As a business owner during the Coronavirus pandemic (Covid-19), 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 three urgent things you need to be aware of :

  1. Government Stimulus Package – Our Tax Planning meeting with you this year will be VITAL
  2. Business Continuity Planning
  3. Get your Will and EPOA updated / set up NOW

1. Government stimulus package

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

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.

If a business pays salary and wages to employees but is not required to withhold any tax, then a minimum payment of $2,000 will still be made. The minimum $2,000 payment will be applied to the first activity statement lodgement.

NSW State Government Assistance for Small Businesses

Individual Assistance

When we have our 2020 Tax Planning meeting with you over the next couple of months, we will assist you with opportunities to restructure how you pay yourself to that you can receive the maximum cashflow assistance amounts from the Government.

Contact us TODAY if you would like to meet with us earlier to ensure you receive your maximum cashflow assistance from the Government.

2. Business Continuity Planning

As a business owner during the Coronavirus pandemic, now is the time to plan for employees being away from your workplace, shortages of supply, reduction in sales, and the possibility of your workplace being closed for a short period of time if every is being forced to self-quarantine.

Over the next few weeks, we would like to meet with you or have a Zoom Meeting to discuss the following:

We’re not suggesting in any way that we have all the answers, but it is important for us to work with you and help you and plan for what will happen in the weeks and months ahead as the coronavirus pandemic unfolds.

Contact us TODAY to book in a Zoom online meeting so we can discuss your business situation and make plans to assist you.

3. Get your will and Enduring Power of Attorney updated or set up Now

If you have to self-quarantine or are admitted to hospital as a result of the coronavirus, and you don’t have an EPOA, then no-one else can make important business or financial decisions on your behalf.

As a business owner, it is essential that you have an up to date EPOA and Will, and that your family know where these are stored.

We are able to assist to offer you a fast, easy and professional way to get these documents prepared quickly in coordination with either your solicitors or a referral to our close business contacts.

Simply email our office or call on 02 4297 0066 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, especially as the coronavirus situation is changing rapidly. What you see on social media may be panicky and unreliable information – stay away from this!

Our team at Accounting Professionals are here to help you. Please email or phone us on 02 4297 0066 if you need any assistance.