Covid-19 Business Update – 11 June 2020
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update.
Instant Asset Write-Off Extended
This week it was announced that the Instant Asset Write-off has been extended for six months to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided they each cost less than $150,000.
You can find more information on which assets can you claim as an immediate deduction here, or contact us so we can walk you through the different thresholds, exclusions, and limits.
Last week more details were announced of the new HomeBuilder grant designed to support the building industry. The $25,000 grant is available to eligible owner-occupiers (including first home buyers) to build a new home or substantially renovate an existing home. You will be able to apply for the HomeBuilder when your state or territory government signs the agreement. Further information will be announced in due course.
Bounce Back With a New Business Plan
While some business owners can already see the ‘light at the end of the tunnel’ now, it’s hard to tell how your business will recover and perform when we enter the new normal. With this, it’s best to prepare and put a solid business plan in place for the months ahead , especially those which have been severely hit by the pandemic.
We know that writing a new business plan might be the last thing on your mind right now, as you are trying to keep your business afloat. However, every successful business invests time and effort on business planning. To make it easier for you to create a new one that factors in the risks and implications of the pandemic, we’ve created a FREE downloadable business plan template. Please get in touch if you’d like to talk about your plan – especially the financial parts like cashflow.
JobKeeper Monthly Declaration
Monthly JobKeeper declarations now need to be completed before the 14th of the month, giving you a little more time to lodge.
To keep yourself posted on any further changes, the ATO’s website has a list of key dates relevant to JobKeeper which you might find handy.
If you are wondering which schemes apply to you and your business, get in touch with us and we can arrange a chat.
Guides to Reopening
As the government is slowly opening up the economy and looking at ways to ease restrictions without compromising public health, it is best to proceed with caution. Here are some useful guidelines to reopening for various industries:
Over the last few weeks we’ve brought you updates on various government initiatives and cashflow schemes to help businesses impacted by COVID-19. We’ll keep you updated if anything changes, but please feel free to get in touch to discuss what these schemes mean for your business.
Get in touch
We are happy to chat with you about the future of your business. Please get in touch if you would like to chat.