Small Business Stimulus Package for Businesses Affected by COVID-19
- Claim applicable Government Stimulus packages (State & Federal)
- Support Your Cash Flow in the short and long term
- Understand the Stimulus Pacakge criteria and how it might apply to you
- Get assistance from us with payroll processing
- Forecast your future income in the short term and long term given the challenges presented by an economy severely impacted by closures in many industries.
At Keep My Books Online, We are working with renewed exuberance to help small to medium businesses claim the government stimulus package and boost their cash flow in the wake of the economic distress brought about by the COVID-19 pandemic.
The affected businesses are being provided financial relief to manage their cash flow and retain their employees in the current lockdown scenario, which has put a brake on the commercial productivity. Our practised bookkeepers across Australia can help you in claiming the Stimulus Package for Small Businesses that can help keep your business above water.
The stimulus announced includes increasing the instant asset write off threshold to $150,000 for businesses with a turnover of less than $500 million annually. Businesses that are eligible will also receive a tax deduction of 50% of the cost of an eligible asset on installation. It will enhance business investments and amplify economic growth over a short period.
What is JobKeeper?
The Government will make a flat $1500 per fortnight available to employers for each employee prior to 1 March if they have suffered a 30% or more (self-assessed) decline in turnover because of COVID-19. For businesses with an annual turnover of AUD1bn or more, they would need a self-assessed reduction in revenue of 50% or more to be eligible.
To register your interest for the scheme, please visit the ATO website:
The key features of the plan are outlined below:
- Wage subsidy – $1,500 per fortnight will be paid to all employers, including not-for-profits (including charities) and self-employed individuals (businesses without employees), that have been affected by COVID-19 for each worker that is employed, and backdated to 1 March 2020 (no limit on employer size).
- Employers (including non-for-profits) will be eligible for the subsidy if:
- their business has a turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (for example the Month of March 2019 compared to the Month of March 2020); or
- their business has a turnover of $1 billion or more and their turnover will be reduced by more than 50 per cent relative to a comparable period a year ago (of at least a month); and
- the business is not subject to the Major Bank Levy.
- The payment will be made to the employer, administered through the tax system, and will last for at least 6 months with the first payments expected to be made in the first week of May 2020.
If you feel your business already meets these criteria, or are unsure if your business will meet the criteria, we encourage you to register and contact us. Your registration will place you in the queue to receive a trading questionnaire where you can test/prove eligibility for the scheme.Our professional partners at LMS Advisory have created a resources and support website with more information. Please contact us to discuss.