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We thought we would send this update because we are seeing a little more information filter through on how the Federal Government is proposing to manage the stimulus package.

Firstly in regard to the PAYG wages measures, for a business to be eligible in needs to:- 

  1. Have a group aggregate turnover of less than $50mill.
  2. Have:-

(i)               An ABN on or before the 12th March 2020.

(ii)              Derived business income during the 2019 year.

Once qualified, the PAYG wage stimulus entitlement is then calculated through BAS lodgement system, with the ATO doing the calculations.

The advice we received today is that if a group has multiple employers, then the stimulus rules applies separately to each employer.

The turnover rule applies to all in the group however each employer is separate accessed and managed under the BAS lodgement system.

As previously advised the minimum reimbursement is $10k for eligible employers in phase 1 (pre the 30th June) and $10k in phase 2 (July to Sept 2020).

An eligible business is entitled to this concession even if thought they are not registered under as a PAYG employer. 

It appears the second quarter stimulus will be equal to the pre 30th June assessed amount, and it will be distributed equally over the June to September lodgements.

The amount distributed will be the same, regardless of whether the business has dramatically reduced their employees. Having said this, to be eligible the business must survive in some form and lodge their BAS for this period.

The ATO will apply integrity rules to prevent businesses artificially or creating arrangements or schemes to inflate access to this funding. Having said this, the ATO have not provided any examples on this, however they have made a number of high level comments. 

The PAYG wages credits are to commence after you lodge the March BAS, and the ATO predicts these will not commence until after the 29th April 2020.

When reviewing your cashflow position you must prioritise your superannuation guarantee charge payment.  

Legislation does not allow the ATO to extend the lodgement or payment date, to meet this payment and the charges and penalties are significant.

If you do not meet these obligation there is little to nothing we can do to assist.

If you are considering your position in regard to your ATO obligations then:-

  1. Pay your super obligation first. We can assist you arranging payment plans etc to meet your GST and other obligations.
  2. If you can’t pay all the super on time, then pay as much as you can.
  3. If you part pay or do not pay your superannuation then you should still lodge a super guarantee charge statement. 

We accept there is currently a super guarantee charge amnesty, however this does not apply to current or future SGC obligations. 

In regard to the early release of superannuation, normal investment principals will need to be applied (i.e. what loss does withdrawal crystallising) before one applies for the early release of funds.

Having said this, it is an option for those out of work with the withdrawal tax free.

To be eligible, individuals must be:-

  1. Unemployed
  2. Eligible to receive jobseeker, youth allowance, parenting (single or partnered), special benefit or farm household payments.
  3. Made redundant on or after 1st January 2020
  4. In a position where there working hours have been reduced by 20% or more after the 1st January 2020 or
  5. A sole trader where their business was suspended or there was a reduction in turnover of 20% or more on por after the 1st January 2020. 

Those eligible, must apply through their MyGov, with funds released only after the ATO issues the super fund with an authority to release. 

Despite several web searches we have not been able to locate anything further on the NSW Governments 17th March announcement that they are scrapping fees and charges that apply to business in vulnerable sectors.

We do know these sectors include bars, cafes, restaurants and tradespeople however we do not know any other specifics (ex the payroll tax initiatives). 

Stay safe and we will keep you posted as initiatives develop.