Powered by bake.agency/ . It was great to the chat with CPA, Stuart Reynolds from www.fullstack.c... & CEO, Joshua Theuff from www.moneyloop.c... about what the Australian Governments 'stimulus package 02' looks like for small business.
It's not out usual KZitem style content, but we really wanted to do something to help Aussie businesses during this stressful times.
Jamie Andrei, Director www.bake.agency
The government has opened up the chequebook for businesses under the Corona haze with a second stage for its stimulus package. We've put together a summary of the extra financial support slated for founders.
1) PAYG W Credit increased to $100k from March BAS;
The credit will be increased to 100% of the amount withheld on salary and wages and will be applied automatically based on your lodged activity statements from your March BAS to June BAS.
The credit will be split across two periods:
March to June 2020 Activity Statements - minimum of $10k to maximum of $50k
June to September 2020 Activity Statements - minimum of $10k to maximum of $50k
The credit for the second period will involve a phased approach where:
Monthly lodgers will get 1/4 of the amount lodged in the prior period.
Quarterly lodgers will get 1/2 of the amount lodged in June BAS and the other half in the September BAS.
Example: A business with $50k of gross wages and $20k of PAYG W per month doing quarterly BASs can expect:
March BAS - $50k credit
June BAS - $25k credit
Sept BAS - $25k credit
You will need to have already been post-revenue prior to 13 March to qualify.
2) Temporary Relief for Distressed Businesses;
The threshold of when a creditor can issue a statutory demand on a company will be increased from $2,000 to $20,000 [and this will be for 6 months]. The threshold for the minimum amount of debt for a creditor to start bankruptcy proceedings is also being increased from $5,000 to $20,000.
Insolvent trading rules have also been relaxed where directors will be relieved of the personal liability that would normally be associated with insolvent trading for a period of six months.
For soletraders & individuals there is also early access of up to $10k from super, the criteria here involves;
1) being unemployed
2) on or after 1 January 2020 you were:
a) made redundant
b) had your working hours reduced by 20% or more
c) are a sole trader - whose business was suspended or had their hours reduced by 20% or more.
If this is you - definitely recommend a discussion with your financial advisor beforehand.
The above represent proposed measures - but given Labor's commentary we don’t expect any roadblocks here.
Extra ATO Concessions that are worthy of a mention include:
Deferred due dates of up to 6 months for amounts due on BASs, Income Tax & FBT
Remission on any interest & penalties incurred on or after 23 January 2020 applied on tax liabilities.
Allowing businesses to vary PAYG Instalments to zero for the March quarter. If done so, businesses can also claim a refund for the September & December quarters on PAYG instalments already paid.
Whilst the government cannot solve all financial impacts from COVID, this still represents welcome support to help AUS businesses keep up the hustle.
Courtesy of your friends from Fullstack Advisory.
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