CORONA VIRUS UPDATE
The Federal Government's Stimulus Package has major impacts for struggling businesses and our team is ready to answer all your questions
BOOSTING CASH FLOW FOR EMPLOYERS
Stage 1 will see the roll out for all businesses a total payment to their ATO Account upwards of $100,000 with a minimum total payment of $20,000. This is equal to 100% of the amounts withheld from employees wages. Businesses that lodge their BAS's will receive the minimum $10,000 (tax free) credit to their ATO Account, if the GST is less than the $10,000 then the balance will be refunded to your nominated bank account. For more information https://treasury.gov.au/coronavirus/businesses
The SME Guarantee Scheme will provide small business with timely access to working capital to help them get through the economic downturn. They will do this by providing secured loans up to $250,000 that will work like an overdraft repayable in three years time. These will be available in early April and we will keep you posted.
INCREASING THE INSTANT ASSET WRITE-OFF
The Government is increasing the IAWO from $30,000 to $150,000 for new or old plant or equipment needed for your business. This is until 30 June 2020 whereby it will revert back to the original $1,000
SUPPORTING APPRENTICES AND TRAINEES
Eligible employers can apply for a wage subsidy of 50 percent of the apprentices or trainees wage for 9 months from 1 January 2020 to 30 September 2020.
IF YOU WANT TO DISCUSS ANY OF THESE TOPICS FURTHER PLEASE CALL OUR TEAM ON 67 662515
Cannon Cohen & Associates - About
Small Business Tax & Accounting Service
We are a small firm based in Tamworth servicing all areas of North West NSW. Managing directors, Jason & Steve have over 30 years combined experience, with a wealth of knowledge to answer all your taxation & accounting needs.
At Cannon Cohen & Associates, our vision is to inspire and educate our clients to achieve their business goals ensuring an enriched balanced life.
We have built relationships that span generations as we help our clients navigate the business life cycle with systems and expert advice they can trust.
Whether your business is just starting out or you are coming to the end of your working days and need retirement or succession planning, we are here to help.
Our team can provide assistance with the day to day running of your business, through our range of bookkeeping services including cashflow management with in-depth quarterly and annual reporting of your business.
From our years of experience, we can explain to you the complexities of the ATO Tax system in a way that is easy to understand, and then together we formulate a plan to help you get the most from your business.
We are qualified and experienced in the following:
• Tax Returns
• Tax Advice including Rental Properties
• GST-BAS and IAS Returns
• Bookkeeping & Payroll includes Single Touch Payroll
• ABN and Company Registrations
• Management Accounting & Financial Reporting
• Self Managed Super set up & Annual compliance
We provide cost effective tax & accounting services completed in a timely and a professional manner.
We can tailor an annual package to meet all your business needs which can be paid monthly, to reduce the financial stress of receiving a large bill.
To book your free consultation to discuss your business, please give our friendly team a call on (02) 67662515