Hang in there, we’ve got the COVID-19 stimulus covered
We’ve designed a guide as a quick reference to the COVID-19 related tax and financial support that
might be available to you. You can download this guide using the button below.
The Government has flagged that more support is coming and we will keep you updated of changes that
are likely to impact on you.
The stimulus and support packages help, but there are gaps and they will not return most adversely
impact businesses or people back to their pre-pandemic position. It will all take time.
It’s important to understand the timing of the each of the measures as many are not immediate. You also
need to understand who is eligible and how. We are here to help you as much as we can to ensure that
you have the right information and can make informed decisions.
There are a few peculiarities with the support measures and incentives, and they will not apply equally
across the community.
When it comes to the cash flow boost of up to $100,000 for business for example, sole traders and
partners in a partnership are dealt with differently to those operating a business through a company or
trust. While the cash flow boost measure can potentially apply to salary and wages paid to staff, amounts
allocated or paid to sole traders or partners cannot really be taken into account.
When business owners are operating through a company or trust structure the outcome of the incentives
can be significantly different depending on how they are funds are being taken from the business. The
cash flow boost measure doesn’t take into account dividends or trust distributions paid to business
owners, but can take into account salary, wages or directors fees paid to the same individuals.
There are also integrity rules preventing artificial or contrived arrangements from being used to access the cash flow boost.
12 March 2020 is a crucial date for accessing the cash flow boost. Relatively new business entities that
have not lodged any tax returns or activity statements by 12 March 2020 might miss out unless the
Commissioner grants discretion around the timing requirements.
Also, with the $1,500 wage subsidy, employees eligible for the subsidy had to be employed by the
business claiming the subsidy as at 1 March 2020. Some will miss out.
It can be confusing and frustrating but we will help you work through it and ensure that you are able to
access the support that is available to you. We invite you to call us so we can help you through this