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COVID 19 Stimulus and Support Measures

Go to Wright Partners downloadable forms to see the COVID 19 Stimulus and Support Measures

$1,500 JobKeeper subsidy to keep staff employed

 

Date

· From 30 March 2020 for six months

· For employees employed at and from 1 March 2020

· First payments in first week of May 2020

Applies to

Based on comparable periods:

· Employers <$1 bn that have experienced a downturn of more than 30%

· Employers >$1bn that have experienced a downturn of more than 50%

 

A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn).

 

To be a part of the subsidy, employers will need to ensure that their employees receive at least $1,500 per fortnight (before tax). See the example below. Read more…

Dealing with Financial Distress

In these difficult and challenging times, many accountants will have clients coming to them seeking advice and looking for options in relation to current or anticipated financial distress.

The options available to your clients will depend on their solvency status. This article covers the concept of corporate insolvency, how this affects the options available to your clients and where to go for specific insolvency and turnaround advice.

Dealing with Financial Distress.pdf

25 March 2020

Dear Client,

We are writing to update you on our contingency plans as a business, should the Government direct us to take further measures due to the spread of COVID19.

Our business is geared for our team to continue working remotely. We have the means to take your calls during business hours and access all our software systems. This will ensure full services continue to be offered during this time.

Naturally, we will follow the protocols issued to us by Government agencies when it comes to direct contact with our clients. In addition, we have options for Digital meetings via FaceTime / Zoom etc. A lot of our documents that we provide can all be created in an electronic format and sent to you via secure channels. As many of you would have already used our Electronic Signing services for documents, this is widely available to all our clients as well.

We will follow up with further news, along with posting updates on our blog page (http://www.wrightpartners.com.au/blog) for you to follow. Please consider following us on Facebook, as we are constantly posting updates here too.

There have already been a number of enquiries from our clients questioning the impact of the stimulus measures for their business. We are seeing too, clients facing challenging times where they have been impacted by the various lockdown rules affecting their businesses. Feel free to continue directing your enquiries to us, and we can unpack these Government measures specific to your circumstances and assist you with your challenges where possible.

We wish you good health. Please contact us with any concerns.

Yours faithfully,

Mitchell Clark

Governments Economic Stimulus Package Phase 2

The Second $66.1 bn Stimulus Package: What You Need To Know

The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. 

 

The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March.

 

The Prime Minister has warned that there are no "quick solutions" and that business should prepare for 6 months of disruption. Read more…

Governments Economic Stimulus Package

Updated: 13.3.2020

 

Governments Economic Stimulus Package

SME Cash Boost
• For Businesses with turnover < $50Mill, that employ staff
• Receive Payments up to $25,000 Tax Free (with a minimum of $2K)
• Calculation based on 50% of the amount withheld on employees' wages, up to the maximum of $25,000
• Delivered as a Credit in the Activity Statement system from 28/04/2020
• Employers who lodge Quarterly BAS' – applies to March and June 2020 Quarters
• Employers who lodge Monthly IAS' – applies to March, April, May, June 2020 period
• Eligible businesses that pay wages will receive a minimum payment of $2,000, even if they are not required to withhold tax Read more…

The superannuation guarantee (SG) amnesty provides employers with a one-off opportunity to "self-correct." Now is the time to ensure that your payroll is correct and there are no hidden SG issues looming.

The amnesty applies from 24 May 2018 (the date of the original announcement) until 6 months after the legislation receives Royal Assent. Employers will have this period to voluntarily disclose underpaid or unpaid SG payment to the Commissioner of Taxation.

Read more…

FBT Hot Spots

With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position.

FBT liabilities can trap unwary businesses, some of whom don't recognise that there can be a tax consequence from providing benefits to staff such as entertainment.

It is important to understand there can be implications from seemingly straight-forward business activities across income tax and GST, as well as FBT.

Read more…

Surviving a Crisis: Coronavirus and Beyond

Empty restaurants and retail stores were one of the first signs of the devastating impact the coronavirus on Australian business.

Within a few months, the virus, now called COVID-19, has gone from being a largely unknown medical condition to one that threatens to impair Australian and global economic growth.

We explore the impact on business and the importance of planning for setbacks beyond your control.

Read more…

Client Cyber Alert

Client Cyber Alert

Avoiding Cyber Fraud

As society warms to the idea of online shopping, increased credit card use and internet banking, you may be aware that online hacking and fraud is on the increase. By following the steps below, you can help reduce your risk.

To Wright Partners.

If I provide instructions to Wright Partners to act for me, then: Read more…

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