While the Government relief packages may elevate some immediate financial pressure, it is important to understand their implications. These government relief packages may have implications on you financially, especially on tax.
If for example you register your business for the JobKeeper scheme, based on the assumption that your business revenue (cash in hand or accruals) has or will reduce by 30% or more, you may be required to pay back these amounts, with interest, if your business does not meet this requirement.
It is often hard to predict what your business revenue will look like in he coming months, and the requirements from the ATO are changing regularly, so it is important to speak with a professional, like your accountant, or Amanda from RittWatchman an Associates Chartered Accountants.
Some of the Government relief packages available include;
- cash relief for employers,
- $10,000 emergency cash grants
- tax incentives for business investment,
- short term unsecured Government Backed business lending, and
- JobKeeper allowance to keep more of your employees
Regardless of your situation, we are here to help you. Let’s work together to create a plan to help you and your family through this challenging time!
Our Covid-19 blog is full of more useful information and additional resources, so please make sure you click here to check it out!
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