Your COVID-19 Businessi Guide

Business Initiatives is committed to assisting our clients navigate through the coming tough economic times. At this stage we currently have skeleton staffing working from our Norwood Office and the remainder of our team working remotely from home. These measures will ensure that we remain open to assist and advise our clients.

 

Everything you need, to understand COVID-19 and your business.

 

The government has enacted legislation to support its economic response to novel coronavirus (COVID-19) to help the economy withstand and recover from the economic impact of coronavirus.

We are implementing processes to ensure you have access to these measures as quickly as possible. We will update our website as we know more.

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Feeling a little lost?

Our team of senior specialists are online and ready to assist you in understanding how your business can be assisted during COVID-19.

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Cash Flow Assistance for Businesses

This assistance will assist businesses to manage cashflow challenges and help businesses retain their employees. These two measures are designed to support employing small and medium sized businesses and to improve business confidence. The Boosting Cash Flow for Employers measure also supports the activities of not-for-profits (including charities) at a time where they are facing increased demand for services.

The wage subsidy for apprentices and trainees will help to ensure the continued development of the skilled workforce.

Jobkeeper Payment

 

Under the JobKeeper Payment, businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum period of 6 months.

Delivering Support for Business Investment

 

The Government is increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expanding access to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020. In 2017-18 there were more than 360,000 businesses that benefited from the current IAWO, claiming deductions to the value of over $4 billion.

Early Access to Superannuation

 

The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.

Income Support for Individuals

 

The Government is providing support for individuals to assist them during the next six months.

Supporting the Flow of Credit

 

The Government, Reserve Bank of Australia and the Australian Prudential Regulation Authority have taken coordinated action to support the flow of credit in the Australian economy, in particular for small and medium enterprises (SMEs). Timely access to credit is vital to help SMEs get through the impact of the Coronavirus.

$10,000 emergency cash grants for small businesses impacted by COVID-19

 

Tens of thousands of small businesses that have suffered loss of income or been forced to close due to coronavirus-related restrictions, will be offered a one-off $10,000 emergency cash grant from the government to further support them through the crisis.

Do you need us to explain what this means for you?

Our team of senior specialists are online and ready to assist you in understanding how your business can be assisted during COVID-19.

Contact Us

Get in touch

Give us a call!

08 8431 7444

Send us a message

answers@businessi.com.au

 

Address

20D William Street
NORWOOD SA 5067

PO BOX 4118
NORWOOD SOUTH SA 5067

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