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The federal government announced the details of the Stimulus Package on 22 March 2020. ( https://www.pm.gov.au/media/supporting-australian-workers-and-business
)
We have summaries the package as the followings:
For most businesses, you will be eligible for the tax withheld payment, we have the example for you as below:
Sarah owns and runs a building business in South Australia and employs 8 construction workers on average full-time weekly earnings, who each earn $89,730 per year. Sarah reports withholding of $15,008 for her employees on each of her monthly Business Activity Statements (BAS).
Under the Government’s changes, Sarah will be eligible to receive the payment on lodgment of her BAS. Sarah’s business receives:
Under the previously announced Boosting Cash Flow for Employers measure, Sarah’s business would have received a maximum payment of $25,000. Under the Government’s enhanced Boosting Cash Flow for Employers measure, Sarah’s business will receive $100,000. This is an additional $75,000 to support her business and help her retain her staff.
If you have any question for the stimulus package., please contact TMC Accountants on 03 5222 3532
We have summaries the package as the followings:
Support for Workers and Households
- For recipients of JobSeeker Payment, Youth Allowance jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit, a new Coronavirus supplement to be paid at a rate of $550 per fortnight.
- A further $750 payment to social security and veteran income support recipients and eligible concession card holders
- People can access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
- The government would guarantee for small-to-medium businesses lending and the loan amount up to $250,000 over 3 years – with no payments required for first 6 months.
- The government will made a payment which is 100% of the Salary & wages tax withheld. The payment will be available from 28 April 2020.
For most businesses, you will be eligible for the tax withheld payment, we have the example for you as below:
Sarah owns and runs a building business in South Australia and employs 8 construction workers on average full-time weekly earnings, who each earn $89,730 per year. Sarah reports withholding of $15,008 for her employees on each of her monthly Business Activity Statements (BAS).
Under the Government’s changes, Sarah will be eligible to receive the payment on lodgment of her BAS. Sarah’s business receives:
- A credit of $45,024 for the March period, equal to 300 per cent of her total withholding.
- A credit of $4,976 for the April period, before she reaches the $50,000 cap.
- No payment for the May period, as she has now reached the $50,000 cap.
- An additional payment of $12,500 for the June period, equal to 25 per cent of her total Boosting Cash Flow for Employers payments.
- An additional payment of $12,500 for the July period, equal to 25 per cent of her total Boosting Cash Flow for Employers payments.
- An additional payment of $12,500 for the August period, equal to 25 per cent of her total Boosting Cash Flow for Employers payments.
- An additional payment of $12,500 for the September period, equal to 25 per cent of her total Boosting Cash Flow for Employers payments.
Under the previously announced Boosting Cash Flow for Employers measure, Sarah’s business would have received a maximum payment of $25,000. Under the Government’s enhanced Boosting Cash Flow for Employers measure, Sarah’s business will receive $100,000. This is an additional $75,000 to support her business and help her retain her staff.
If you have any question for the stimulus package., please contact TMC Accountants on 03 5222 3532
When the Voice on Pako phoned Tom Lai, it was a hot spring day with the mercury pushing past 30 degrees. Late in the afternoon, most people would have had their sights set on the beach or any other outdoor pleasure. "No beach for me today", he says. "This is my passion - dealing with people and maximising their tax deduction."
Tom, who is married with a three-year-old son, is passionate about helping people to rid the burden of tax time. Tom runs TMC Accountants and often sees people who are completely overwhelmed with their tax return. "A lot of people have the fear factor", he says. "I'm just happy to see them smile at the end of it all." "I love seeing people smiling instead of worrying".
TMC Accountants is a boutique firm where they take the pride in treating the customer as a human being and not just a number. Its mantra is: accessibility, affordability, high quality, and a high level of service. At just $90 for a basic tax return, Tom really does look after his clients.
Tom's small Newtown company "fixes all headaches, big or small" from bookkeeping, contractors, businesses, sub-contractors and individuals. "I guess the main message from me is that there's no need to be scared at tax time", he says. "When I decided to run my own business, I really wanted to look after people who were overwhelmed by it all. "We do listen and we understand our clients' situation". Tom is a people person and says he enjoys working with everyone. "The variety of our clients from individuals to big companies is what I love the most", he says.
Tom, who is married with a three-year-old son, is passionate about helping people to rid the burden of tax time. Tom runs TMC Accountants and often sees people who are completely overwhelmed with their tax return. "A lot of people have the fear factor", he says. "I'm just happy to see them smile at the end of it all." "I love seeing people smiling instead of worrying".
TMC Accountants is a boutique firm where they take the pride in treating the customer as a human being and not just a number. Its mantra is: accessibility, affordability, high quality, and a high level of service. At just $90 for a basic tax return, Tom really does look after his clients.
Tom's small Newtown company "fixes all headaches, big or small" from bookkeeping, contractors, businesses, sub-contractors and individuals. "I guess the main message from me is that there's no need to be scared at tax time", he says. "When I decided to run my own business, I really wanted to look after people who were overwhelmed by it all. "We do listen and we understand our clients' situation". Tom is a people person and says he enjoys working with everyone. "The variety of our clients from individuals to big companies is what I love the most", he says.
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CONTACT
Phone: 03 5222 3532info@tmcaccountants.com.au
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