COVID 19 - Help for businesses and individuals
Rest assured we are here to assist with any accounting concerns and to provide you with support and up-to-date information as it becomes available.
We have collated a list of information to assist you in understanding what help may be available to you and your business, based on announcements to date.
ATO
The ATO have put a number of measures in place to assist business owners financially impacted by the Coronavirus. These include deferred payment dates, monthly GST reporting options, varied PAYG installments and low interest payment plans.
Banks
Many of the banks have responded to the Coronavirus threat by offering assistance to impacted businesses. Some of these measures include deferred business loan repayments and business card repayments, extension of business loan terms, reduction to variable interest rates and fee waivers. Furthermore, the Government proposes to guarantee 50 per cent of new loans issued by eligible lenders to SMEs. The amount and type of assistance offered will vary from bank to bank so we encourage you to contact your financial institution to find out what you may be entitled to.
State and Federal Government Stimulus packages
Both the State and Federal governments have released packages for both businesses and individuals designed to reduce the effect of COVID-19 on the economy.
Federal Government Round 1 stimulus package for business and individuals:
Please see attached fact sheets for more information:
Federal Government Round 2 stimulus package for business:
A further stimulus package has been announced for business.Click here for more information
Federal Government Assistance for commercial and residential tenants:
The Government has announced it will provide relief for both commercial and residential tenants unable to pay their rent as a result of loss of employment relating to COVID-19. Click here for more information
State Government package for business:
The State Government are also offering assistance for some businesses. Please click here for more information
Information for Employers
For employment matters and Australian Workplace laws with respect to COVID-19, Fair Work Australia has published a number of Frequently Asked Questions.
We will continue to stay abreast of the situation as it develops and provide you with accounting information and tips to assist you in navigating this uncertain time.
