We’re here to help – SME Support
The Federal Government has introduced a number of support packages to reduce stress on cash flow and help keep SMEs open for business through the projected downturn.
We can help you explore your access to these support payments and tax relief, including:
- The JobKeeper payment announced on 30 March 2020 to be administered by the Australian Taxation Office (ATO). To read our overview click here and to register your interest for this payment click here.
- Switching your quarterly reporting cycle to opt into monthly GST reporting in order to get faster access to GST refunds you may be entitled to.
- Varying your Pay As You Go (PAYG) instalment amounts to zero for the March 2020 quarter. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters.
- Deferring by up to six months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise.
- Remitting any interest and penalties incurred on or after 23 January 2020, that have been applied to tax liabilities.
- Working on your behalf to liaise with the ATO to enter your business into a low interest payment plan for existing and ongoing tax liabilities.
Some of the support measures offered by the ATO will be accessed through the lodgement of your March 2020 Business Activity Statement (BAS). We encourage all our clients who prepare their own BAS to contact us, before lodging, to ensure you are claiming all the measures your business is entitled to. If we prepare the BAS for you, please submit your information to our office as soon as possible.
The State Government of Victoria is also providing relief via its Economic Survival Package.
On 28 March 2020, the Victorian Premier announced a new Government grant of $10,000 that will be available to small Victorian business operators that employ staff.
To be eligible to apply for the grant, the business will need to:
- employ staff;
- hold an ABN as at 16 March 2020 and have turnover of greater than $75,000 for the 2020 financial year;
- have annual wages of less than $650,000 in the 2020 financial year; and
- have been directly impacted by Government closure measures.
To obtain a grant, eligible businesses need to apply online via the Business Victoria website by 1 June 2020.
We can also assist you to:
- Prepare a cash flow forecast for 3, 6 and 12 months, or review an existing forecast and apply any support measures you are now eligible for.
- Review your existing debt facility by our loans specialist, or help you apply for a new facility backed by the Coronavirus SME Guarantee Scheme.
- Negotiate revised rental terms including various options available to you in your capacity as the landlord or a tenant.
- Advise you on how the various stimulus package announced may apply to you.
We are here to help you through these challenging times. If you would like our assistance please contact us on (03) 9836 2900.