The global Coronavirus (COVID-19) outbreak continues to evolve day by day, it creates uncertainty at present and that is likely to continue for some time into the future. As a business owner this adds challenges to what lies ahead. You have to look after yourself, your family and also your business, cash flow, overheads and your employees.
The Australian Government is supporting Australian businesses to manage cash flow and retain employees.
-The main benefit is for employers whereby you
are now eligible to a MINIMUM of 2 x $10,000 payments upon lodgement of your
March and June 2020 BASs. The $10k will first offset your BAS debt, the balance
paid as a refund to you.
YOUR 2019 TAX RETURN MUST BE LODGED TO RECEIVE THESE PAYMENTS!
-Wage subsidy of 50% of the apprentice’s or trainee’s wage for 9 months from 1 January 2020 to 30 September 2020. You will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter). You can apply for the subsidy from 2nd April 2020. Final claims for payment must be lodged by 31 December 2020.
Further information is available at:
- The Department of Education, Skills and Employment website at: www.dese.gov.au
- Australian Apprenticeships website at: www.australianapprenticeships.gov.au
-If you are a sole trader with no staff and you have no work, you can register with Centrelink on my.gov.au to be eligible to the fortnightly $550 supplement as well as the Newstart allowance.
-If you have any business loans or home loan, you can contact your financial institution to get a 3 to 6 months loan repayment deferral on your loan to help with cash flow.
Please contact your accountant or your bookkeeper ASAP to make sure you qualify.
At EJS Accounting we’re here to support you in this challenging time, please contact us at info@ejsaccounting.com.au for further assistance.
We can help you with:
-Bookkeeping services
-Bringing your accounts up to date
-Setting you up with an online accounting system
-Setting up wages and Single Touch Payroll
-Cash flow monitoring
-BAS lodgement
-Wage subsidy application for your apprentice
Please stay safe and look after your health and family! We will get through this!
