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Important Information Regarding the Governments 2nd Economic Stimulus Package

Categories: Accounting & Tax
1 April 2020

In addition to our previous communications over the past 2 weeks regarding the Federal Government’s stimulus packages, we attach for you a detailed analysis of the Second Economic Stimulus Package which passed through Parliament on Monday night. It is now law so we can rely upon the information and commence the work towards applying these measures to your individual and business circumstances.

 

The analysis is unfortunately very detailed but the measures announced have very detailed criteria which need to be applied to determine if you qualify for the stimulus measures.

 

Please note our staff have all been trained on the detail and are able to assist you in assessing what you are entitled to and how to take advantage of the various measures.

 

It is important that you do not delay in assessing where you stand and be prepared to take affirmative action as necessary. Once you have understood what you qualify for, we urge you to update your cashflow forecast and assess the viability of your business. We have a number of additional steps that can be taken to assist you in smoothing out your costs and hence your forward cashflow forecasts by assisting you to defer certain ATO obligations, re-negotiating payment terms with suppliers, renegotiating rent terms etc.

 

We will be commencing a communication program to reach out to our clients to assist where necessary but in the meantime, if you require our assistance, please do not hesitate to contact us.  We are here to help you through these very uncertain and challenging times.

Coronavirus Special Update

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