Dear Clients and Friends,
During this period of uncertainty, we wanted to let you know that we will continue to operate remotely to support you with your accounting, bookkeeping and taxation requirements. The health and safety of our clients, friends, staff and families is our number one priority. We feel that now more than ever we need to be available to assist where and how we can.
The COVID-19 stimulus Package
The Government has announced a $17.6 billion economic stimulus package to support the Australian economy whilst we deal with the significant impact that the Corona Virus is going to continue to have on our nation.
The package has 4 aspects:
(1) Cash flow assistance for businesses
(Benefiting around 690,000 businesses employing around 7.8 million people).
(2) Support for business investment
(3) Stimulus Payment
A one – off $750 economic support payment if you are in receipt of one of the following payments:
Age Pension, Disability Support Pension, Carer Payment, Carer Allowance, Parenting Payment, Wife Pension, Widow B Pension, ABSTUDY (Living Allowance), Austudy, Bereavement Allowance, Newstart Allowance, Youth Allowance, Partner Allowance, Sickness Allowance, Special Benefit, Widow Allowance, Farm Household Allowance, Family Tax Benefit, Family Tax Benefit, Double Orphan Pension.
You’ll also get the payment if you have 1 of the following concession cards:
Pensioner Concession Card, Commonwealth Seniors Card, DVA Gold Card.
You’ll also get the payment if you get 1 of the following Department of Veterans’ Affairs payments:
Veterans Service Pension, Veteran’s Income Support Supplement, Veterans’ Compensation payments
War Widow(er) Pension. You’ll only get 1 payment, even if you get more than 1 qualifying payment or card.
(4) Assistance for severely Affected Regions
The Government has set aside an initial $1 billion allocation to support those regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education. The $1 billion will be provided through existing or newly established Government programs.
In the wake of the above stimulus package, the ATO has now signalled a more flexible approach in the way it will approach the handling of tax payers affairs over the coming months.
This flexibility includes:
It is important to note that the above concessions are not automatically applied.
Instead, businesses and their advisers will be required to contact the ATO on its 1800 806 218 Emergency Support Info line to discuss their situation.
Our team are here to help
We know full well how well many of you are struggling at the moment.
We ask that our clients who are in the fortunate position of being able to work from home during this time please consider your local small business. Even the purchasing of a voucher to use at a later date could be the difference between your local café reopening or not.
This is an important time to be with your family and look after the people you love. We’re all in this together and we will aim to keep you fully informed of all that you need to know. We wish you all the best and wanted to take this opportunity to thank you for your continued support. As always. we will strive to provide you with the best possible support as you need it.