Protect Your Small Business During Covid-19
March 17, 2020
The time to prepare is now.
This is a period of change with many different rules coming into effect due to the threat of the spread of the COVID-19 virus. We know that things will be slowing down for some businesses who rely on serving the community such as hospitality and events-based businesses. If you are feeling the effects of cancellations and less customers, we have compiled some information and tips for making the best of this time as we work to stay safe together.
ATO Support Options
The federal government has announced a tax stimulus package to help small and medium businesses effective immediately. The ATO is increasing the instant asset write-off from $30,000 to $150,000 from 12 March 2020 until 30 June 2020. And have added an accelerated depreciation deduction to 50% on eligible assets from 12 March 2020 until 30 June 2021. This means small business can use this instant write-off to invest in equipment or renovations.
This instant write off applies from 12 March 2020 until 30 June 2020, for new or second hand assets first used or installed ready for use in during the dates listed above. There is also a tax-free payment equal to 50% of the PAYG withholding on the employee’s salary and wages paid. The minimum payment is $2,000 and the maximum payment is $25,000. There is also a subsidy available of up to 50% of an apprentice or trainee wage.
Use Extra Time To Cross Train Staff
Cross-training employees during slower periods is a great way to improve your team's skill set and capabilities. This is the right time to create a more active and engaged work force. Plan to use some of your slower times to develop staff skills and abilities and build a stronger workforce while also making employees feel valued.
This is great way to upskill your work force and make them adaptable. Look where different staff members can learn more about how the business works as a whole. This will ensure coverage of duties and tasks when someone is absent, sick or must remain under quarantine.
Virtual Meetings
In the near future we may find that we have to self-quarantine or certain areas will be in lock down due to hot spots of the virus. Set up your systems now so that you can check in and meet virtually with your clients and team. There are plenty of great meeting solutions such as Zoom
or GoToMeeting. Look into which options suit your needs and sign up for a trial subscription you can test now before you need it.
Cloud Based Systems
If you haven’t already made the move, now is the time to set up cloud-based systems so you can access your accounting, business records and files from anywhere. If you have specific questions about using cloud based bookkeeping software, please do not hesitate to give us a call. We are always happy to help.
Stay Safe
During this complicated time for businesses of all size we hope you are able to stay well. We have been working with our team and clients virtually for years. If you would like any specific advice on what has worked well for us please get in touch. We are always happy to help via phone or via a virtual meeting. Stay safe everyone!
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