Date published: 13 March 2020

Coronavirus (COVID-19)

Business Update

(updated 21 Jul 2020)

JobKeeper 2.0 has now been announced by the Government.  As always, the devil will be in the details, and we will continue to update our clients and this page as new information is made available through OFFICIAL CHANNELS (no, that doesn't include the latest rumour being spread by the mate down the pub, or the Facebook post you saw by some random individual.......)

At this stage, this is what we know:

Further information can be found here: JobKeeper Extension (from the Official Channels)


Existing Stimulus Measures

Here we provide updated information about assistance being provided to business, and also how we will ensure business continuity during this time - this will be updated as new information becomes available or if existing information changes, so bookmark if you need to.

  1. Federal Stimulus Measures
  2. State Based Support Measures
  3. ATO Support Measures
  4. Fair Work (this page is being updated by FW daily)
  5. Bank and Financial Institutions
  6. ACCC - Travel and Event Cancellations
  7. Laurus Business Continuity Statement

Federal Stimulus Measures

On 12 March 2020, the Australian Government announced their economic response to the Coronavirus.  Additional ecomonic reponses were announced on 22 Mar 2020.  There are a number of key areas, with the following directly impacting on business:

Full details of the complete assistance (for both business and individuals)  can be found here but in summary, here is what business will be able to access:

Boosting Cash Flow for Employers

This measure will provide up to $100,000 back to eligible small and medium sized businesses and Not For Profits that employ people, with a minimum payment of $20,000 to eligible business that employ staff.  The payment will be tax free.

At this stage, there will be no direct action required by our clients who will be eligible to access this measure - it will be dealt with automatically upon lodgement of activity statements.  Where the application of the measure places the activity statement account in credit, the ATO will trigger a refund within 14 days.

Supporting Apprentices and Trainees

Eligible employers can apply for a wage subsidy of 50% of an apprentice or trainees wage paid during the 9 months from 1 Jan 2020 to 30 Sep 2020.  Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer.

If you have apprentices and/or trainees, please reach out to us for assistance and we can work with you to ensure you are correctly registered and able to claim for this measure.

Temporary Relief for Financially Distressed Businesses

Increasing the Instant Asset Write-Off **

The Government is increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include all businesses with an aggregated turnover of less than $500 million (previously $50 million).

If you are considering purchasing assets, please consider the cashflow implications of the purchase.  The increase to the instant asset write off DOES NOT mean that you will receive a tax refund, but rather that your taxable position as at 30 Jun 2020 will be reduced due to the expense being 100% recognised this financial year.  Please contact your accountant or ourselves to discusss the cashflow implications further.

Backing Business Investment **

The Government is introducing a time limited 15 month investment incentive to support business investment and economic growth, by accelerating depreciation deductions.

We recommend that prior to purchasing assets that may be deductible under this measure, that you contact your Tax Agent and seek their specific advice, to ensure your business, and the asset being purchased is eligible for the measure.

** This information is of a general nature and should not be considered taxation advice

Support for Immediate Cash Flow Needs for SMEs

Quick and Efficient Access to Credit for Small Business

ATO Reference information for Federal Measures

Boosting cash flow for employers

ATO Support Measures

The ATO have released details on support measures to assist those affected by COVID-19.

The full media release can be found here

Other Business Support Details

Queensland

Queensland Government

Immediate Industry Recovery Package
Novel coronavirus small business Support
Queensland Rural and Industry Development Authority - Queensland COVID-19 Jobs Support Loans

Brisbane City Council

Business Relief Package

Chamber of Commerce and Industry Queensland

Business Essentials Subscription - Free

Sign up for our Business Essentials subscription by 31 March 2020 and pay nothing for 12 months. You’ll get Fair Work help when you need it, plus marketing insights and cost-saving tips to help you get through the worst trading conditions since the GFC. (Normally $792)

New South Wales

NSW Government

For details of NSW Government Stimulus package - Click here
NSW State Government website - https://www.nsw.gov.au/

Victoria

City of Melbourne (Local Council)

Details of City of Melbourne Stimulus Package - Click Here

Victorian Chamber of Commerce and Industry

https://victorianchamber.com.au/membership/join

12 month membership waiver for any new entrly level memberships (Networker - $350 and Essentials - $700), and credit to current members up to $500.

The Victorian Government is yet to announce a stimlus package.

South Australia

Government of South Australia

Details of South Australian Stimulus Package - Click Here
Government of South Australia Website - https://www.sa.gov.au/

Western Australia

Government of Western Australia

Relief for businesses and households

For more details of WA Stimulus package - Click Here

Western Australian Government Website - https://www.wa.gov.au/

Tasmania

Tasmanian Government 

For more details of Tasmanian Stimulus package - Click Here
Tasmanian State Government Website - http://www.premier.tas.gov.au/

Northern Territory

Northern Territory State Government

For more details of Northern Territory Government Newsroom - Click Here
Northern Territory Government Website - https://nt.gov.au/

Fair Work

Coronavirus and Australian Workplace Laws

https://www.fairwork.gov.au/about-us/news-and-media-releases/website-news/coronavirus-and-australian-workplace-laws

Bank and Financial Institutions

Here is a comprehensive list of links to your banks financial hardship teams, from the Australian Banking Association
https://www.ausbanking.org.au/campaigns/financial-hardship/

Australian Competition and Consumer Commission (ACCC)

Media release -   Advice on event and travel cancellations due to COVID-19

Centrelink

How to register your intention to claim a Centrelink payment - coronavirus (COVID-19)

Laurus and our business continuity strategy

For a number of years, Laurus Bookkeeping have been leveraging cloud based systems to service and support our clients.  This has meant that the majority of our work is conducted off-site, with no requirement for face to face contact with our clients.

Our strategy is to continue to support and assist our clients in this manner, and we expect that any interruption to our business operations would only be triggered if  one of our staff became unwell.  In this situation, we have staff capacity to ensure that work can be undertaken by another member of our team, and that there is no disruption to our client deliverables.

We do, at times, have a requirement to meet with our clients for service delivery, and with the rapid global spread of Coronavirus, our focus first and foremost is on the safety of our employees.

With this in mind, and in line with our legal obligations and official guidance from relevant authorities, we have decided to suspend face to face contact with clients unless the requirement is critical.

All our staff will be available for phone advice or via Zoom video conferencing and we do not expect that there will be any disruption otherwise to our services.

For information in regards to best practice, we are relying on the following sources of information:

The next few months are going to be challenging for businesses and individuals in Australia, and across the world.  If you have any questions about the government assistance packages being provided to business, please contact us.



Leave a Comment

First and Last Names
E-mail Address



Related Blogs


Are you across the changes to Superannuation

The superannuation regulatory landscape for both employees and employers in Australia has and will have some significant changes.  Do you know what they are, and how you are impacted?


It's on the bank statement - why do you want the paperwork?

Or... how we can save you time, grief and money!


It's nice to be recognised

For the second year in a row, are privileged to be recognised by HubDoc, one of the industry leaders in the automation of financial documents, as a Top 50 Cloud Accountant for 2017.

Want to see if Xero is right for you?

We offer a full-featured demonstration and discussion about your business and how it could work with Xero for just $99! And, if you decide to engage our services further, we'll offset this cost against your first invoice. 


GET MY DEMONSTRATION


Copyright © 2019 Laurus Bookkeeping.
ABN 82 114 410 981 • BAS Agent 90204007