Farmanco’s own Finance Manager Eve Kent gives a quick rundown on the latest from the Federal and State Covid-19 Stimulus Packages. Click on the link below to hear the podcast.
Eve Kent discusses stimulus packages HERE. In writing below.
Federal and State Covid-19 Stimulus Podcast
Good afternoon everyone, this is Eve Kent from Farmanco Bookkeeping.
Just wanted to give you a bit of an update on what’s happening at a national and state level around the corona virus and how the government is trying to assist small and medium sized businesses.
On a national level, it was announced that there’ll be a stimulus package for wage payers. So, basically what this means is that if you do have staff that you pay you’ll be entitled to a $2,000 minimum rebate, even if you don’t pay any withholding tax on your staff wages and I guess the reason why they’re doing this is because they’re trying to ensure that staff roles are kept in place and just giving you a bit of relief around your wage obligations during these times. Now this payment can be up to a maximum of $25,000 in total between now and 30th June.
You may have $12,000 in PAYG this quarter, so you’d be entitled to claim 50% of that on the next BAS which would be $6,000 and this is up to a maximum of $25,000 in the year. Obviously, if you don’t have that much PAYG you’d get 50% of whatever your PAYG is credited off in your next BAS.
If you have any issues at all or don’t fully understand that, you’re welcome to give me a call and I can explain it. Or even help you with the BAS when that time comes if you want to make sure you get it right.
On a state level, Mark McGowan announced the WA relief package. The things of interest for households and small and medium businesses would be that the fees and charges that we pay on bills such as your water and electricity bills, motor vehicle registration charges and also public transport rates, they’re all going to be frozen at the current price and there’ll be no inflation rate put on to those bills until the end of next financial year. That’s in place from 1st July 2020 to 30th June 2021, all of those fees and charges will be frozen.
There’s also the energy assistance package has been increased to $600, so pensioners get this energy assistance package and that will also provide some relief for our aged community members there with that doubling for them.
If you’re in the payroll tax system, there’s a lot of changes coming around there as well. The threshold has been lifted to $1 Million in wages. If you are in the payroll tax system and you’re unsure what this means for you, feel free to give me a call because it is a case by case scenario and we can work through that.
I guess, just look after yourselves. Look after your workers. It is crazy times. There are things changing on a daily basis. We’ll try and keep you updated as much as we can at Farmanco on things that are relevant for your business and if you’ve got any concerns at all, feel free to contact your Consultant or give me a call.
My number is 0408 737682 or on (08) 9295 0940 and email firstname.lastname@example.org. Thank you.