What were your business forecast for 2020?
Well the current Coronavirus Pandemic has certainly changed those plans. While we are all in this together each business has been affected individually. While we are still unaware of the full impacts this will take on business there are some support offered from the Australian Government.
From a business point of view there are some payments that you may be eligible for
- Cash flow assistance for businesses
- Job keeper payment ( which includes sole traders)
- Enhancing the instant asset write-off from $30,000 to $150,000 for business who make less than $500 Million per year.
- There is currently a super amnesty in place for eligible undisclosed shortfall super payments (please see Blog post here)
- For individuals the opportunity to withdraw money from their super account (up to $10,000 this financial year)
Now is the time to get on top of your financials so you can identify if your business is eligible for assistance.