(07) 3036 5259
Linking Business & Government

In these extraordinary circumstances we all find ourselves in, we at the Australian Strategic Advisory (ASA) have been receiving a large number of inquiries from businesses about the assistance available to them to help them through the Coronavirus crisis. The governments’ public health response, with lockdowns, closures and isolation, will be having a significant impact on most businesses’ turn-over, cash flow and the bottom line.

With that in mind, we will be publishing regular updates on our website and through social media regarding the assistance available from all three levels of government as well as the private sector, such as banks.

Pending no other major government announcements, we shall be discussing the following and how best to access the funds:

  • Tonight (Monday) Sole Traders
  • Tuesday – Tax free cash payments for businesses with less than $50 million turnover to keep staff
  • Wednesday – Interest free loans available for your business up to $250,000

If you wish to discuss any of this, please contact us directly at any time.

First off today, the help for sole traders.

You are a sole trader if you run a small business that does not employ anyone else – essentially you are a one-person operation.

If you are a sole trader who now finds self without an income you might be eligible for increased personal income support consisting of:

  • Jobseeker Payment (amount varying on your co-dependants)
  • Energy Supplement
  • Coronavirus Supplement ($550 per fortnight)

Sole traders who become eligible for the Jobseeker Payment will automatically meet their mutual obligation requirements by continuing to develop and sustain their business.

Your assets will not be included to determine your eligibility and the usual waiting period will be waved. The payments will commence on 27 April and will continue for a period of six months.

Please contact Centrelink for more information.

As a sole trader you might also be able to take advantage of the increase in the Instant Asset Write Off threshold from $30,000 to $150,000. The threshold applies on a per asset basis, enabling you to immediately write‑off multiple assets.

Subject to the legislation being enacted shortly, this proposal applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this timeframe.

Please contact the Australian Taxation Office for more information.

If you’re a sole trader who has suspended your business as a result of Coronavirus or has experienced a reduction in your turnover of 20 per cent or more, you might also be eligible for early access to your superannuation. From mid-April, you can access up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21.

Please contact the Australian Taxation Office for more information and to apply.

The above information does not constitute legal or financial advice – please speak to your accountant and other specialist advisers about your specific circumstances and what’s best for your business.

And as always, we are free to talk to you about any of this.

We are all in this together.

Let us help navigate the government maze

If you have questions about us, or how we can help your business when dealing with all levels of Government, send us a message, or call

 

(07) 3036 5259

Australian Strategic Advisory

At ASA, we will help you to be heard through all the political noise to make an impact on those you are trying to reach and persuade.

Find Us

  Level 54, 111 Eagle Street,
Brisbane Qld 4000
  292 Water Street,
Fortitude Valley Qld 4006
  (07) 3036 5259

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