The Government has implemented a range of financial assistance measures to assist business throughout the COVID-19 crisis, some of those including:
Boosting cash flow for employers
The government is providing up to $100,000 to eligible small and medium sized businesses with a minimum payment of $20,000. These payments will help business cash flow so they can keep operating, pay their bills and retain staff.
In order to qualify for the Cash Flow Boost, it is important that your March BAS is lodged.
JobKeeper Payment
A payment of $1,500 per fortnight per employee for up to 6 months if the business has a turnover of less than $1 billion and their turnover will be reduced by more than 30% compared to a similar period (of at least a month) last year.
Now is a great time to get your paperwork in order to justify the drop in turnover that your business has sustained and catch up with the lodgement of any Activity Statements that may be outstanding and potentially offset any Activity Statement debt.
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For further information on the packages referred to above, please visit the following pages:
ATO: The Australian Government’s Economic Response to Coronavirus
Treasury: Support for Business
Remember, the information contained herein is general in nature and does not take into account your personal or business situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from your Accountant or Tax Agent.