The Federal and State governments have recently announced a number of key stimulus measures.
Once the details are available , we will be working closely with our clients to ensure they have plans in place for their own specific personal circumstances including in areas such as
– Working from home
– Business continuity
– Tax claims for a home office
– Asset protection
– Banks and funding
– Communicating with your customers, suppliers and employees
– Implications for landlords and tenants (no announcements yet, expected later this week)
– Can you use “Covid 19” as an opportunity to improve your existing business model ?
Key measures announced to date include:
– $750 for government benefit recipients, hopefully received during the next 2-3 weeks with an additional $750 for some recipients from mid July or an additional $550 per fortnight for a period of 6 months for those in receipt of job search, youth allowance (and related allowances – this payment may also be available to sole traders and causal workers, provided they meet income tests);
– Tax free amount (likely as a credit on BAS forms) equivalent to 100% of PAYGW small businesses are withholding from employees salary and wages for two quarters (March and June presumably), up to a cap of $100,000 (significantly increased from first round of announcements)
– Increased asset write off threshold for small businesses until 30 June 2020
– 6 month deferral of loan repayments, only available on application and under certain circumstances
– Government to guarantee 50% of loans made by lenders, up to $250,000 for small businesses, for 3 years
– Early access to $10,000 from personal superannuation in limited “virus related financial hardship” circumstances (requires application via myGov)
– Temporary reduction in minimum superannuation withdrawal amounts
– No increase in WA household fees and charges until next Financial year
– WA public sector workers can access Covid 19 leave
– Payroll tax relief for eligible small WA businesses
Not sure how these may impact on you or what you can be doing right now to improve the sustainability of your financial position and /or business? Then, please get in touch for a chat.
We are able to offer Zoom video conferencing and other video calling options to ensure good communication at all times, no matter the circumstances.