With the growing impact that the Coronavirus (COVID-19) is having across Australian and the Globe, the health and safety of our team, their families, clients, associates and the wider community is our utmost priority.
It is understood that whilst the measures undertaken by the recently implemented policies to curtail the spread of COVID-19 are necessary to ensure the health of those close to us is protected, we also appreciate that these measures have and are likely to place many individuals and business in a difficult financial position.
Clearly, there is pressure on businesses, personal finances and investment markets. The Government has and will continue to announce measures to aid the economy. The Banking system will also play a major role in providing support.
In assessing and understanding the implications to your business and families it is important to remember that you are not alone and that we are here and ready to support and help you.
As always, but now more than ever, it is important that in considering the impacts to you personally and your business that a holistic approach is taken into considering your overall personal circumstances and focusing on your personal wellbeing and objectives.
This is the core focus of our philosophy at PWS Advisory Group and we are well positioned to help you navigate these unchartered times.
Regarding the recent Government announcements and restrictions placed on businesses in response to COVID-19, in our report and over a series of videos we are going to cover the following issues:
- The impacts from the restrictions of trade for businesses and understanding your obligations.
- The application of the following incentives recently announced:
- INCREASING THE INSTANT ASSET WRITE-OFF
- BACKING BUSINESS INVESTMENT
- BOOSTING CASHFLOW FOR EMPLOYERS
- TEMPORARY EARLY RELEASE OF SUPERANNUATION
- TEMPORARILY REDUCING SUPERANNUATION MINIMUM DRAWDOWN RATES
- REDUCING SOCIAL SECURITY DEEMING RATES
- OTHER FEDERAL AND STATE MEASURES ANNOUNCED – (Detail not covered in the full report, however, please feel free to contact us to discuss as applicable)
- Assistance for employers with apprentices/trainees with a 50% subsidy on wages from January to September 2020 – capped at $21K
- Social Security support of two separate payments of $750 to eligible recipients of income support payments and concession card holders
- Temporary relief for financially distressed businesses
- Victoria Full Payroll Tax Waiver for 2019 and 2020 for eligible small and medium businesses and deferrals for first quarter of year ending 30 June 2021
- Deferral of 2020 land tax for eligible small businesses
- Managing ATO lodgement obligations and existing and potential ATO debt, including the assistance measures taken by the ATO.
- Cashflow requirements and considerations
We are currently awaiting legislation detailing the application of the above measures and note that they were introduced into Parliament for urgent consideration on the 23rd of March 2020. We will continue to keep you informed on the detail of the above measures and subsequent measures to follow.
Kylie Grotheer and our Wealth team are here to support you in considering your overall wealth and financial positions and to help you remain focused on your goals and objectives.
Mick Alexander and the Finance team will be providing updates regarding the measures taken by the banking industry, how this will impact you and the role we can play to assist with these measures. Beginning with and update on the current residential relief measures being introduced by the banks.
The way in which we can best assist you during this time of need is addressed in our full report and following video’s.
This is a difficult time for us all, but your overall wellbeing must remain the primary focus.
Please remember we are all here to help and together we will all make a positive difference and get through this season.