310320 covid19 webinar kbaxter iqaccountants€¦ · gold coast. multi award winner including:...
TRANSCRIPT
COVID-19 STIMULUSExplaining the ECONOMIC
response
Prepared by Kyelie Baxter CPA Managing Partner IQ Accountants
Current as at 31 March 2020 iqaccountants.com.au
Disclaimer
The information in this webinar and associated slides aims to provide informationof interest to the attendees as at the date of the presentation. While every efforthas been made to ensure accuracy, information contained may not be complete,may have changed or may not be relevant to or appropriate for yourcircumstances. Attendees must not use the information without seekingprofessional advice. The information is not intended as legal, accounting, financialor tax advice. IQ Accountants are not liable to you or anyone else for decisions oractions resulting from placing reliance on this information. The documentsprovided following the webinar may contain links to other website maintained bythird parties. IQ Accountants do not control these sites and are not responsible forthem or their content. IQ Accountants is a CPA Practice. Limited Liability by ascheme approved by a Professional standard Legislation.
$20K - $100K CASHFLOW BOOST FOR EMPLOYERS
Accounting firmBookkeeping firm
Australian Accounting Awards 2019Partner of the Year (Boutique Firm)MYOB 2019 Certified Consultant of theYear2018 MYOB Accountant of the YearFinalist in the Telstra Business Women’sAwards.
Managing partner of IQ Accountants on theGold Coast.
Multi Award Winner including:
AB
OU
T M
E
March BAS = April 20201
2
3
4
1
2
3
$20K - $100K CASHFLOW BOOST FOR EMPLOYERS
had an ABN on 12 March 2020makes a payment from which an amount isrequired to be withheldhad not entered into a scheme, and;either:
a 2019 tax return was lodged by 12th March2020 with an amount included in itsassessable income in relation to carrying ona business; oran activity statement was lodged between1/7/2018 and 12/03/2020 where the entitymade a taxable supply
The payments are only eligible where employers:
5
6
7
ELIGIBILITY
$20K - $100K CASHFLOW BOOST FOR EMPLOYERS
April BAS = May 2020
May BAS = June 2020
June BAS = July 2020
July BAS = August 2020
August BAS = Sept 2020
September BAS = Oct2020
March Qtr BAS = April 2020
June Qtr BAS = July 2020
September BAS = Oct 2020
Monthly Lodgers Quarterly Lodgers
BOOST ONE BOOST TWO
June BAS = July 2020 June Qtr BAS = July 2020
Apr Apr May Jun Jul Jul Aug Sep Oct Oct
25,000
20,000
15,000
10,000
5,000
0
Quarterly BAS
Example - Cashflow Boost Payments timing
Ben
efit
$
Monthly BAS$44,000 in total benefits
$2
0K
- $
10
0K
CA
SH
FLO
W B
OO
ST
FO
R E
MP
LOY
ER
S
Apr Jul Oct
Example based on $11k of PAYGW for March and June Qtrs
Wa
ges
Su
bs
idy - J
ob
kee
per
NOT YET LAW
Leas
es a
nd
Ren
t
AP
PR
EN
TIC
ES
AN
D T
RA
INE
ES
Apprentices AND TRAINEES
In training as at 1 March 2020
Less than 20 employees andretain an apprentice or
trainee
Must retain theapprentice/trainee
Eligibility:
Installed and ready for use by June 30thCost incurred on or after 12th March 2020 but before1st July 2020
The instant asset write off has been increased from$30,000 to $150,000 for businesses with a turnover ofless than $500m.
DE
PR
EC
IAT
ION
AN
D G
OV
ER
NM
EN
T B
AC
KE
D L
OA
NS
Government backed loans
instant asset write off
WA
$ 6 0 7m
N T
$ 6 5m
V I C
$ 1 . 7 b
SA
$ 6 5 0m
N S W
$ 2 . 3 b
A C T
$ 1 3 7m
Q L D
$ 3 b
TA S
$ 4 2 0m
ST
AT
E E
CO
NO
MIC
ST
IMU
LUS
20
20
Current as at 30 March 2020