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A devastating fire season has been followed by floods and now by the recently declared COVID-19 pandemic. As an Australian business owner, it's hard not to feel uneasy about where our economy – and businesses – will be in the coming months.

In this month's update, we look at what you can do to support and prepare your business for the inevitable impacts of uncertainty on business as the coronavirus spreads and Australian businesses brace for a rocky few months.

As always, if you have any queries, contact our team on 9957 4033.

	$1,500 JobKeeper subsidy to keep staff employed In response to the scale and impact of the lockdown on businesses across Australia, the government has released more detail about its 'hibernation' strategy, with a new payment to business to help keep their employees on
	Stimulus Package 2: $66.1b - What You Need To Know Targeted support for income, changes to superannuation rules, cash flow for small busineses, and relaxation of insolvency laws are key features of the Government's second stimulus package.
	Support for Business The stimulus measures are designed to help employers manage cash flow over the next six months, with two periods for tax-free credits to cover some or all of the PAYG withholding obligations.
	Support for Individuals The stimulus package enables individuals to access their super and bolster the Jobseeker allowance to provide some support as job losses and reduced work impacts individuals and families.
	Surviving a Crisis: Coronavirus and Beyond Whether it is the coronavirus, fire or flood, the fact is if you are in business long enough you will almost certainly have to deal with an external impact on your business – bushfires, drought, GFC, SARS, 9/11, we've seen a few. The key is to respond … but not over-react.
	Stimulus Package 1: $17.6b to support the economy The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus.
	NSW Government Unveils $2.3 billion Stimulus Package The New South Wales State Government will target hospitals, critical health care equipment, and small business tax relief as part of its response to the coronavirus pandemic.The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.
	FBT hot spots The Fringe Benefits Tax starts on 1 April and businesses are being urged to review their Fringe Benefits Tax (FBT) position.
	Significant changes to small business concessions flagged A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus.

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.