Possible Action Required: Assistance for your business to cope with the Coronavirus effects.
Here is a 2-minute article with some insights to help you during this difficult time with the Coronavirus (or COVID-19) affecting all of us.
As a business owner, you need to face the possibility of team members being absent from your workplace, product supply issues and demand for your services and products reducing over the short term.
There are 3 urgent things you need to be aware of:
- Government Stimulus Package – Our Tax Planning meeting with you this year will be VITAL!
- Business Continuity Planning
- Get your Will and EPOA updated / set up NOW
- GOVERNMENT STIMULUS PACKAGE – OUR TAX PLANNING MEETING WITH YOU THIS YEAR WILL BE VITAL!
The Australian Government has just released a $17.6 billion economic stimulus package. The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs.
The key tax and stimulus measures include:
Business Investment
- From Thursday 12 March 2020, the instant asset write-off threshold has been increased from $30,000 (for businesses with an aggregated turnover of less than $50 million) to $150,000 (for businesses with an aggregated turnover of less than $500 million) until 30 June 2020.
Cashflow Assistance
Businesses that lodge activity statements on a quarterly basis will be eligible to receive the credit for the quarters ending March 2020 and June 2020. Business that lodge on a monthly basis will be eligible for the credit for the March 2020, April 2020, May 2020 and June 2020 lodgements.
- Tax-free payments of $750 to social security, veteran and other income support recipients and eligible concession card holders. It is estimated that around half of those who will benefit will be pensioners. These payments will commence to be automatically made from 31 March 2020.
- Employees working from home, and workplace obligations
- How do pay your bills in the short term if your sales start to dry up
- How to communicate in a reassuring way with your clients and customers
- How to keep things moving with your business
We’ve teamed up with local Solicitors to offer you a fast, easy and professional way to get these documents prepared quickly.
Simply email us at [email protected] or phone our office on 07 3821 4401 and we will email you our “Will and EPOA Data Capture Form” to get started.
NEXT STEPS
These are times when we need to stay calm and rely on reliable news sources and information from State and Australian Government websites. What you see on social media may be panicky and unreliable information – stay away from this!
Our team at Jewell Moore Chartered Accountants are here to help you. Please email us at [email protected] or phone our office on 07 3821 4401 if you need any assistance!
