Could the coronavirus affect my business?
Unless you’ve been living under a rock, you’ll know that the coronavirus looks like it will have a significant impact on how we go about our daily lives, at least for the time being.
No one has a crystal ball to predict how severe the effects of the coronavirus in Australia might be, but it’s safe to say there will be a business impact.
It’s certainly likely to affect your business if it’s tourism related (and that includes small businesses like restaurants) or if you’re based in area that relies on a regular influx of tourists to buy things. That’s because international tourists are reluctant to travel at the moment. A number of travel bans are also in place for people travelling to Australia from the countries most affected by the coronavirus outbreak.
The Australian government is so worried about the potential impact of the coronavirus on Australian businesses and the economy that it has announced a $17.6 billion stimulus package. Eligible businesses who employ staff will be able to access a tax-free government support payment of between $2,000 and $25,000 before June 30 to help with their cash flow.
The payment each eligible business will receive will be a 50 per cent refund on the payment amount due on their next business activity statement (BAS) or income activity statement (IAS) after 28 April. Payments will be made within 14 days after statements are submitted.
How we can help
If you want to get your finances in order to claim your entitlements under the federal government’s new economic stimulus package, we can help you to set up a Xero online bookkeeping system to help you prepare your BAS or IAS. We’re a Xero-certified advisor.
We can also help you with any bookkeeping support services that you may need, no matter what type of business you have. We currently have clients in a diverse range of industries in South Australia, Victoria and New South Wales.
Contact us at Scorpion Bookkeeping today to find out how we can help your business!