• Lockwood & Ward

Economic Response to the Coronavirus


Government Support for Business and Individuals


Reaction from our government bodies are changing very quickly.


Since our post last Wednesday 18th March, there have been significant changes to the support provided across all sectors. We have provided links to the major government support programs, these are from Treasury. There is also State Government Support.


Presently we can summarise these, please check the links for the detail, we will be following through during the preparation of the March BAS for all our small business clients.


  • PAYG Withholding credit in the March and following BAS. Up to $50,000 for period to 30 June 2020, and a further $50,000 in the following period.

  • Note these are Credits, to reduce what your business is owed, and will only result in a refund if the credit is greater than what is owed for the GST.

  • Instalments of company tax paid previously, in Sept and Dec BAS, can be varied and credited.

  • Tax debts can be rolled into a payment arrangement, with lower than usual interest rates charged by the ATO.

  • NSW Government has waived payroll tax for the three months to 30 June 2020. Only for businesses with payrolls up to $10 million.

  • Early access to superannuation $10,000 seems to relate only to employees made redundant, and to sole traders. On the face of it, this is not small companies and trusts. Application is made through MyGov.

  • If you happen to have plenty of cash, then investing in equipment up to $150,000 is possible.

  • There are a number of opportunities around the PAYG support program, these are better discussed on a case by case basis.

  • We have received notifications from many of the larger banks that they will not require mortgage payments in the next six months. Check directly with your own bank. If we organised the mortgage for you, then contact us and we will pursue the best arrangement we can.


https://treasury.gov.au/coronavirus/businesses

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Supporting_the_flow_of_credit_1.pdf

https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/payroll-tax

https://treasury.gov.au/coronavirus/households

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Early_Access_to_Super_1.pdf

https://www.nab.com.au/personal/customer-support/covid19-help


If you need further assistance, contact us on 02 9299 7044 or email us on admin@lockwood.com.au.

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We are Taxation and Business Advisors in Sydney.

Services include: 

  • Business Taxation advice

  • Personal Income Tax Returns

  • Super and SMSF advice

  • Finance and Mortgages

  • Accounting and Bookkeeping

 

Professional Standing

  • Member: ICAA

  • Licenced Auditors

  • Registered Business Agents

  • Registered Tax Agents

 

Lockwood and Ward • Taxation and Business Advisors • Level 9, 50 Clarence St Sydney NSW 2000

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