While there is no need to panic, all businesses should be considering the impacts of Coronavirus. For medium and small business, the Federal Government’s economic stimulus package brings some welcome news, and a handful of benefits.
By ATB Partners
In the past week, the Federal Government has ramped up its response to the global crisis surrounding Coronavirus.
Part of that response is a $17.6 billion economic stimulus package, designed to help protect Australia, on the back of what has been a fairly trying first three-quarters of the financial year.
We’ve had devastating bushfires and floods, now we face the threat of Coronavirus. The impact here is difficult to fully determine, as some parts of the world go into shutdown and put jurisdictions into quarantine because of its severity and epidemic proportions.
As a nation, we have been fortunate so far. And with the right precautions in place, in acting swiftly and appropriately to the potential threat of Coronavirus, we can continue to weather the storm.
But of course there remain some very real possibilities: people taking extended periods of time away from work, less overseas visitors spending their cash here, volatile exchange rates and investment markets … as well as the very real need for businesses in sectors like tourism, health, aged care and education to put in place new occupational health and safety protocols to protect both staff and customers.
All businesses should be planning ahead, and looking at strategic risk management.
For medium and small business, the Federal Government’s economic stimulus package brings some welcome news, and a handful of benefits. We’ve outlined them here.
While the Bill is not expected to be introduced to Parliament until the end of the month, here’s what’s on the table right now.
The ATO has also made a pledge to ensure that as much information (and it’s own trained staff, where possible) are more available in the coming weeks to assist with general public interaction and answering questions around the details of these new measures.
It’s a pretty comprehensive package, which will assist thousands of Australian businesses at a time when it’s needed – much is uncertain right now.
There is no need for panic, but all businesses should be considering their own response to Coronavirus. It needs to be on the radar.
We encourage you to look at what’s available, and to see how your business might best put these grants and tax breaks to good use.
If we can help with further advice, please contact us.