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Madison Update – 22 March
Commercial in confidence
As you would be aware by now, the various State Ministers are announcing their plans over the next 48 hours for closing borders, shutdowns on non-essential services, travel bans and a number of other restrictions to protect our country. These are significant measures. It’s important we adhere to them as a nation; and as a global citizen.
The Madison team will be working from home effective tomorrow (23 March). We are equipped to run the business offsite and will be here to assist with your questions and concerns.
The Australian Government today announced another economic response to Covid-19.
This includes enhancements to the Boosting Cash Flow for Employers measures announced on 12 March 2020;
- Boosting cashflow for employers via a minimum payment of $10,000 and maximum payment of $50,000 across the March-June, and July-October timeframes, for small businesses with annual turn overs of less than $50M. The amount each business will receive above the minimum is dependent on the declared withholding tax amount for employees. As the refund will occur within 14 days of your BAS submission, no additional action is required to receive the refund.
- Temporary relief for financially distressed businesses:
- Increasing the threshold at which creditors can issue a statutory demand from $5,000 to $20,000 for financially stressed businesses. This measure will also increase the time frame for a director to respond to a demand from a creditor from 21 days to 6 months. Further, this measure will extend the timeframe that unsecured creditors can take action from 21 days to 6 months; and
- Temporary relief for Directors’ personal liability for trading whilst insolvent. Whilst cases of fraud and dishonesty will still be subject to legal penalties, the relief means Directors will not be held personally liable for insolvent trading for debts that occur during the normal course of business trading.
- Increasing the instant asset write off from $30,000 to $150,000 until the end of the financial year.
- Support for Coronavirus impacted regions and communities, specifically looking at the aviation and tourism industries currently.
If you need extra technical assistance to respond to client questions, please let us know and we will source the appropriate strategy and technical support.
We hope you’ve had time to read the Adviser’s Survival Guide in a Pandemic we sent in Friday’s update. Importantly, we’ve provided guidance on use of digital signatures, verbal advice, use of ROAs and file notes to help support the rapidly changing environment. If you have ideas and tips that may be of use to other businesses, please send them to us. We’ll collate, update the guide and share the information to the community.
If anyone in your team (including yourself) needs extra emotional support during this time, remember the FPA and AFA have provided access to a confidential assistance program. I encourage you to talk to trained specialists if you’re having a difficult time.
Please CLICK HERE to register once for the recurring webinar held Wednesdays at 11am.
Contact numbers
Jaime 0439 079 786
Kerry 0402 145 480
Dave 0466 710 170
Sincerely,
Annick
0409 706 963
Go Back
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Madison Update – 22 March
Commercial in confidence
As you would be aware by now, the various State Ministers are announcing their plans over the next 48 hours for closing borders, shutdowns on non-essential services, travel bans and a number of other restrictions to protect our country. These are significant measures. It’s important we adhere to them as a nation; and as a global citizen.
The Madison team will be working from home effective tomorrow (23 March). We are equipped to run the business offsite and will be here to assist with your questions and concerns.
The Australian Government today announced another economic response to Covid-19.
This includes enhancements to the Boosting Cash Flow for Employers measures announced on 12 March 2020;
- Boosting cashflow for employers via a minimum payment of $10,000 and maximum payment of $50,000 across the March-June, and July-October timeframes, for small businesses with annual turn overs of less than $50M. The amount each business will receive above the minimum is dependent on the declared withholding tax amount for employees. As the refund will occur within 14 days of your BAS submission, no additional action is required to receive the refund.
- Temporary relief for financially distressed businesses:
- Increasing the threshold at which creditors can issue a statutory demand from $5,000 to $20,000 for financially stressed businesses. This measure will also increase the time frame for a director to respond to a demand from a creditor from 21 days to 6 months. Further, this measure will extend the timeframe that unsecured creditors can take action from 21 days to 6 months; and
- Temporary relief for Directors’ personal liability for trading whilst insolvent. Whilst cases of fraud and dishonesty will still be subject to legal penalties, the relief means Directors will not be held personally liable for insolvent trading for debts that occur during the normal course of business trading.
- Increasing the instant asset write off from $30,000 to $150,000 until the end of the financial year.
- Support for Coronavirus impacted regions and communities, specifically looking at the aviation and tourism industries currently.
If you need extra technical assistance to respond to client questions, please let us know and we will source the appropriate strategy and technical support.
We hope you’ve had time to read the Adviser’s Survival Guide in a Pandemic we sent in Friday’s update. Importantly, we’ve provided guidance on use of digital signatures, verbal advice, use of ROAs and file notes to help support the rapidly changing environment. If you have ideas and tips that may be of use to other businesses, please send them to us. We’ll collate, update the guide and share the information to the community.
If anyone in your team (including yourself) needs extra emotional support during this time, remember the FPA and AFA have provided access to a confidential assistance program. I encourage you to talk to trained specialists if you’re having a difficult time.
Please CLICK HERE to register once for the recurring webinar held Wednesdays at 11am.
Contact numbers
Jaime 0439 079 786
Kerry 0402 145 480
Dave 0466 710 170
Sincerely,
Annick
0409 706 963
Go Back