COVID-19 STIMULUSExplaining the ECONOMIC

response

Prepared by Kyelie Baxter CPA Managing Partner IQ Accountants

Current as at 31 March 2020 iqaccountants.com.au

Disclaimer

The information in this webinar and associated slides aims to provide informationof interest to the attendees as at the date of the presentation. While every efforthas been made to ensure accuracy, information contained may not be complete,may have changed or may not be relevant to or appropriate for yourcircumstances. Attendees must not use the information without seekingprofessional advice. The information is not intended as legal, accounting, financialor tax advice. IQ Accountants are not liable to you or anyone else for decisions oractions resulting from placing reliance on this information. The documentsprovided following the webinar may contain links to other website maintained bythird parties. IQ Accountants do not control these sites and are not responsible forthem or their content. IQ Accountants is a CPA Practice. Limited Liability by ascheme approved by a Professional standard Legislation.

$20K - $100K CASHFLOW BOOST FOR EMPLOYERS

Accounting firmBookkeeping firm

Australian Accounting Awards 2019Partner of the Year (Boutique Firm)MYOB 2019 Certified Consultant of theYear2018 MYOB Accountant of the YearFinalist in the Telstra Business Women’sAwards.

Managing partner of IQ Accountants on theGold Coast.

Multi Award Winner including:

AB

OU

T M

E

March BAS = April 20201

2

3

4

1

2

3

$20K - $100K CASHFLOW BOOST FOR EMPLOYERS

had an ABN on 12 March 2020makes a payment from which an amount isrequired to be withheldhad not entered into a scheme, and;either:

a 2019 tax return was lodged by 12th March2020 with an amount included in itsassessable income in relation to carrying ona business; oran activity statement was lodged between1/7/2018 and 12/03/2020 where the entitymade a taxable supply

The payments are only eligible where employers:

5

6

7

ELIGIBILITY

$20K - $100K CASHFLOW BOOST FOR EMPLOYERS

April BAS = May 2020

May BAS = June 2020

June BAS = July 2020

July BAS = August 2020

August BAS = Sept 2020

September BAS = Oct2020

March Qtr BAS = April 2020

June Qtr BAS = July 2020

September BAS = Oct 2020

Monthly Lodgers Quarterly Lodgers

BOOST ONE BOOST TWO

June BAS = July 2020 June Qtr BAS = July 2020

Apr Apr May Jun Jul Jul Aug Sep Oct Oct

25,000

20,000

15,000

10,000

5,000

0

Quarterly BAS

Example - Cashflow Boost Payments timing

Ben

efit

$

Monthly BAS$44,000 in total benefits

$2

0K

- $

10

0K

CA

SH

FLO

W B

OO

ST

FO

R E

MP

LOY

ER

S

Apr Jul Oct

Example based on $11k of PAYGW  for March and June Qtrs

Wa

ges

Su

bs

idy - J

ob

kee

per

NOT YET LAW

Leas

es a

nd

Ren

t

AP

PR

EN

TIC

ES

AN

D T

RA

INE

ES

Apprentices AND TRAINEES

In training as at 1 March 2020

Less than 20 employees andretain an apprentice or

trainee

Must retain theapprentice/trainee

Eligibility:

Installed and ready for use by June 30thCost incurred on or after 12th March 2020 but before1st July 2020

The instant asset write off has been increased from$30,000 to $150,000 for businesses with a turnover ofless than $500m.

DE

PR

EC

IAT

ION

AN

D G

OV

ER

NM

EN

T B

AC

KE

D L

OA

NS

Government backed loans

instant asset write off

WA

$ 6 0 7m

N T

$ 6 5m

V I C

$ 1 . 7 b

SA

$ 6 5 0m

N S W

$ 2 . 3 b

A C T

$ 1 3 7m

Q L D

$ 3 b

TA S

$ 4 2 0m

ST

AT

E E

CO

NO

MIC

ST

IMU

LUS

20

20

Current as at 30 March 2020