Introducing our new RESET & RESTART Business Package - plan ahead of COVID and prepare your business.
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Enquire here for a Shoebox Bookkeeper to help your business set up, organise and enrol in the JobKeeper 2.0 Payment Scheme.
With COVID-19 having such a huge impact on Australian businesses, individuals and the economy, the Government and the Australian Banking Association (ABA) have announced several economic stimulus packages aimed at giving businesses cash flow, support to keep staff employed and ease the pain of decreased sales.
As this Coronavirus Crisis continues and the Government keep updating and announcing changes, Shoebox Books will aim to keep all the key information here.
If you'd like to find out more information email us or contact our Accountant for a confidential chat.
SUPPORT FOR INDIVIDUALS
There has been several support packages offered to individuals throughout the Coronavirus Crisis, such as the JobSeeker allowance. Learn more here.
SUPPORT FOR HOUSEHOLDS
The Government is providing two separate $750 payments to social security, veteran and other
income support recipients and eligible concession card holders. Around half of those that benefit are
pensioners. Learn more here
Businesses and employers (once registered and eligible) will be given a payment of $1500/ fortnight as an employee wage subsidy. As an eligible employer you will need to pass the 'TURNOVER TEST' prior to enrolling for the JobKeeper Scheme via the Business, BAS Agent or Tax Agent Portal. You will be able to enroll and apply for JobKeeper Payments from the 20th April 2020. Learn more here
Note: Registering your interest in JobKeeper Payments is not the same as enrollment.
ACCESS TO SUPERANNUATION
The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their
superannuation in 2019-20 and a further $10,000 in 2020-21. Learn more here
CASHFLOW BOOST FOR BUSINESS
Cash Flow Assistance
This assistance will assist businesses to manage cash flow challenges and help businesses retain their
employees. Learn more here
Business Activity Statements
There are updates and changes to BAS payments, PAYG lodging and GST information. Learn more here
Supporting Apprentices and Trainees
The Government is supporting small business to retain their apprentices and trainees. Learn more here
SUPPORT FOR SOLE TRADERS
With sole traders being heavily affected through this Coronavirus Crisis, additional economic support has been given. This includes the JobKeeper Payment where eligibility is determined as per the 'TURNOVER TEST'. Learn more here
SUPPORTING BUSINESS INVESTMENT
The Government is increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000. Learn more here
SUPPORT FOR NOT FOR PROFITS
With community services and organisations being flooded with high demand, the Government has committed to providing necessary economic help. Learn more here
If you've been affected by the Coronavirus, there are temporary relief options available. Learn more here
CORONAVIRUS SME GUARANTEE SCHEME
The Coronavirus SME Guarantee Scheme will provide support for businesses. Under the Scheme,
the Government will provide a guarantee of 50 per cent to SME lenders for new unsecured loans to be
used for working capital. Learn more here
The Australian Banking Association have put in place a six month loan repayment deferrals for
small businesses. Learn more here
STATE OR TERRITORY PACKAGES
Each State and Territory have released their own stimulus packages as well. Learn more here
The information in this document is for general information only. This is Shoebox Tax’s interpretation of the law as recently
passed in the Australian Parliament. This may or may not align with the views of the ATO. Until our understanding has been
confirmed by the ATO this remains Shoebox Tax’s interpretation only.
This should not be taken as constituting professional advice from Shoebox Tax. You should access other advice to check how the
law relates to your unique circumstances. This information is offered in good faith and Shoebox Tax is not liable for any loss
caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or
indirectly, in this document.
The Commonwealth Government’s intent with the ‘Boosting cash flow for employers’ is to ‘support employment’. Whilst this is
the intent it should be appreciated that it might not always be possible to achieve consistent outcomes. There are fifteen pages
of legislative content to navigate the eligibility rules and they don’t all make sense.