Strategies and advice for businesses to stay in control through COVID-19 and get ahead of the pack

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COVID-19 Business Continuity – 21st March

Hi, it’s Ashley Thomson with the COVID-19 business continuity update for Saturday, 21st March.

In today’s briefing:
1. Refund of payroll tax for eligible small businesses
2. Next federal government stimulus due soon

1. Refund of payroll tax for eligible small businesses

Today, Saturday 21st March, the Victorian State Government announced their stimulus package.

Small businesses with annual payroll less than $3M will receive a full refund of the payroll tax paid between July 2019 and March 2020. Those eligible businesses will also not have to pay the payroll tax for the April-June 2020 quarter.

Businesses with annual payroll over $3M are not eligible to receive the refund. For example, if your business pays annual wages of $1M (which includes wages and super), you will get a refund of just over $16,000 and you won’t have to pay payroll tax for the rest of this financial year, which will save you around $5,400.

This is the second significant round of financial support, the first being the PAYG grant from Federal Government.

I’m keeping you up-to-date of these things as they are announced; your Tenfold business coach would assist you in understanding and claim any stimulus you are entitled to.

Further details from the Victorian state government announcement:

  • For small businesses with payroll less than $3M, the Government is looking into deferring the July-September 2020 payroll tax obligation. This means the tax will accrue but won’t be payable until advised.
  • They are committing $500M to a ‘Business Support Fund’, which will provide money for hardest hit sectors including hospitality, tourism and retail.
  • They will pay all outstanding supplier invoices within five days, which will benefit supplier businesses faster than would otherwise happen.

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2. Next federal government stimulus announcement due soon

The federal government is also due to advise the next round of stimulus packages in the coming days. As soon as it’s released, I’ll let you know what it covers and how it may benefit your business.

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This is a dynamic environment so I’m keeping a close eye on all small business announcements, along with the team of Tenfold Business Coaching mentors. With the news in the UK that the government will pay up to 80% of wages, we can see that massive stimulus announcements are being made on a daily basis.

I hope you’re able to find some time this weekend to recharge your batteries.

Ashley

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