Connecting the bridge… to a brighter world… it will come
Please find a brief update…
What is it?
We suggest that we prepare a quick cash flow projection if you have any concerns here.
We understand how tough this on every business, individual and family. We will be providing COVID assistance at a reduced cost (15% off the invoice).
We can cover off some of your options re continuation, liquidation, DOCA etc.
Important note: We all need to run a tight ship.
However, allowing us to help you fine tune and maximise your benefit could add another $5K to $20K, into your bank account after our costs, maybe more.
* Benefit is available to eligible employers with aggregated turnover under $50m, which will be assessed by ATO on prior year turnover
Government fact sheet on cash flow boost is here
There was no additional support added for trainees and apprentices. This was previously stated in our earlier email.
There is also help on the way for small businesses with apprentices and trainees.
How do you qualify?
1. You have qualifying registered and approved apprentices or trainees
2. You have less than 20 full time employees
If you continue to retain your apprentices and trainees, you should be entitled to a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage for nine months.
The subsidy is up to a maximum of $21,000, at $7,000 per quarter.
It will be available to businesses employing fewer than 20 full-time employees who retain an apprentice or trainee.
Supporting Australian workers and business
The Commonwealth Government has today released the second stage of its economic plan to cushion the economic impact of the coronavirus and help build a bridge to recovery.
A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work and businesses in business.
This includes $17.6 billion for the Government’s first economic stimulus package, $90 billion from the RBA and $15 billion from the Government to deliver easier access to finance, and $66.1 billion in today’s economic support package.
Our economic support package includes:
The Prime Minister Scott Morrison said the Government was acting to cushion the blow from the coronavirus for businesses and households to help them get through to the other side of the crisis.
“We want to help businesses keep going as best they can and for as long as they can, or to pause instead of winding up their business. We want to ensure that when this crisis has passed Australian businesses can bounce back,” the Prime Minister said.
“Our focus is on cushioning the blow and providing hope to every Australian that we will get through this and come out the other side together.
“We know this will be temporary. That’s why all our actions are geared towards building a bridge, keeping more people in work, enhancing the safety net for those that aren’t and keeping businesses alive so they can get to the other side and stand up their workforce as quickly as possible.
“We know Australia’s more than 3 million small and medium businesses are the engine room of our economy. When they hurt, we all hurt.
“The next few months are going to be a difficult journey but we all have a role to play to adapt to the changes we’re facing, to cushion the impact of what is happening and to pull together so we can bounce back when we get to the other side.”
The Treasurer Josh Frydenberg said the $189 billion economic support package was the equivalent of 9.7 per cent of GDP.
“The Government is taking unprecedented action to strengthen the safety net available to Australians that are stood down or lose their jobs and increasing support for small businesses that do it tough over the next six months.
“These measures build significantly on what we have already announced.
“These extraordinary times demand extraordinary measures.”
Please contact our office if you would like our assistance in managing any of these matters.
Should the government introduce new stimulus strategies we shall endeavor to keep you up to date with all relevant facts which may affect you and your business.