? Business Owners! Are you aware of ATO COVID-19 Stimulus Payment ??
Small & Medium Businesses: this is the right time to act and optimise the$100,000 Stimulus payment, instant Asset Write-off and early Superannuation access.
The Government has announced a $66 billion economic stimulus package to keep Australians in jobs, keep businesses in business and support households and the Australian economy as the world deals with the significant challenges posed by the spread of the coronavirus.
We have reviewed the Stimulus package and many businesses will require assistance to optimize the stimulus payment.
Nearly 700,000 small to medium businesses will also be able to get cash payments of between $20,000 and $100,000 but these payments will be available through businesses BAS lodgments.
Payments will only be available to active employers established prior to 12 March 2020.
Eligible businesses that pay salary and wages will receive a maximum payment of $10,000 per quarter, even if they are not required to withhold tax.
Employees who have been made redundant, or those who have their working hours reduced by 20 per cent or more, or sole traders whose businesses have been suspended or see a reduction in turnover by 20 per cent or more will also now be allowed to access up to $20,000 of their superannuation.
Contact us for a pro-active tax planning session and to maximise the government cashback – 03 9904 9261
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