can find more about Business Name registrations here: Registering a business name | ASIC

To discuss if this should apply to you or for assistance in registering a Business Name please, contact our team on 02 9981 2300.

CONTACT ALLAN HALL BUSINESS ADVISORS

ABN cancellation program

Posted on 12 December 2022 | by Allan Hall

Is your ABN current?

Inactive Australian Business Numbers (ABNs) are being cancelled

The Australian Taxation Office (ATO) has started reviewing existing ABNs, to identify any potentially inactive for cancellation.

Your ABN may be selected if you haven’t reported business activity in your tax return or there are no other signs of business activity in other lodgments or third-party information.

If your ABN is identified for cancellation, the ATO write to you. If you still require your ABN you’ll be told exactly what you need to do to stop cancellation.

Inactive ABNs are cancelled to make sure information on the Australian Business Register (ABR) is correct. Emergency services and government agencies use this information during natural disasters and to identify where financial disaster relief is needed to help businesses.

If your ABN is cancelled and you need it later:

you can reapply for the same ABN if your business structure is the same
you’ll get a different ABN if your business structure is different, for example you were a sole trader but you’re now a company.

If the ATO cancels your ABN and you disagree with the decision, contact them and they’ll try to resolve the issue.

Remember, registered tax agents and BAS agents can help you with your tax.

CONTACT ALLAN HALL

fire hydrant workplace health and safety

SafeWork NSW Small Business Rebate

Posted on 5 December 2022 | by Allan Hall

$1,000 SafeWork NSW small business rebate

Key information

Status: Ongoing
Grant amount: Up to $1,000
Applications opened: 1 October 2018

Apply at https://smallbusinessrebate.safework.nsw.gov.au/forms/12271

If you are a small business owner in NSW, this $1,000 rebate will help you purchase safety items to improve work health and safety for you and your workers.

This program is administered by SafeWork NSW.

Who can apply

Small business owners and sole traders who have an ABN and less than 50 full-time employees. Charities and not-for-profits can also apply.

The application must be in the name of the registered business owner. The registered business owner must agree to the terms and conditions.

What your application needs to include

Proof your business meets the eligibility criteria
Proof that you completed an eligible SafeWork NSW education activity
Proof of purchase for eligible safety item/s

Start an application

You can confirm your eligibility at the start of the application.

If you have your eligible documents ready to upload, the application will take about 10 minutes to complete
You can save and return to your application at any time
The application must be in the name of the registered business owner and signed by them.

Read more including eligibility criteria at https://www.nsw.gov.au/grants-and-funding/1000-safework-small-business-rebate.

CONTACT ALLAN HALL

Women in Business NSW

Posted on 15 July 2022 | by Allan Hall

Online program for NSW women starting or operating a small business

Women in Business provides women living or working in New South Wales with access to a fully subsidised online program to help them establish a new small business or consolidate an existing small business.

Status: Open. Application detail: You can apply at any time.

Overview

This fully subsidised online program is available to help women in New South Wales develop sustainable small businesses.

What you get: Fully subsidised online business training program with access to resources, events and other services.
Who is this for? Women in NSW wanting to start, or who are already operating a small business.

The program offers:

24/7 online access to topics that can be mixed and matched to suit your needs
insights from Australia’s leading female entrepreneurs
access to small business events
other resources and services.

What are the eligibility criteria?

To be eligible, you must:

be aged 18 years or over
identify as female
be establishing or own a business:
- with a valid Australian business number (ABN)
- registered or trading in NSW
- with 0 to 199 employees
live or work in NSW
be an Australian citizen, Australian permanent resident, humanitarian visa holder or New Zealand citizen.

How do you apply?

You can find out more about eligibility and how to apply at Women in Business.

CONTACT ALLAN HALL

close up of completing Australian tax form

ABN intent to cancel program

Posted on 13 December 2021 | by Allan Hall

The ATO is reviewing Australian business numbers (ABNs) to identify potentially inactive ABNs for cancellation.

We’ve made improvements to the ABN cancellation program by introducing a new automated process that allows you to confirm if an ABN is still required via a secure voice response system.

An ABN may be selected if it has not reported business activity in a tax return, or there are no signs of business activity in other lodgments or third-party information.

Any income earned under an ABN needs to be reported in your tax return, regardless of the amount. By keeping your tax obligations up to date the ATO can see you are actively undertaking a business, therefore the ABN should not be cancelled.

If the ATO believes you are no longer carrying on an enterprise, they may contact you or your accountant to advise of their intention to cancel the ABN.

If your ABN is identified for cancellation you may be contacted and advised what actions you need to take to prevent your ABN from being cancelled
If you are no longer in business, no action is required to be taken
If your ABN has been cancelled and you are still entitled to one, you will need to re-apply to reactivate it.

2021 COVID-19 Micro-Business Grant NSW

Posted on 27 July 2021 | by Allan Hall

Cash flow support for NSW micro-businesses impacted by COVID-19 restrictions while continuing to incur business costs.

Closing date 18 October 2021.

» You can apply online using your MyServiceNSW Account

The 2021 COVID-19 Micro-Business Grant provides fortnightly payments to NSW micro-businesses (small business, sole traders or not-for-profits) impacted by recent COVID-19 restrictions.

Available funding

Automatic payments of $1,500 per fortnight.
Payments made in arrears with the first payment backdated to 26 June.
Only one application per ABN and only one application even if multiple businesses under a single ABN.

Eligibility criteria

Must have an ABN and operating in NSW at 1 June 2021. There are some exemptions if you have an ABN outside NSW but can demonstrate you operated within NSW at 1 June 2021.
Aggregated turnover more than $30,000 and less than $75,000 for year-ended 30 June 2020[i].
Decline in turnover of 30% or more due to the Public Health Order over a minimum 2-week period within the Greater Sydney lockdown (26 June and due to end 30 July) compared to the same period in 2019.
Applicant has business costs for which there is no other government support available.
Applicant has not applied for the COVID-19 Business Grant or JobSaver.
Employing businesses must maintain headcount at 13 July.
For non-employing businesses, the business receiving the payments must be the primary income source for the associated person. Individuals with more than one non-employing business can only claim from one business.
Entities earning passive income (such as rent) are not eligible.
Employees can receive Commonwealth COVID-19 Disaster Payments if their employer is receiving this grant.
Non-employing businesses are not eligible for this grant if individuals associated with and deriving income from the business are receiving the Commonwealth Covid-19 Disaster Payment.

Evidence in support of eligibility

Applicant must have experienced a decline in turnover of 30% or more over a minimum 2-week period from 26 June 2021 to 30 July 2021 compared to the same period in June and/or July 2019.
There is no alternate test for businesses not operating in 2019 (or 2019 not a true comparison) or did not meet the minimum $30k turnover. These applicants should contact Service NSW.
Applicants need to supply one of the following as evidence that their turnover was more than $30,000 but less than $75,00 for the year ended 30 June 2020:
- A letter from their accountant;
- Business Activity Statement;
- Business bank statements;
- A tax return or notice of assessment.
If no employees, declare the business is the primary source of income for the owner of the business.
If business does have employees, applicant must declare their employee headcount on 13 July 2021 and notify Service NSW if the employee headcount declines.

Some important notes

Funding to be used to cover costs incurred from 18 July (wages, rent etc.)
Businesses that received the $1,500 NSW Small Business Fees and Charges Rebate can apply for this grant.
Where a business operates through a Trust, it will be required to provide additional information to demonstrate an aggregated turnover of more than $30k but less than $75k is derived through the Trust, as opposed to a business linked to a trust.

Applicants will require an accountant’s prepared declaration as part of the grant submission process. Allan Hall will be able to provide assistance to our clients as we have done with previous NSW grant programs.

See more information at https://www.service.nsw.gov.au/transaction/2021-covid-19-micro-business-grant or call Allan Hall’s team on 02 9981 2300.

[i] based on ATO definition

NOW OPEN 2021 COVID-19 business grant

Posted on 19 July 2021 | by Allan Hall

Eligibility for the 2021 COVID-19 business grant released

Registrations are expected to be open from today. Online applications will close on 13 September 2021.

» You can apply online at https://www.service.nsw.gov.au/transaction/2021-covid-19-business-grant

We have been through the detailed guidelines and summarise as follows.

Available funding

30% or more reduction in turnover – $7,500
50% or more reduction in turnover – $10,500
70% or more reduction in turnover – $15,000
Multiple businesses under one ABN are only eligible for one grant.

Eligibility criteria

Must have an ABN and have been operating in NSW at 1 June 2021. There are some exemptions if you have an ABN outside NSW but can demonstrate you operated within NSW at 1 June 2021.
Total Australian wages less than $10M at 1 July 2020.
Aggregated turnover of more than $75,000 less than $50M for year ended 30 June 2020. A micro business grant for businesses or sole traders with turnover of more than $30,000 but less than $75,000 will be available from late July.
Business costs that no other grant is available for (such as fees & charges rebate).
Maintain employee head count as at 13 July (Persons employed in NSW and who are full-time and part-time and long-term (more than 12 month) casuals). This means that the employer-employee relationship must be maintained, consistent with employment law (ie employment cannot be terminated). However employer will remain eligible if an employee voluntarily resigns.

Decline in turnover conditions

Your business must have experienced a decline in turnover of 30% or more over a minimum 2-week period from 26 June 2021 to 17 July 2021 compared to the same period in June and/or July 2019.
There is no alternate test for businesses that were not operating in 2019 (or if 2019 is not a true comparison) or did not meet the minimum $75,000 turnover. These applicants must contact Services NSW.
If you are in a highly impacted industry you only need a letter from your accountant for the $15,000 Grant. Service NSW will release $10,500 immediately and the additional $4,500 when you provide the letter. For the $7,500 and $10,000 Grant Service NSW requires you to include Allan Hall’s details for potential compliance.
Applicants not in one of the ‘highly impacted industries’ require an accountant’s letter to confirm their reduction in turnover. Contact your Allan Hall advisor who can assist with providing this.

Some important notes

Applicants must have lodged a 30 June 2020 tax return to demonstrate a minimum $75,000 turnover. We understand some clients that are eligible may not have lodged their 2020 tax return, however, we understand there will be other options available to prove the $75,000 turnover requirement. If you are in this position, please contact your Allan Hall advisor.
Non-employing businesses are not eligible to apply if persons associated with the business, and who derive income from it, have applied for, or are receiving, the Commonwealth Covid-19 Disaster Payment.
Where a business operates through a Trust, it will be required to provide additional information to demonstrate an aggregated turnover of $75,000 or more is derived through the Trust, as opposed to a business linked to a trust.

The Public Health Orders have created challenges for many businesses and the purpose of this one-off grant is to help cover business expenses and support employment for the first three weeks of the restrictions that were announced on 26 June.

From Week 4, eligible businesses will receive a minimum of $1,500 and a maximum of $10,000 per week under the JobSaver program announced by the NSW Government. Applications for the JobSaver program will be available from 26 July. We will communicate additional information on the JobSaver program when they are released by Services NSW later this week. Please refer to our previous article with what we know so far.

To avoid delays in preparing an application, please also refer to the Get readysection of our other previous article .

In addition, there are a number of options available to employers and employees during this time. Our HR team have prepared an article covering some key aspects, please click here for more information.