(08) 9071 2173
Review the Australian Government stimulus package for business cash flow. Identify which key parts your business may be eligible for and get the process started to obtain these cash flow bonuses.
*A note about the JobKeeper payment - Entities (such as partnerships, trusts or companies) and sole traders may be entitled to the JobKeeper Payment scheme under the business participation entitlement. A limit applies of one $1,500 JobKeeper payment per fortnight for one eligible business participant. Sole traders, one partner in a partnership, one beneficiary of a trust, and one director or shareholder of a company may be regarded as an eligible business participant.
Not sure if your business is eligible? Contact us today!.
We suggest preparing your business cash flow plan over the coming months, (you are welcome to meet with us to do this). You need to forecast your daily and weekly planned cash position to make informed decisions, like when you may need additional bank funding.
Keeping the farming business alive means paying your employees (where applicable), and your key suppliers. Nothing else matters over the short term.
You may need to delay making payments of GST, PAYG Instalment and Employee PAYG Tax to the ATO. See the section below about ATO Tax Relief Options.
It’s vital that you keep lodging your Business Activity Statements (BAS’s) and Instalment Activity Statements (IAS’s) by their due dates and negotiate a delayed payment with the ATO, otherwise the ATO may view the PAYG withholding portion as non-compliant and you will then lose you tax deduction for these amounts.
The Australia Taxation Office (ATO) is implementing a series of relief options to assist those impacted by the coronavirus. The relief will not be automatically applied.
We or you need to contact the ATO on to make any of the following requests for assistance:
If you have to self-quarantine or if you incapacitated in any way, you need to have an EPOA in place so your business can continue to operate.
Ensure your EPOA and Will are up to date now and ensure your family and your Accountant know where the original signed documents are.
We can assist you to quickly and professionally have these documents prepared and signed this week if required.
It's also worth considering whether you have a Farm Succession Plan in place. The impact of Covid-19 has undoubtedly sparked uncertainty in many of us, both in relation to our families' future and the stability of the family business.
Succession planning is about paving the yellow brick road for the next generation into the family farm business. It doesn’t mean transferring assets now, rather, it’s about starting to plan the farm business for the future you can plan for your retirement funding and consider what your future may entail. It also provides an important blueprint for the younger generation, giving them a sense of direction and security in their farming future. This is an important time to be able to provide that sense of guidance and certainty.
Please contact Gavin on (08) 9071 2173 or at firstname.lastname@example.org for assistance with your Farm Succession Plan.