The government is starting to put together some help and relief for businesses. If you are experiencing financial stress in this time please don’t suffer in silence. Reach out to me and we’ll work through what option there are to help you through.
One relief will be this stimulus package for small business.
This will hit the March BAS. A rebate of 50% of the PAYGW element up to a max of $25,000 (tax free) with a minimum of $2,000. Applies for the lodgement periods from 1st of Jan to the 30th of June 2020.
There is a different way to be handling these in your accounts so it is very important that we handle this correctly to avoid any mistakes.
Please always feel free to call me if you have any questions so we can go through how this looks for your business and what options you have available.
Business Angel Bookkeeping
Tel: 0432 743 308
Cash flow assistance for businesses
The Australian Government is supporting Australian businesses to manage cash flow challenges and retain employees during the Coronavirus health crisis. Assistance includes:
Boosting cash flow for employers
Helping small and medium businesses with aggregated annual turnover under $50 million to cover the costs of employee wages and salaries equal to 50 per cent of PAYG withheld for businesses that withhold tax, with a minimum of $2,000 and a maximum of $25,000 over six months. Businesses that pay salary and wages but are not required to withhold tax will also receive the minimum payment of $2,000. This will be a tax free payment, benefiting around 690,000 businesses employing 7.8 million people.
For more information visit the Treasury website – https://treasury.gov.au/coronavirus