Tax Planning and the Government Stimulus
We have recently communicated with you via a blend of newsletter, email and phone calls across various topics including:
- Business Continuity Planning – bring structure into your business management across a range of areas
- Cashflow management and forecasting
- PAYG instalments – options to pay or vary for March quarter and also an option to reduce previous quarters to nil and receive a refund of tax instalments paid
- Government Stimulus – updates and details regarding various support options including Cash Boost, Job Seeker, JobKeeper, Instant Asset Writeoff, early withdrawal of superannuation, commercial and residential tenancies rent relief, Fairwork obligations, banking support and WA State Government initiatives
See infographic above covering the steps you may need to take between now and 30 June 2020.
Please note that not every step is applicable to every person or business, however it is only with the full picture that we can work out what applies for you.
Details of the JobKeeper stimulus package are now available. If you believe your turnover is down by at least 30% then we should discuss your eligibility to support payroll to yourself and your staff. If you believe you are eligible, we strongly recommend you read through the details on the Treasury website or in our explanatory article: JobKeeper Explained
Tax planning and cashflow management in the lead up to 30 June takes on a far greater significance than at any time in recent memory. Your Tax Planning needs to start now.
These are difficult decisions to make, and we recommend you make them with the benefit of a comprehensive review of your position.
We recommend starting your Stimulus Review and Tax Planning work immediately, which covers a review of your position as at 31 March, forecasting your figures to 30 June 2020, how the above decisions will impact your current position and forecasted position, along with how the current stimulus packages will apply to you.
Options for tax planning
We will call you shortly to discuss your options below and how you wish to proceed:
- Proceed with Tax Planning Immediately (recommended)
March figures to be finalised, forecasted figures April/May/June
- Proceed with Tax Planning in May (excludes March BAS and IAS stimulus review)
April figures to be finalised, forecast figures May/June
- Do Not Proceed with Tax Planning Work
Given we are in uncertain times, to the extent possible we are happy to set our fees for your tax planning work to give you some certainty.
Please note – to assist us in prioritising our workload we offer this on a first in first served basis.