As the Coronavirus situation continues to evolve, we have no doubt that it is going to have significant and long lasting impacts on your business.
Social distancing and self-imposed isolation will mean that your clients and customers will be reluctant to venture out and spend money with you. Staffing levels may also be impacted making it difficult to organise rosters or get work completed.
Both federal and state governments have now announced a number of measures aimed at assisting small business by providing cash injections and extensions of time to pay liabilities. The table below provides a brief summary of the measures that have currently been announced.
At this point in time these measures have not been legislated so the information provided above is based purely on government announcements. As you know, the devil may be in the detail once the legislation comes into effect. We suggest you speak with us before making any operational changes.
Here at TSP we have also implemented some strategies to reduce the possibility of further spread of the virus. Our Partners and Staff will be rotating between the office and working from home effective Monday 23rd March 2020. All Partners and Staff are able to work remotely as our recent move to a more paperless office means that the bulk of the information we require is stored on our server. Our telephone system will be fully operational and calls to the office will be answered as normal and can be transferred to staff via a mobile application no matter where they are located. We would appreciate your patience during this time as this will have some impact on our ability to complete work as quickly as usual.
Face to face interviews are still available but we completely understand if you would prefer to transact with us remotely for now.
|Concession||Detail||Effective Dates||How To Access|
|Instant Asset Write-Off||Increased from $30,000 to $150,000||Expires 30 June 2020||Claimed in 2020 tax return|
|Investment Incentive||Claim additional 50% of asset cost in year of purchase||Expires 30 June 2021||Claimed in 2020 & 2021 tax return|
|PAYG Withholding Rebate||50% of PAYG Withholding [up to $100,000]||March 2020 to June 2020||Claimed on BAS|
|ATO Payment Concessions||Up to 4 month deferral of payment dates for all obligations||No Expiry Date Announced||Contact ATO|
|PAYG Instalment Variations||Can vary next PAYG Instalment to Zero and claim back PAYG Instalments paid in September and December quarters||March 2020 Quarter Only||Claimed on BAS|
|Interest Remission & Low Interest Plans||Can request remission of interest or a low rate payment plan for debts||Debts incurred after 23 January 2020||Contact ATO|
|Payroll Tax Waiver||Waiver of Payroll Tax liability||April to June 2020 liability||Not Yet Announced|
|Payroll Tax Threshold||Threshold increase from $900K to $1M brought forward 1 year||From 1 July 2020||2020/21 Payroll tax returns|