AUSTRALIAN BUSINESS AND CORONAVIRUS (COVID-19)

Azure Group has put in place an internal Task Force to monitor the situation around COVID-19 daily and actioning a number of policy directives to help business mitigate the risks from multiple angles. NEED HELP?

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HOW DOES THE STIMULUS AND ATO ASSIST PACKAGES HELP MY BUSINESS?

On the day WHO declared COVID-19 a global pandemic the Australian Federal Government released it’s first multi billion dollar stimulus package to help businesses and individuals in the direct firing line. So who does the economic stimulus help?

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JOBKEEPER PAYMENT: ELIGIBILITY RULES HAVE BEEN RELEASED! WHO IS ELIGIBLE?

Late on Thursday 9 April, the Treasurer released the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020. These Rules set the formal eligibility criteria for businesses to receive the $1,500 fortnightly JobKeeper Payment for their eligible employees.

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CoVID-19 and Business

COVID-19: Australian Government Stimulus and Financial Package tips

#FridayExpertTips COVID-19: Small Business Grant
"If you're employing between 1 and 19 full-time staff and have an annual turnover of less than $10 million, you might be eligible for Small Business Grant from the City of Sydney of $10,000 per business. Applications close: Monday, 27 April 2020 at 5pm. Call (02) 9265 9333 or email CityConcierge@cityofsydney.nsw.gov.au or talk to us."

#FridayExpertTips COVID-19: ATO Relief
"Anyone impacted by COVID-19: ATO Relief is NOT AVAILABLE AUTOMATICALLY. You will need to apply for relief. Contact ATO Emergency Support Infoline 1800 806 218 or get in touch with us.", published March 20, 2020

#FridayExpertTips COVID-19: Government Stimulus Package
“Effective immediately and from the latest Economic Stimulus package: Until June 2020 the Instant Asset write off has been increased to $150,000 and the cap on business turnover has increased from $50 million to $500 million.", published March 13, 2020

#FridayExpertTips COVID-19: JobKeeper Allowance
“Under the JobKeeper Allowance scheme, eligible employees will receive financial support from the Commonwealth Government via their employer of $1,500 per fortnight. An employer will be eligible if their business turnover has been reduced by more than 30% (if annual turnover is less than $1b) or 50% (if annual turnover $1b or more) relative to a comparable period a year ago (of at least one month). Applications are not yet open. However, you should register your intent to apply for the subsidy with the ATO.", published April 03, 2020

COVID-19: Human Resources and People

#FridayExpertTips COVID-19: Productivity while working remotely
"Not having a well-equipped home office space when your employees begin remote working can cause a temporary decrease in productivity. If your employees don't have a home office, make sure they do as much as they can to create an ad hoc, bespoke space exclsively for work.", published March 27, 2020

#FridayExpertTips COVID-19: WHS policies
"Companies around the globe have rolled out mandatory remote work. Under the model WHS laws, employers have a duty of care for the health and safety of their workers. Putting the right policies in place is extremely important."

#FridayExpertTips COVID-19: Retaining Employees
"Offering work from home opportunity and flexible schedule to work around family commitments is paramount in current situation to retain quality and focused employees."

#FridayExpertTips COVID-19: Human Resources and People
"Your people are your most valuable asset. It is important that your employees and the flow on effect to their loved ones feel supported during these difficult times. You need to ensure that you maintain good will with your team so that when we start to come out on the other side of COVID-19 you have a strong team to help you recover."

COVID-19: Business Planning

#FridayExpertTips COVID-19: Cashflow Forecasting
"There is no denying that COVID-19 will have lasting short and long-term effects on the economy and your business. It's imperative by now that you have a long view Cashflow forecast in place that deals with both good and worst case scenarios so you are ready to react swiftly."

#FridayExpertTips COVID-19: Contingency Planning
"At some point the Government will diminish their Public health orders and we will be able to go back to the office. Things are not going to be the same on the other side of COVID-19. Businesses that address the issues head on through contingency planning, will be far more likely to create resilience and be able to revive quickly."

#FridayExpertTips COVID-19: Business Planning
"In times of crisis we often focus on ourselves and our own issues. However, in order to fully understand the long and short term impacts on your business, you have to understand the impact on those around you – your team, business partners, customers, industry, niche... and adjust accordingly."

COVID-19: Clients and new client opportunities

#FridayExpertTips COVID-19: Look after your clients
"People are open to hearing new ideas and solutions as they want to keep the wheels of their business turning as much as possible. Be a useful source of information for your clients during these challenging times, without expecting an immediate return."

#FridayExpertTips COVID-19: Trust matters
"When bracing for major economic challenges, customers will be looking closely at their budgets and being more careful with who they spend their money with and will only work with people and/or businesses they trust. Be that person!"

#FridayExpertTips COVID-19: Nurture new client opportunities
"Don't waste a single opportunity to turn leads into clients. Not all leads are ready to buy straight away, but you can increase the likelihood they become clients with a solid nurture strategy."

Disclaimer
This information is accurate on the day it’s published and is subject to change as the situation around Coronavirus (COVID-19) evolves. Our conclusions may not be valid if there is any change in those facts, circumstances and assumptions.  Accordingly, neither Azure Group Pty Ltd nor any member or employee of Azure Group, undertakes responsibility arising in any way whatsoever to any persons in respect of this alert or any error or omissions herein, arising through negligence or otherwise howsoever caused.

R&D TAX INCENTIVE DEADLINE FY2019 EXTENDED DUE TO CORONAVIRUS