Here is a 2-minute email with some insights to help you during this difficult time with the Coronavirus (or COVID-19) affecting all of us.
As a business owner, you need to face the possibility of team members being absent from your workplace, product supply issues and demand for your services and products reducing over the short term.
There are 3 urgent things you need to be aware of:
1. GOVERNMENT STIMULUS PACKAGE – OUR TAX PLANNING WITH YOU THIS YEAR WILL BE VITAL!
The Australian Government has just released a $17.6 billion economic stimulus package. The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs.
The key tax and stimulus measures include:
Business Investment
Cashflow Assistance
Businesses that lodge activity statements on a quarterly basis will be eligible to receive the credit for the quarters ending March 2020 and June 2020. Business that lodge on a monthly basis will be eligible for the credit for the March 2020, April 2020, May 2020 and June 2020 lodgements.
If a business pays salary and wages to employees but is not required to withhold any tax, then a minimum payment of $2,000 will still be made. The minimum $2,000 payment will be applied to the first activity statement lodgement.
Individual Assistance
2. BUSINESS CONTINUITY PLANNING
As a business owner, now is the time to plan for employees being away from your workplace, shortages of supply, reduction in sales, and the possibility of your workplace being closed for a short period of time if everyone is being forced to self-quarantine.
Over the next few weeks, we suggest you consider and/or call us to discuss the following:
We're not suggesting in any way that we have all the answers, but it is important for us to work with you and help you and plan for what will happen in the weeks and months ahead.
Contact us TODAY to book in a 30 minute phone call or Zoom online meeting so we can discuss your business situation and make plans to assist you.
3. GET YOUR WILL AND EPOA UPDATED / SET UP NOW
If you have to self-quarantine or are admitted to hospital, if you don't have an EPOA then no-one else can make important business or financial decisions on your behalf.
As a business owner, it is 100% essential that you have an up to date EPOA and Will, and that your family know where these are stored. Please email us if you need a referral to one of our legal contacts.
NEXT STEPS
These are times when we need to stay calm and rely on reliable news sources and information from State and Australian Government websites. What you see on social media may be panicky and unreliable information!
Our team are here to help you. Please reply to this email or phone us on 02 9686 3130 if you need any assistance!
Kind regards,
www.gjbarnett.com.au
Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.
Suite 2 Charrington Court
35 Old Northern Road
Baulkham Hills
NSW 2153
Under cover parking available via 4th driveway on right going down Hill Street – look for Charrington Court sign.