The novel Coronavirus COVID-19 is continuing to have an increasing effect on our community. Like all Australian businesses we have been doing everything we can to keep our team and clients safe. At this stage we are working at our offices during regular business hours, but we will continue to take guidance from the Federal and State Governments.
The way we will be working and available in the coming days, weeks, and potentially months, will change. We will continue to keep you up to date as our situation changes.
If you have a small business with employees, your cash flow can be bolstered by stimulus measures (listed below under Federal Government Support Package) which rely on the lodgement of your March 2020 BAS. We encourage early lodgement as the COVID-19 Support Package refunds will be made available to employers from April 28th. There is no need to apply for this assistance it will be applied by the ATO automatically.
For businesses, please ensure that in the coming months your financials are kept up to date so that we can assist you with monitoring profitability, overheads and debtor/creditor balances.
For individuals who are expecting an income tax refund and have not yet lodged their 2019 returns, we can work with you by email and/or phone to ensure your returns are lodged as soon as possible.
ATO Support Measures
A series of administrative measures have been implemented by the ATO to assist with financial difficulty as a result of COVID-19. The options available to assist businesses include:
Please note that employers will still need to meet their ongoing superannuation guarantee obligations for all of their employees. The ATO will also work with individuals experiencing financial hardship as a result of the impacts of COVID-19 and where necessary will apply appropriate tax relief for serious circumstances, such as not being able to pay for food or accommodation.
State Government Support Package
On Saturday 21st March 2020, the state Government announced the “Economic Survival Package to Support Businesses and Jobs”. As part of the Package the Government will provide the following:
Other measures include establishing a $500 million Business Support Fund and $500 million Working for Victoria Fund, and facilitating job matching to help Victorians find short-term or casual roles.
Federal Government Support Package
(If a business pays salary and wages to employees but is not required to withhold any tax then a minimum payment of $10,000 will be made in the first phase and a further payment of $10,000 will be made in the second phase. Please be aware that the business must have been registered for PAYG withholding from 12 March, 2020 to be eligible.)
– A temporary Coronavirus supplement of $550 will be paid to existing income support recipients (people will receive their normal payment plus $550 each fortnight for six months.)
– A second one-off stimulus payment of $750 will be paid automatically from 13 June 2020 to certain income support recipients (in addition to the payment made from 31 March 2020)
– Eligibility for access to income support eased to include sole traders and the self-employed, and to those caring for someone infected or in isolation.
– Waiting periods and assets test temporarily waived.
If employee tests positive with COVID-19
There are a range of options available in order to lawfully secure business continuity during the current economic climate. Options could include:
As the situation is changing so quickly, keep yourself updated using government websites and read the material that is being issued by business groups and organisations.
More Information – Fact Sheets
Victorian Business Support Fund, applications close 31/05/20
UPDATE: COVID-19 – JobKeeper Payments & Reporting
UPDATE: COVID-19 – SMSF Measures
UPDATE: COVID-19 – JobKeeper Payments & BV Support Grant
UPDATE: Coronavirus COVID-19 – JobKeeper Subsidy
Coronavirus COVID-19 – Minimise the effects on your business
Staff Christmas Break Up 2019
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