tradie working on a deck

Project Trust Accounts for QLD Tradies

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Security of payment for tradies

Extension provided for smaller contracts

Key points

  • Nearly $10 billion is now protected for tradies under Project Trust Accounts
  • Qld Government extending commencement date for eligible contracts for up to two years – between $3 and $10 million to 1 March 2025, and over $1 million to 1 October 2025.

The Queensland Government has announced an extension of the commencement date for eligible contracts under the Project Trust Accounts (PTA) framework, providing further security of payment for tradies.

The extension allows for eligible contracts between $3 and $10 million to commence by 1 March 2025, and contracts over $1 million to commence by 1 October 2025.

The government is committed to leading the nation in the security of payment frameworks, including Minimum Financial Requirements, Retention Trust Accounts, and PTAs, which all aim to strengthen payment security for tradies and ensure safe workplaces and quality construction.

In recognition of the challenges faced by smaller builders in complying with the PTA framework, the government has formed a Steering Committee to work with software providers to develop a suitable solution for compliance.

More information about PTAs

A Project Trust Account (PTA) is an account through which project payments are received and paid. A PTA is needed for all eligible construction contracts in Queensland. A separate PTA is required for each eligible contract.

Typically, a PTA is:

  • paid into by the project owner or developer
  • managed by the head contractor
  • the account from which all subcontractors are paid
  • the account from which the head contractor pays themselves.

All other protections, including payment terms, reporting, and financial obligations (including existing Project Trust Account thresholds), will continue to require compliance and will be enforced by the building regulator.

Source: QLD Government

energy efficieny

Energy Efficiency Grants for SMBs

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Energy Efficiency Grants for Small and Medium Sized Enterprises — Round 1

Funding to purchase energy-efficient equipment upgrades for small and medium businesses now available.

The Energy Efficiency Grants for Small and Medium-Sized Enterprises Round 1 will support businesses to upgrade or replace inefficient equipment to improve their energy efficiency. These upgrades will enable industries to reduce their energy use and manage energy cost volatility in the long term. This will contribute to Australia’s target of a 43% reduction on 2005 emission levels by 2030. 

Key points:

  • This grant opportunity is for small and medium-sized businesses with an employee headcount of 1 to 199 employees
  • The grant provides small and medium businesses up to $25,000 to replace or upgrade existing equipment to improve energy efficiency and reduce costs
  • Grant funding will be distributed between states and territories based on the distribution of small and medium-sized businesses nationally
  • Grants will be awarded to eligible applicants on a first-come, first-served basis until the funding is exhausted in each jurisdiction
  • Applications will be checked to ensure they meet the eligibility criteria in order of application receipt.

When the online form is available, you must submit your application through the online portal here. You’ll need to set up an account when you first log into the portal. The portal allows you to apply for and manage a grant or service in a secure online environment.

Grant objectives

  • improve energy efficiency practices and increase the uptake of energy-efficient technologies
  • assist small and medium businesses to manage their energy usage and costs
  • reduce greenhouse gas emissions.

The intended outcomes of the program are:

  • increased awareness of energy efficiency opportunities and help businesses to save energy
  • reduced power bills for small and medium businesses
  • emissions abatement to contribute to Australia reducing its emissions to 43% below 2005 levels by 2030.

Check if you can apply

You can apply if you meet the eligibility criteria. The eligibility criteria are a set of rules that describe who can be considered for this grant. You can apply if you:

  • are an eligible entity
  • have an eligible project
  • have eligible expenditure.

The rules are in the grant opportunity guidelines. If you enter a grant agreement under the Energy Efficiency Grants for Small and Medium Enterprises program you cannot receive other funding for the same activities from other Commonwealth, state or territory programs. Funding includes, but is not limited to, grants, rebates, contributions, certifications and certificates that have a value and any other form of financial assistance.

Check if you’re ready to apply for a grant

Finding a suitable grant opportunity is just the start of the process to get funding. The application process can take time and effort. Understanding the entire process will help you be grant ready and may improve your chances of getting funding.

Use this checklist to find out what it takes to apply for a grant.

Source: Australian Govt

manufacturing

Made in Queensland

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Made in Queensland Round 5 now open

Made in Queensland (MIQ) is a $101.5 million Queensland Government program helping small and medium-sized manufacturers

It helps firms increase international competitiveness, productivity and innovation via the adoption of new technologies, and to generate high-skilled jobs for the future.

The applicant guidelines for Round 5 (PDF, 689.1KB) are now available. The $20 million Round 5 of Made in Queensland opened for applications on 31 October 2022.

Queensland-based manufacturers looking to adopt the processes, practises and equipment of Industry 4.0 implementing projects that include energy efficiency, export, reshoring, supply chain improvements, sustainability and/or decarbonisation are encouraged to apply for matched funding grants of $50,000 to $2.5 million. See the applicant guidelines for full details including eligibility and evaluation criteria.

About MIQ

Since 2017, MIQ has supported 104 advanced manufacturing projects across the state. It is expected to create more than 1,700 jobs over 5 years and generate more than $140 million in private sector investment. Of the 104 projects funded through MIQ, 38% are being delivered in regional Queensland, creating more than 500 jobs over the next 5 years.

The MIQ program is part of the Queensland Advanced Manufacturing 10-Year Roadmap and Action Plan to support our manufacturers. On 21 June 2022, the Government announced that Made in Queensland is receiving $40 million for two more rounds, over the next two years, to continue helping small and medium manufacturers to increase international competitiveness through adopting new technologies.

Looking for a Xero Certified Bookkeeper for your business? Are you drowning in paperwork? Cash flow keeping you awake at night? Learn how Notch Above Bookkeeping can solve all these problems, and more. Contact our team on 1300 015 130 Australia-wide.

Source: QLD Department of Regional Development, Manufacturing and Water

highway high road

Regional Futures – Collaborative Projects QLD

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Funding for regional Queensland collaborations to solve significant innovation challenges

Key points

  • This program supports regional innovation leaders to collaborate with partners to unlock Queensland’s economic potential, whether by solving a significant problem or creating an opportunity for the regions
  • Closing date: Tuesday 29 November 2022
  • Find out more about your eligibility and how to apply here »

Overview

Funding is available for projects of up to 18 months in which collaborations are created across regional Queensland to solve significant innovation challenges.

Collaborative projects should aim to:

  • provide tangible benefits to regional communities
  • support regional strengths and/or emerging industries
  • realise potential and remove barriers targeting issues of regional significance
  • increase the regional ecosystem’s capability and contribute to its future prosperity and resilience.

Eligible project costs that the funding can be used for include:

  • salaries (including salary-related on-costs) for project staff
  • consumables required specifically for the project
  • plant and equipment required specifically for the project up to a total cumulative value of $10,000 during the term of the grant
  • reasonable travel costs necessary to undertake project activity
  • specialist advice and services provided by unrelated (external) providers.

Application detail

Applications are open continuously (or until funds have been allocated) with the first assessment dates being:

  • 10am Tuesday 10th May 2022
  • 10am Tuesday 2nd August 2022.
What you get

Matched funding of up to $200,000.

Who is this for?

Queensland regional organisations.

Check if you can apply

To be eligible for funding, the applicant organisation must, at the time of application:

  • be based in a Queensland region
  • have an Australian business number (ABN) and be registered for goods and services tax (GST)
  • be collaborating with one or more organisation(s) based in a Queensland region
  • provide a signed Regional Futures – Collaborative Projects – Regional Engagement Officer Certificate.
  • be able to match the requested funding 1:1 in cash
  • be ready to commence the project within 60 business days of the grant approval
  • be able to complete the project within 18 months of the commencement date.

Proposed collaborative projects must be able to demonstrate:

  • significance of the opportunity and innovation activity
  • strength of collaboration and viability of the project
  • benefit to the region/s and Queensland.

Looking for a Xero Certified Bookkeeper for your business? Are you drowning in paperwork? Cash flow keeping you awake at night? Learn how Notch Above Bookkeeping can solve all these problems, and more. Contact our team on 1300 015 130 Australia-wide.

Source: Australian Govt

Complete tasks for your tax period

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As a small business owner, you want to do what you love

However, managing your accounts might not be what you got into business for.

Use your time wisely to help give you the space to start analysing how your business is tracking and really focus on the growth opportunities available.

Completing financial tasks regularly will give you the ‘creative/thinking space’ to focus not only on growing your business but also take time away from your business to enjoy a holiday.

Are you registered for GST?

One way to set regular timeframes is if you report GST or Goods and Services Tax to the ATO.

GST is reported via a business activity statement or BAS, monthly, quarterly or annually. Use your GST period as your time frame to work towards.

Check with the ATO or speak to your bookkeeper to see if you need to report GST.

Not registered for GST?

You can still set regular time frames for your business to work towards and keep yourself accountable for.

TIP! A great period to work towards is quarterly, so you can start to compare business performance from one quarter to the next.

Tasks

Complete the following day-to-day tasks for each time frame

  • Record all sales
  • Record all expenses, such as bills, wages and other business expenses
  • Reconcile your bank accounts regularly
  • Keep business documents stored within the file library in Xero
  • Keep your payroll and superannuation up to date

What should you be doing at the end of each period?

Reports

Reports that help with comparing periods include:

  • The Profit and loss report: to show your income and expenses for current and past periods
  • The Balance sheet: to understand the financial position of your business

Also start to prepare or chat to your bookkeeper about preparing budgets for your business.

Check out what reporting tools are available in Xero, and how they can help you to track and manage your cash flow more effectively.

Having this knowledge is going to empower you to start making business growth decisions and have more meaningful conversations with your accountant or bookkeeper the next time you talk.

Setting yourself up for the new year

Financial year-end is the perfect time to do a check-up, celebrate your successes, and refocus on business goals.

For more Xero tips, advice and bookkeeping essentials for your business, visit How We Help You and get started today with Notch Above Bookkeeping, Australia-wide.

Source: Xero

Mailbox in Flood Waters

QLD flooding assistance extended

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Supporting flooded small businesses, primary producers and additional councils

Low interest loans are now available for Queensland primary producers and small businesses in local government areas facing a massive clean-up operation in the aftermath of the flooding in Southern Queensland.

The assistance is available through the joint Commonwealth-State Disaster Recovery Funding Arrangements (DRFA).

DRFA low interest loans of up to $250,000 as well as freight subsidies of up to $5,000 for eligible primary producers are available in 11 LGAs: Bundaberg, Gympie, Lockyer Valley, Moreton Bay, North Burnett, Scenic Rim, Somerset, South Burnett, Southern Downs, Toowoomba and Western Downs.

DRFA low interest loans of up to $250,000 are also available for small businesses in Gympie, Lockyer Valley, Southern Downs, Somerset and Western Downs.

DRFA assistance has also been extended to the Fraser Coast, Gympie, Gladstone, North Burnett and South Burnett Regional Councils to help them with repair efforts.

Bundaberg, Livingstone, Rockhampton and Western Downs Regional Councils will also receive assistance with their repair efforts, as well as their counter disaster operation costs.

Minister for Fire and Emergency Services Mark Ryan said the funding was part of the Australian and Queensland Governments’ ongoing commitment to supporting Queenslanders along the road to recovery after months of rain and flooding.

“The severe weather and seemingly unending rainfall that hovered over Southern Queensland during May flooded several communities, many of which had already been affected by previous flooding events since the start of the year,” Mr Ryan said.

“Low interest loans under the Disaster Recovery Funding Arrangements will provide concessional loans up to $250,000 and essential working capital loans of up to $100,000 to help kick-start the recovery of impacted primary producers and small businesses.

“Primary producers can also access freight subsidies of up to $5,000 for the movement of stock, feed, machinery, fuel, water, building and fencing materials.

“In addition, the councils who have been included in this extension can rest assured that their costs associated with counter-disaster operations and the repair of their essential public assets damaged by the flooding, such as local roads, will be covered under the DRFA.

“The Australian and Queensland Governments will continue to work closely with local councils to support their ongoing recovery efforts and identify where further assistance can be provided to ensure all impacted communities have the best possible support.”

For more information on assistance available to primary producers, small businesses and not-for-profit organisations visit www.qrida.qld.gov.au or free call 1800 623 946.

Information on disaster assistance can be found on the Queensland Reconstruction Authority’s website at www.qra.qld.gov.au.

Did paper-based office-based bookkeeping systems let you down during the floods? Now’s the time to think about a Cloud Bookkeeping solution — ask us how on 1300 015 130.

Source: Queensland Government

cafe counter front of house

Brisbane Suburban Shopfront Improvement Grants

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Bring a fresh look to your Brisbane shopfront

Brisbane City Council is driving suburban economic vitality by helping businesses and property owners upgrade their shopfronts.

The Suburban Shopfront Improvement Grant program provides up to $5000 (excluding GST) to property owners or tenants of shopfronts in local business precincts to assist in bringing a fresh new look to their shop’s façade.

The program is designed to support local businesses and bring character to suburban areas.

This is a matched grant, meaning that for every dollar requested from Council, the Applicant must have an equal dollar amount (or more) to put toward the project. To be eligible, work must not have already commenced or been paid for.

Planning your shopfront improvement

Grants are available for long-term, street-level improvements that bring a new look to the shopfront and contribute to the streetscape in a creative way.

For inspiration and eligibility requirements, visit https://www.brisbane.qld.gov.au/business-in-brisbane/business-opportunities/suburban-shopfront-improvement-grants.

Did your paper-based office-based bookkeeping systems let you down during the floods? Now’s the time to think about a Cloud Bookkeeping solution — ask us how on 1300 015 130.

See more Business Grant information »

Source: BCC

heron legs surrounded by water

Disaster assistance for latest QLD flood event

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Commonwealth-State Disaster Recovery Funding Arrangements (DRFA)

Personal hardship disaster assistance has been activated to help flood-affected residents in the Lockyer Valley and Southern Downs to cover the costs of immediate essential needs, such as food, temporary accommodation, clothing and medication.

In addition, the Brisbane, Fraser Coast, Gladstone, Gold Coast, Gympie, Lockyer Valley, Logan, Moreton Bay, North Burnett, South Burnett, Southern Downs and Toowoomba LGAs have been activated for counter disaster operations assistance to cover the costs of the immediate clean-up efforts.

Resilient Homes Fund

Queenslanders whose homes were damaged by floods can now register to access grants to raise, repair, retrofit or have their home voluntarily bought back.

Funding is available for rebuilding resilient homes, raising homes or buying back homes.

Queensland homeowners across 37 local government areas whose property was inundated as a result of any of the three major floods in 2021-22 including the South East Queensland floods (22 February 2022 onwards); the ex-Tropical Cyclone Seth floods (29 December 2021 – 10 January 2022); and the Central, Southern and Western Queensland flooding (10 November – 3 December 2021).

Did paper-based office-based bookkeeping systems let you down during the floods? Now’s the time to think about a Cloud Bookkeeping solution — ask us how on 1300 015 130.

Source: Queensland Government

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Grants for bank customers impacted by floods

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Big 4 bank support for NSW and QLD customers impacted by February flooding

Please contact your bank directly to discuss any financial support.

ANZ

ANZ announced a financial relief package for customers affected by significant flooding across south-east Queensland and parts of northern New South Wales with severe weather systems continuing to threaten more damage.

ANZ customers affected by flooding are encouraged to contact ANZ’s dedicated financial hardship team on 1800 149 549 or at anz.com.au/support/natural-disaster-support/.

Read more »

Commonwealth Bank

Commonwealth Bank is providing its Emergency Assistance to customers and businesses in flood-affected areas in South-East Queensland and New South Wales.

To access this support please phone CBA on 1800 314 695 or visit a branch where it is safe to do so. Further information about Emergency Assistance is available online at  commbank.com.au/emergencyassistance.

Read more »

National Australia Bank

NAB will provide $1,000 grants and additional financial relief to customers and colleagues affected by floods in the Northern Rivers region in NSW, to assist them in the immediate aftermath of the natural disaster.

The grants will give NAB customers and colleagues who have experienced significant damage to their homes ready access to funds to meet their immediate needs. Business and agriculture customers who have suffered damage or losses because of the floods are also eligible.

NAB customers who have suffered damage to their home and need assistance can call NAB Assist on 1300 308 132. All enquiries will be assessed on a case-by-case basis by the NAB Assist team to determine eligibility.

Read more »

Westpac

Westpac has launched a $2 million fund to help small businesses impacted by the floods in Queensland and New South Wales access financial help.

Small business customers who meet the eligibility criteria can apply for $3,000 in cash grants per customer group to help with urgent expenses or repairs by contacting their banker or calling Westpac’s customer support teams.

Read more »

Did your paper-based office-based bookkeeping systems let you down during the floods? Now’s the time to think about a Cloud Bookkeeping solution — ask us how on 1300 015 130.