In light of the recent developments around the Coronavirus (or COVID-19) and the uncertainty we are all facing day to day, we felt it important to communicate that we expect no major interruptions to the services that we provide to you.
We are a fully cloud-based business with all our systems and processes accessible online. This means that all our team members are able to work remotely and have access to all the technology systems and tools they use daily to assist their clients. Our commitment to you will not be affected.
As a business owner, there’s one key thing you need to totally focus on now – keeping your business alive during these difficult times. It’s vital that you build a cash 'war chest' which will allow you keep trading through the coming difficult months. Also, we want to help you to protect the health of your employees and customers / clients.
There are 4 urgent things you need to be aware of that we address in more detail below:
1. Government Stimulus Package – Our Tax Planning meeting with you this year will be VITAL!
2. Business Continuity Planning - Book your complimentary meeting
3. Wealth Advice
4. Update / Set up your Will and Enduring Power of Attorney
The Government has released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March 2020.
The Prime Minister has warned that there are no “quick solutions” and that business should prepare for 6 months of disruption.
We will assist you with opportunities to restructure how you pay yourself so that you can receive the maximum cashflow assistance amounts from the Government. If you have not already engaged us for tax planning we strongly recommend you contact us to ensure you receive your maximum cashflow assistance from the Government.
Contact us TODAY on (03) 5911 7000 to book your meeting.
SMART have developed a COVID-19 Business Continuity Plan (BCP) that addresses the key areas that affect you. Our BCP can give you great
assistance to keep your business alive and give you and your team framework for the support you need during this COVID-19 crisis.
Over the next few weeks, we would like to meet with you (either in person or via online Zoom Meeting) to discuss the following:
• Employees working from home and workplace obligations
• How do pay your bills in the short term if your sales start to dry up
• How to communicate in a reassuring way with your clients and customers
• How to keep things moving with your business
• Cash flow
• Protection of your assets such as your family home
• Banks and funding
We’re not suggesting that we have all the answers, but it is important for us to work with you and help you and plan for what will happen in
the weeks and months ahead.
Contact us TODAY on (03) 5911 7000 to book your complimentary 30 minute meeting.
The share markets have crashed due to fear and uncertainty in the marketplace. Historically, when this crisis is over the markets will quickly pick up again. Keeping a long-term focus and not panicking now is the key to success.
If you have to self-quarantine or are admitted to hospital and you don’t have an Enduring Power of Attorney (EOPA) then no-one else can make
important business or financial decisions on your behalf. As a business owner, it is 100% essential that you have an updated EPOA and
Will, and that your family know where these documents are stored.
On 31 March 2020, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. Who needs to lodge a FBT return? Find out here.
With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to normal. With Australia's desire to ‘get on with things,' sentiment reached its highest level since November 2013 and Christmas spending is expected to be consistent with previous years.
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.