Dear Valued Client,
We sincerely hope this report finds you safe and well and wish that we are reaching out to you under better circumstances.
The coronavirus (COVID-19) that was declared a global pandemic on 11 March 2020 has had a major impact on the Australian economy and both business and individuals alike. The situation continues to evolve on a daily basis as Governments at all levels continue to implement ever greater levels of restrictions, with the Prime Minister proposing a 6 month estimate for the current social distancing guidelines.
We are truly in unprecedented times.
Our team and I are acutely aware of the stress and anxiety the lockdowns are having on many of our clients.
As you are well aware, the Federal and State Governments have announced a raft of measures to provide relief to affected businesses and employees. Some of these provide a direct financial benefit whereas others offer administrative and cash flow relief by deferring obligations such as BAS lodgement/payments or allowing limited access to superannuation.
We have spent the last week pivoting our business and tax focus to be on upskilling our team on providing accurate and pragmatic advice to our clients on the announced government incentives and cash flow management tools that our clients need to manage through the difficulties currently being experienced.
It is important to note that many of the relief to employees are effectively accessed through the employer. This includes the JobKeeper Payment of $1,500 per fortnight for affected employees, so it is critical that you assess all available relief not just for your business but for your staff as well.
Please note that the avenues of relief summarised are current as at the date of mailing. Legislation is expanding as the COVID-19 situation develops and we will advise you as and when provision change, or new relief becomes available.
As tax agents, we have always strived to ensure our clients have achieved the best outcome and compliance with the myriad business legislation in Australia. We believe this is especially true in these uncertain times and our team continues to work to provide timely advice and ensure our clients access all benefits available to them.
We will endeavour to have your regular advisor contact you over the next few days. However, please do not hesitate to contact myself personally or any of our team using our regular contact details should you have any immediate concerns or questions. Moving forward you will be hearing from us regularly and we will be ensuring you have the right advice and tools to navigate the coming months.
On Behalf of the Traverse Accountants Team