Your trusted partner
As your trusted industry partner, Master Landscapers of SA are committed to helping our members navigate through these uncertain and unprecedented times.
MLSA will continue to monitor all updates and changes that impact our members and industry. As a reliable source of information for our members, we aim to keep you as up to date as possible.
Government Stimulus Package for Business Owners
MLSA Sponsor, Henson Lloyd Accountants, has issued the below information:
During this uncertain time we understand the impact that the COVID-19 pandemic is having on small business. We want to assure you that we are here for any questions you have in relation to the operation of your business and tax obligations.
In light of the recent COVID-19 pandemic the ATO have taken action in regards to assisting small business. As per our newsletter recently circulated the ATO have announced the following stimulus packages for businesses:
- Increasing the instant asset write off from $30,000 to $150,000 for each asset purchased between 12th March 2020 and 30th June 2020.
- Employers will receive a credit on their activity statements of 50% of tax withheld on wages between 1st January 2020 to 30th June 2020. These credits will be applied against the ATO account. If eligible maximum payment is $25,000 and will be paid from 28th April 2020. You do not need to apply for these benefits. They will automatically be applied to your next two BAS periods.
- If businesses with less than 20 employees have apprentices and trainees a wage subsidy of 50% is available. This applies to wages paid from 1st January 2020 to 30th September 2020. Maximum reimbursement is $21,000 per eligible apprentice or trainee ($7,000 per quarter). To apply for this reimbursement you must register for the subsidy from early April 2020.
- Casual employees who are required to self-isolate will have access to the Government’s Newstart Allowance. Waiting period will be waived, assets test will apply.
The ATO are also taking measures to assist small business affected by COVID-19 with their tax payments.
The measures include:
- Deferring by up to 4 months the payment date for activity statements, income tax and FBT.
- Ability to vary PAYG Instalments to $0 for the 2020 financial year.
- Remission of interest and penalties incurred from 23rd January 2020.
- Allowing businesses to enter into low interest payment options.
These concessions do not apply to super guarantee obligations.
If you do require relief with ATO payments due to the impact of the COVID-19 on your business please contact our office to assist.
These deferrals do not automatically apply, each case must be negotiated with the ATO.
For More Information
For more information on the Government Stimulus Package, please visit the ATO website on the link below:
We hope you and your families stay safe.
As always if you have any queries regarding the above please do not hesitate to contact MLSA or Henson Lloyd
Global Health & Crisis Response
MLSA Sponsor, Gallagher, has sent through facts and insights on COVID-19 prepared by McKinsey management consultants.
MLSA members may find particularly useful page 18 onwards where there are useful strategies and actions that companies can consider in managing business continuity and protecting workforces.
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