THIS PAGE IS CONSTANTLY BEING UPDATED WITH INFORMATION TO HELP BUSINESSES COPE WITH COVID-19
Click HERE for our dedicated JobKeeper Information Page
New! The program has been expanded to include self-employed people including sole traders, partnerships and people operating businesses through family trusts
100% Cashback on PAYG Withholding, up to $100,000 in total
Eligible small and medium-sized employers will be provided a 100% tax-free ‘cash back’ of up to $50,000 (and a minimum of $10,000) on your PAYG Withholding on wages between 1 January 2020 and 30 June 2020.
A second tranche of tax-free, cash back payments of up to $50,000 (and a minimum of $10,000) on your PAYG Withholding on wages will also be paid for the period 30 June 2020 – September 2020.
This second payment is calculated as the total cash back credit calculate in the first payment, split evenly over the June-20 to September-20 BAS/IAS lodgement period.
So to summarise – the cash back is now calculated on 100% of PAYGW of your wages, paid in 2 separate calculation periods.
How much will I get?
It depends on your payroll and the calculation is complex. But help is at hand, just call us on 07 5497 9400 and we will calculate it for you.
Tax Payment Deferrals
The ATO is providing SMEs payment deferral concessions for businesses directly impacted by COVID-19.
You can deferby up to 4 months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise.
ATO may allow businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get faster access to GST refunds they may be entitled to.
ATO may allow businesses to vary Pay As You Go (PAYG) instalment amounts to zero for the March 2020 quarter. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters.
ATO may remit interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities.
ATO says it will work with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans.
IMPORTANT – These relief provisions are not automatically applied. Call us on 07 54979400 so we can assist you with dealing with the ATO.
Government underwritten, Cash flow loans for SMEs
The Government will provide a guarantee of 50% of new loans written by banks and SME lenders to support new short-term unsecured loans to SMEs.
Important clarification – this does not mean the Federal Government is issuing loans directly.
It means that the Government is providing a guarantee to banks and SME lenders to reduce their risk to provide unsecured loans to SMEs that need the cash for working capital.
Links to the major banks’ programs:
COMMONWEALTH CLICK HERE
ANZ CLICK HERE
WESTPAC CLICK HERE
NAB CLICK HERE
Don’t hesitate to call us if you feel you need help talking to your bank. That’s what we’re here for!
Sections of this page have been produced and used with permission of sbo financial