COVID-19 MEMBER ADVICE 25 March 2020
I’m sorry to spam you – I have no doubt you are all rather sick of receiving daily emails from this office. However, as your member body I feel it is important to keep you up to date and supported throughout this crisis. As such, I provide the information below and along with useful links to assist you in navigating your business through these challenges. We are here and open for business and will see this through with you.
COVID-19 Second Stimulus Package
On Sunday 22 March, the Australian Federal Government delivered a second stimulus package estimated to be worth $66b. Key points for businesses:
Boosting Cash Flow for Employers:
- This assistance is aimed towards companies, including not-for-profits, with an annual turnover of up to $50m.
- The Government is providing up to $100,000 to eligible small and medium sized businesses, and not‑for-profits (including charities) that employ people, with a minimum payment of $20,000. These payments will help businesses’ and not-for-profits’ cash flow so they can keep operating, pay their rent, electricity and other bills and retain staff.
- The cash injection will be linked to your company’s wages bill through the taxes you as an employer withhold during the year.
- The assistance will be paid via the current ATO system once the March BAS is lodged direct to your company’s bank account. The payments will be delivered by the ATO as a credit on your business activity statements.
Regulatory Protection and Financial Support for Businesses:
- The Government will establish the Coronavirus SME Guarantee Scheme which will support small and medium enterprises (SMEs) to get access to working capital to help them get through the impact of the coronavirus.
- Under the Scheme, the Government will guarantee 50% of new loans issued by eligible lenders to SMEs. This will unlock up to $40b in finance available for SMEs.
- There will be more flexibility in respect to creditor initiated insolvency and voluntary administration actions. Moving the outstanding amounts limits from $2000 to $20,000, and timing to respond to 6 months instead of 21 days.
- Relief for directors while trading insolvent will also be provided over the next 6 months.
To read more about the above information please click here:
- Media Release, Prime Minister of Australia, Supporting Australian Workers and Businesses
- business.gov.au – Coronavirus information and support for Business
- COVID-19: Second Stimulus Package and How it Affects SMEs
Some Resources to Help You with Business Continuity
- FCB Group – HR Assured, have created a dedicated page for information relating to COVID-19. During these uncertain times, you may need some support and guidance on staff leave entitlements or other workplace relations topics. This page will provide you with useful content to equip you moving forward: https://www.hrassured.com.au/coronavirus-covid-19/
- To help keep business functioning with minimal disruption during these times of adversity, the AIIA in conjunction with some of its members and with the support of the Federal Government, have come together to provide a suite of free service offerings, advice and tools designed to support Australian business continuity through the use of technology: https://www.australianbusinesscontinuity.com.au/aiia
AICSA Members ‘Chin wag without a Snag‘
Next Thursday we will host our first lunchtime catch up ‘Chin wag without a Snag‘. Given the ever-changing landscape and exceptional circumstances we all find ourselves in, we are focused on connecting our members now more than ever. It’s important to share how conveyancers are navigating this new landscape and offer help and advice to each other where we can.
Our virtual ‘Chin wag’s’ will continue weekly and will take place on Thursdays at 12pm.
To attend this meeting, please see details below:
|Meeting:||Chin Wag without a snag!|
|Date:||Thursday 2nd April|
|Time:||12noon – 1pm|
|Join by computer, tablet or smartphone:||https://global.gotomeeting.com/join/838544685|
|Join by LandLine or Mobile:||Tel: 02 8355 1038|
AICSA is here for you – while you are servicing your clients and their needs during this time – we are here for you to ensure the longevity and success of conveyancing professionals long past this crisis.
Chief Executive Officer