Weekly Digest – 3 June 2020
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update.
JobKeeper Key Dates.
The ATO recently extended the deadline for monthly declarations required for JobKeeper claims. The business monthly declaration needs to be done between the 1st and the 14th of the month which gives those who are eligible more time to lodge. To be reimbursed for JobKeeper payments in May you need to complete your declaration by 14 June.
To keep yourself posted on any further changes, the ATO’s website has a list of key dates relevant to JobKeeper which you might find handy. Not-for-profits and charities can also find some JobKeeper information here.
If you are wondering which schemes apply to you and your business, get in touch with us and we can arrange a chat.
Boosting the Economy
As state and territory governments continue to work through their step-by-step plans to reopen following the COVID-19 pandemic, the federal government is looking at ways to reopen the economy. Last week the PM announced plans to implement a JobMaker Scheme. More information is set to be released in the coming weeks, but the ultimate goal is to improve employment rates and get Australian businesses out of crisis.
Home Buyers Grant
This week there has been reports of a new home buyers grant designed to support the building industry. It is suspected that the grants will be at least $20,000 and may require applicants to match the cash grant dollar-for-dollar. More details will be announced in the coming days.
Surviving Cash Flow Problems
Are you struggling with cash flow right now? You are not alone. The COVID-19 crisis has had a huge impact on businesses across the country, but we’ve got a couple of tried-and-tested ways to relieve cash flow pressure. Don’t stick your head in the sand – we can help.
Here are some options that might be suitable for your business:
- Borrow money – Businesses can access funding to meet their cash flow needs through the Coronavirus SME Guarantee Scheme, which will guarantee up to $40 billion of new lending. Under this scheme, the Government will guarantee 50% of new loans issued by eligible lenders. Temporary cash flow boosts amounting to $20,000 to $100,000 are also provided by the Government to eligible small- and medium-sized businesses as well as not-for-profit organisations by lodging their activity statements up to the month of September. In addition to lending options and financial support, most states are offering business grants which could be worthwhile for you to investigate. Chat with us to find out the best way forward for your business.
- Restructure expenses and commitments – In this economic downturn, restructuring expenses and financial obligations has become necessary for many businesses. The Government is working with financial institutions to implement programs aimed at providing temporary relief to debtors affected by COVID-19. Don’t know where to start? Get in touch so we can help you work out your existing debt with your banks and creditors to improve your cash flow.
- Sell more – With the global crisis brought by the pandemic, increasing your sales seems like a far-fetched idea. However, with the right guidance from our expert business advisors, we can help you explore new sales opportunities, expand your reach, and refine your marketing and sales strategies.
Over the last few weeks we’ve brought you updates on various government initiatives and cashflow schemes to help businesses impacted by COVID-19. We’ll keep you updated if anything changes, but please feel free to get in touch to discuss what these schemes mean for your business.
Get in touch
We are happy to chat with you about the future of your business. Please get in touch if you would like to chat.