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Update on COVID-19 Cashflow Management
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Our advice on maximising your cashflow
Update: Your Next Steps to Maximise Cashflow
Hello <<First Name>>
 
We hope that you and your family are keeping well during these unprecedented times.
 
We are doing our very best to support you through this period.
 
As you know information, announcements and all sorts of stimulus packages are being released almost on an hourly basis – the amount of information to process, understand and pass onto you is unprecedented.
The COVID-19 Stimulus & Support Measures
We have adapted a comprehensive whitepaper to complement this email, which goes into detail about the various government packages, grants and concessions that businesses and individuals can take advantage of.
It clearly outlines what measures you can access and how to go about it.
Download it here
It is important that you follow these steps to ensure you do not miss out on potential business saving cashflow benefits:
  1. Do not rush – there is no rush to lodge your March BAS’s. The ATO has made it clear that the PAYG Cash Boost will not be processed until the 28 April at the earliest. Now is more important than ever to get this right – if you have always done your own BAS but are not sure what you should be doing given the circumstances, talk to us first. 
    • Start getting your March BAS data together ASAP if you haven't already, and if you are behind on lodgements, make it a priority to get up to date.
  2. JobKeeper - undoubtedly you have received a thousand and one enquiries from your employees already. Your employees are anxious and understandably so, but there are eligibility tests that will not be finalised until the legislation is passed, so it's not confirmed that they'll each receive the $1,500.
    • If your employees are asking you, reply that you are working through the eligibility requirements with us and as soon as the regulations and legislation are clear, they will be the first to know.
    • If you believe you will be eligible, register using this link.The ATO will contact you in due course with an application link and a request for data and documents to prove your eligibility.
  3. Cash Flow – Start talking to your bank about potentially deferring some of your payments. If you are thinking of applying for finance, the banks will require a formal application, including up-to-date financial statements – there is a bit to organise and the best prepared will get the best service, as banks are dealing with a lot of applicants.
  4. Tax Planning – tax planning this year will be crucial to not only minimise tax but also ensure you receive all the available benefits from the various stimulus packages. If you'd like to book in your tax planning session, please give us a call.
  5. Payroll Tax – Work out with your state revenue office how you apply for any payroll tax relief. Each state is different – in Victoria, for example, you just need to apply for the refund on the SRO site. We're on top of this if we manage your payroll tax for you.
  6. Look after yourself! - Most importantly, look after yourself and your family – put on your own oxygen mask before helping others. YOUR MENTAL AND PHYSICAL WELLBEING IS KEY.
As always, we're here to help you, so feel free to contact your adviser on 03 9870 7247. In the meantime, stay safe, keep well and we hope you find this information helpful.
 
The Stone Accountants Team
COVID-19 Resources

We have created a COVID-19 resources page to collect all the documents and information you may need to prepare yourself and your business to ride out this crisis.

We will be updating this page as more information becomes available. Have a read here.
Office closure
Per the Government's directives, our physical office will be closed for the forseeable future, however the team will all still be working remotely. We will be able to take your calls and respond to your emails, so if you have any questions or need anything from us, let us know. Please avoid mailing us anything if possible, as it may take us a while to get to it.
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