Covid 19 Latest Updates
THE LATEST SUPPORT AVAILABLE FROM THE STATE GOVERNMENT
INTEREST FREE BUSINESS LOAN
Yesterday the Palaszczuk Government announced they will create a new $500 million loan facility, interest free for the first 12 months, to support businesses to keep Queenslanders in work and extend the coronavirus payroll tax deferral to all businesses across the state. This $500 million concessional loan facility would comprise loans of up to 250,000 with an initial 12-month interest free period for businesses to retain staff.
At this stage the Queensland Rural and Industry Development Authority (QRIDA) is responsible for the administration of these concessional loans and is currently taking expressions of interest in the lead up to rolling these loans out as soon as possible.
Please email contact_us@qrida.qld.gov.au – Subject: Queensland COVID-19 Job Support Loans
http://statements.qld.gov.au/Statement/2020/3/17/palaszczuk-government-offers-500m-in-loans-to-support-workers-in-businesses-affected-by-coronavirus http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme
PAYROLL TAX PAYMENT DEFERRAL
The extension for lodging and paying payroll tax has been moved to beyond 31st July
2020. The latest update can be found here https://www.business.qld.gov.au/running-business/employing/payroll-tax/lodging/coronavirus-tax-relief
If you need assistance with this please contact us.
CHAMBER OF COMMERCE INDUSTRY QUEENSLAND – FREE MEMBERSHIP
We would recommend that you take up this body’s generous offer of a 12 month free membership – but act quickly as this offer expires at the end of March 2020.
https://qldchamber.com.au/?fbclid=IwAR0Xh9ddqoJNL4dVwHAv5Jnw9h8cktK6XUIUIDTpJHyamQbAeHXmeo0fCjM
FURTHER BUSINESS CONSIDERATIONS
At Aegis Business Services we not only aim to exceed your expectations when it comes to your bookkeeping and accounting needs, but we understand as a business owner that there are many unknowns coming our way. Therefore, our support to you extends beyond our everyday service offerings and want to share some aspects that we have considered that you may also need to consider:
Aegis Business Services is available to help in these areas:
- Super Guarantee Contribution needs to still be paid on time – no extension is available for this
- Review cashflow
- Review and revise Budgets
-
Open conversations with suppliers regarding a possible payment plan – defaulting on payments will not assist any business in this uncertain
time.
- Review expenses
- Contact the ATO on your behalf to negotiate payment plans and deferrals
General Business Matters worth considering:
-
Working from home options, is that a valid alternative? Consider what equipment is required for a smooth transition from the office to
home.
- Business Diversity, what other services/products can you offer your clients in their time of need?
- Remote meetings – use online meeting applications such as Zoom to keep connection as close to face to face as possible
- Back up computers, consider how this will work if all staff are working from home.
-
Loan repayments – talk to your finance providers if there is an opportunity to negotiate a reduction in the repayment amounts for a short
term?
- Review and revise your Business Plan
- Review and revise your Marketing Plan
Kind Regards
The Team at Aegis Business Services
