We have compiled useful website links, factsheets, information and resources to support you and your business during these challenging times.
Our dedicated Corona Virus COVID-19 webpage will be updated regularly for our clients.
How to get advice from Connect?
Please email your advisor or email firstname.lastname@example.org and we will respond with a call back or email to answer your questions.
We ask that you please contact our office and schedule a phone appointment.
The benefit of scheduling a phone appointment is that your advisor can look over your unique circumstances prior to the phone appointment and then step you through your eligibility, tax implications, strategies, timing and answer any question you may have.
Some of our staff are currently working from home, so scheduling phone appointments is our preferred method of contact at this time and also assists us to minimise exposure to our staff.
ATO guidance on Job Keeper Payment
JobKeeper Payment: Supporting businesses to retain jobs
JobKeeper Payment — Information for employers
Boosting cash flow for employers
Support for sole traders
Temporary relief for financially distressed businesses
Delivering support for business investment
Supporting apprentices and trainees
Supporting Individuals and Households
Assistance for severely affected regions and sectors
Support for not-for-profit organisations
COVID-19 support available
From 20 April 2020, people affected by the COVID-19 pandemic may be eligible to apply to access up to $10,000 of their super in 2019-20 and a further $10,000 in 2020-21.
There are some important considerations before you decide to withdraw any super.
Check you are eligible
You can apply to access your super if you meet one or more of the following requirements:
The NSW COVID-19 Small Business Support Grant of $10,000 will be available to eligible NSW small business owners. The application form will be available on the Service NSW website by 17 April.
To be eligible, businesses will need to:
* have between 1-19 employees and a turnover of more than $75,000
The ATO will also implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak.
Options available to assist businesses impacted by COVID-19 include:
* Deferring the due dates for income tax payments, Fringe Benefits Tax payments ('FBT') and excise payments up to 12 September 2020 for businesses
Today, 30th March 2020, the Australian Government announced the
Jobkeeper payment package as part of its economic response to the
coronavirus (COVID-19) pandemic.
The JobKeeper payment is
intended to support your business if it has been significantly impacted by
the Coronavirus you will be able to access a wages subsidy to continue paying
your employees. Under the JobKeeper program, you will be able to claim a
fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a
maximum of six months.
Australians applying for Centrelink can now get support if their partner earns up to
$79,000, Scott Morrison announced on Monday.
said the government has boosted the threshold from about $48,000, which would
allow more Australians to receive support during the corona virus pandemic.
change means an applicant's rate of welfare won't be affected unless their
partner earns more than $79,762 a year.
Are You Eligible For Centrelink?
From 27 April 2020, the Government will introduce a Coronavirus supplement of $550 per fortnight (payable to individuals currently receiving certain eligible income support payments) and will also temporarily expand access to certain income support payments, over a six-month period.
The Government will also provide two separate $750 tax-free payments to certain social security, veteran and other income support recipients, and to eligible concession card holders.
Small and medium-sized businesses and not-for-profit entities, with an aggregated annual turnover of less than $50 million (usually based on their prior year’s turnover) that employ people, may be eligible to receive a total payment of up to $100,000 (with a minimum total payment of $20,000), based on their PAYG withholding obligations, in the following two stages:
(a) Stage 1 payment
– Commencing from the lodgment of activity statements from 28 April 2020, eligible employers that withhold PAYG tax on their employees’ salary and wages will receive a tax-free payment equal to 100% of the amount withheld, up to a maximum of $50,000. Eligible employers that pay salary and wages will receive a
Broadly, the depreciating asset instant asset write-off threshold will be increased from $30,000 (for businesses with an aggregated turnover of less than $50 million) to $150,000 (for businesses with an aggregated turnover of less than $500 million) until 30 June 2020.
The measure applies to both new and second-hand assets first used or installed ready for use in the period beginning on 12 March 2020 (i.e., the date on which this measure was announced) and ending on 30 June 2020.
Employers with less than 20 full-time employees, who retain an apprentice or trainee who was in training with the employer as at 1 March 2020, may be entitled to Government funded wage subsidies equal to 50% of the apprentice’s or trainee’s wage paid during the nine months from 1 January 2020 to 30 September 2020. The maximum wage subsidy over the nine-month period will be $21,000 per eligible apprentice or trainee.
Employers can register for the subsidy from early April 2020. Final claims for payment must be lodged by 31 December 2020. Employers will be able to access the subsidy after an eligibility assessment is undertaken by an Australian Apprenticeship Support Network (‘AASN’) provider.
Broadly, a new time-limited 15-month investment incentive (which will be available up until 30 June 2021) will also be introduced to accelerate certain depreciation deductions for businesses with an aggregated turnover below $500 million, in respect of eligible depreciating assets.
This incentive basically allows a deduction equal to 50% of the cost of an eligible asset, with existing depreciation rules applying to the balance of the asset’s cost.
The Government will be temporarily reducing the superannuation minimum drawdown amounts for account-based pensions and similar products by 50% for the 2020 and 2021 income years. This basically means that the total minimum annual pension amount that a superannuation fund is otherwise required to pay to a member receiving a pension from the fund (e.g., an account-based pension) will be reduced by half for these two income years.
The Government will introduce a new compassionate ground of release that will allow individuals to access their superannuation entitlements where those benefits are required to assist them to deal with the adverse economic effects of the Coronavirus, but only where one or more of the following requirements are satisfied:
(a) The individual is unemployed.
(b) The individual is eligible to receive the Jobseeker Payment, Youth Allowance for jobseekers, Parenting