Government help for small businesses during the coronavirus crisis
We’re living in unprecedented times globally at the moment. The coronavirus panic is spreading across the world. In addition to the health concerns for vulnerable people like the elderly, there’s no doubt that Australian businesses and the economy will be significantly affected.
committing to provide payments of between $20,000 and $100,000 to eligible small- to-medium-sized businesses that employ staff. This payment is intended to help these businesses with their cash flow during these tough times. It is processed as a credit to your integrated client account via your business activity statement (BAS).
increasing the instant asset write-off threshold for businesses from $30,000 to $150,000 for the 2019/2020 financial year.
accelerating the rate of depreciation deductions that can be made on other assets for the 2019/20 and the 2020/21 financial years.
enabling businesses that employ apprentices and trainees to claim a 50% wage subsidy (up to a maximum of $21,000) until September 2020.
providing a guarantee for lenders who approve short-term unsecured loans to small to medium-sized business (SMEs). This Coronavirus SME Guarantee Scheme should make it easier for you to get credit/finance approval from a lender if you need additional funds to help your business cope during these uncertain times.
How we can help
If you want to get your business finances in order so you can claim all your entitlements under the federal government’s economic stimulus package, we can help you to set up a Xero online bookkeeping system. 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!