Yesterday the Federal Government announced a third stimulus package aimed at mitigating the effects of the Coronavirus and a slowdown of the economy as a result. Please note these measures are only new, haven’t been voted through parliament yet and until the actual legislation is published could be amended or adjusted once finalized.
Briefly the new details announced:
Payments of $1500 a fortnight are available to:
- Eligible businesses per eligible employee
- Self-employed individuals.
Details on how the government is suggesting the JobKeeper Payment should work can be found at: https://treasury.gov.au/coronavirus/jobkeeper
I would encourage all self-employed individuals and businesses to read this and if you have any queries that relates specifically to your business please call or email to discuss.
Eligible businesses can now register their interest in applying for the JobKeeper Payment via www.ato.gov.au or in turn we can do this on your behalf if requested.
Please note that with the business boost payment the government announced in the second stimulus package last week, the first payment of this for those with employees is due on the 28th April 2020, however this payment can only be processed by the ATO once the monthly or quarterly BAS for March 2020 has been lodged, so for those businesses expecting to receive this payment we suggest lodging your BAS by say 21st April 2020 to ensure this payment is made at the earliest possible time. For those clients requiring a tax agent to lodge their BAS, please contact us as soon as possible to arrange this.
What is terribly baffling is the government has again not directed any stimulus towards those businesses such as Trust’s who don’t pay wages but take trust distributions. These businesses are receiving far less support and are struggling just as much as everyone. I would suggest these businesses discuss this issue with their local Federal MP member as they aren’t being heard enough at the moment.
Please note the government has expanded payments available at Services Australia (Centrelink) so we would encourage anyone facing cashflow issues to contact us to discuss things but to also go to Services Australia to ensure they aren’t missing out on any payments they are now entitled to.
Irrespective of what happens in the weeks and months ahead, we are contactable via phone or email if you have any questions, queries or concerns and are here to support you and small business as much as possible.
Stay safe everyone and if would like to discuss the above we can be contacted on 07 3808 5144.