Coronavirus (COVID-19) Business As Usual?
Wow! What is happening? Is it business as usual or do we shut down? This is what I am hearing on an hourly basis.
Keep Working but Work Smart
Speak to your staff about the correct procedures to stay safe.
Wash your hands before and after each job.
Keep your hands away from your face (plumbers I shouldn't have to remind you).
Stay 1.5 metres from other people when possible.
Try to maintain perspective. Plan but don't worry unnecessarily. You may never come into contact with anyone with this virus.
A cold is a cold. Everyone who sneezes or coughs does not necessarily have COVID-19.
Help others! If you have extra or can do something for someone else - do it!
Should We Shutdown?
My view is if you shut down now for 2 weeks then what happens when you HAVE to shut down due to someone showing symptoms?
Employees cannot use their personal/carers leave unless someone is actually sick. Then they will need to use their annual leave until that is gone. So that's two weeks of time off when you may not even need to use it.
Can you implement practices to reduce transmission of the virus? If so do you need to shut down?
The Government has not provided additional assistance for shutdown so watch this space.
COVID-19 is a pandemic and the Australian Government is responding. This is still shaking out so as I write could be changing. We will endeavour to provide information as we have it and are here to support you in this stressful environment.
Keep your Apprentices!
If you had apprentices or trainees on staff (registered at 01 March 2020, you will be eligible for 50% of the apprentice's wages paid from 01 January to 3 September 2020.
You will be able to register for this subsidy in early April 2020 and the final claims must be submitted by 31 December 2020.
New hires are not eligible.
Cash Flow Assistance for Employers
If you employ staff you will be eligible for a tax-free payment $2000 to $25,000 (turnover under $50 million)
Payments will be made as a credit to your ATO account after the March BAS is filed.
Payment of 50% of the amount withheld from employees salary and wages, up to a maximum payment of $25,000.
Eligible businesses who are not required to withhold tax will receive a minimum of $2000
This will happen automatically but we do suggest the BAS is filed quickly.
If the ATO deposit puts your account in credit a refund will be issued within 14 days.
Higher Instant Asset Write-offs Yes they are available but...these need to be handled on a case-by-case basis so speak to me about this if interested.
The Full Economic Response can be found here https://treasury.gov.au/coronavirus
We are Here!
As Rainforest Bookkeeping is a cloud-based business we are here to help! We are available for Zoom meetings so you can see my screen (or yours) while we are talking. Let us know if you want to set up a meeting.
As always your mental health and that of your employees is extremely important to us! Please reach out so we can discuss your worries. The Beyond Blue Heads Up site is an excellent resource for you to assist your staff. https://www.headsup.org.au/training-and-resources/find-resources/small-business-resources