The traffic on the roads is gradually increasing in our cities, and travel & association restrictions are starting to be lifted in most states and territories. It is still too early for many businesses to start up again, particularly in the travel and hospitality industries as it is not yet viable for most of those businesses to open with customer restrictions and as state by state travel restrictions are still in place. We’re a long way from “normal”, in Australia, and it is too soon to pat ourselves on the back for our social distancing. Many are apprehensive of the ‘second wave’ of COVID-19 cases, as winter approaches in the southern hemisphere.
We can understand that the governments in Australia want to get businesses up and running again; Treasurer Josh Frydenberg estimated that the Australian COVID-19 lockdown is costing the country 4 billion Australian dollars ($2.6 billion) a week. That’s certainly more than pocket change, and the total debt for Australia is sobering, for us in the current workforce, and for our children.
The COVID-19 stimulus measures set in place quite hurriedly have meant a lot of work for most of us, for business owners and for PAYGW workers, in reading up on the changes, the new systems, and the various application processes. We’ve had calls from clients about Job Keeper, Job Seeker, the state incentives and the federal economic stimulus measures. It would be much easier to advise if the federal government would stop changing the rules every other day!
With the federal cash stimulus, in some cases we’ve had to call the ATO and ask why ‘ATO computer says no’. Usually it is just a glitch in the system, and the knockback can be reversed, although this rectification process does move slowly for start up businesses, compared to the auto cash bonus crediting of more established businesses.
With others, there is confusion with sole traders and how they can apply for Job Keeper, when they are not computerized for Single Touch Payroll. And now the government is saying that Job Keeper may not last the 6 months it was originally supposed to. This must increase the stress for people who are relying on that system to pay for rent and food while they are out of a job.
However, I think generally the ATO with its extended consulting hours has done a good job of setting up the new Information Technology systems for temporary measures such as Job Keeper. And it’s heartening for the small and micro businesses to get the cash stimulus from lodging the March 2020 Qtr BAS, to help pay for operational costs while their business suffers from COVID restrictions.
A reminder to our businesses which employ staff, that the sooner you lodge your March 2020 Qtr BAS, the sooner potentially you can benefit from the stimulus measures. Now is not the time to lodge your BAS late. A further reminder that there is only a fortnight left to apply for Job Keeper if your business is eligible.
To help you, we have lots of resources on COVID-19 stimulus measures at in8businessadvisory.com.au/covid-19-stimulus-package/ and at bantacs.com.au/Jblog/. The government, as well as Ban Tacs ,has a series of webinars to give you a discussion on each of the measures. If you prefer to contact us with queries in relation to your own personal situation, please email Colleen at colleent@in8businessadvisory.com.au, and we will work out a personal action plan for your business.
