COVID-19 Government Assistance
There will be significant financial and statutory assistance where available for our clients as a result of the recent Government initiatives. They are:
- PAYG Refund
Commencing with 31st March BAS, there is available a full refund of all PAYG instalments for the quarter ended 31st March, 30th June and 30th September, maximum $100,000. Where DFK currently prepares your BAS statements, we will liaise with you to ensure your entitlement is maximised. Where you self lodge, we are happy to advise you.
- JobKeeper Payment
As you may be aware the Government has announced its intention to pass legislation to introduce this new measure. All employers must register their interest to receive the subsidy.
Companies with an annual turnover of less than $1 billion who experience, or expect to experience, at least a 30% decline in revenue in any month since 1 March, versus a year earlier. Businesses with annual turnover of $1 billion or more are eligible if their turnover will fall by more than 50%.
Employers must apply to the Australian Taxation Office (ATO) to participate in the scheme and provide supporting information, demonstrating the impact felt in their business. Employers will also need to continue to report to the ATO the number of eligible employees employed by their business each month.
You should register your interest at the following link.
- SME Loans – up to $250,000
Such loans are available through your own bank and are assessed on a case by case basis. The application needs to have all of the normal documents as well as a statement on need and hardship. We are in discussions with various bank panels (mainly the Big 4 banks) about criteria and will keep you updated. The loans are low interest (although rates not known at this time) and are unsecured, although a personal guarantee will probably be required. No funding is available for payout of existing loans.
- Existing Loans
On your behalf, we can request deferral of existing obligations (both business and personal) for a period of up to 6 months.
In relation to Points 3 & 4 above, we suggest the preparation of an up to date cash flow for 12 months to March 2021 with appropriate assumption. We can assist you with this.
- Business Rent
Whilst the Government has not yet announced any commitment for assistance, we strongly advise you write to your landlord requesting 2 things. Firstly a reduction in the overall rental of say 25% and secondly a deferral of cash obligations for 6 months. It is important to request the permanent discount.
- Other Potential Debt Obligations
As we previously advised you the Government has legislated to protect business in need from statutory winding up (notice period extended from 21 days to 6 months).
Please feel free to contact us for any queries.
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We refer to our previous advice in respect of Cash boost JobKeeper support $250k loans Landlord negotiation We have identified your business as one where there will be significant financial and statutory assistance were available as a result of the Government...
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