At MDL and WSL we see ourselves as more than your lawyer, we consider ourselves to be your business partner. Whether you are a small business owner worried about your business viability, collecting debts and managing staff levels, or an individual worried about your job security, or the status of your Will and Power of Attorney, we’ve got your back.
| For advice regarding: | Speak to: |
| Government Loans – Stimulus Package Options – Government initiatives | Andrew Taylor Ph 07 3233 9904 Andrew Pye Ph 07 3002 7428 |
| Employer Advice – employee stand downs – converting employees to part time – redundancy options | Ben Schefe Ph 07 3233 9923 |
| Debt recovery options – maintaining cash flow | John Warlow Ph 3002 7419 Ian Neil Ph 07 3233 9911 |
| Bank offers/initiatives – bank negotiations – repayment extensions | Nathan Hardman Ph 07 3233 9910 |
| Rent relief – landlord negotiations – leases | Stephen Gibson Ph 07 3478 5217 |
| Insolvency, bankruptcy and asset protection – early action can reduce personal exposure | John Warlow Ph 07 3002 7419 |
| Covid-19 clauses – new contracts may need an escape clause if you can’t settle | Andrew Taylor Ph 07 3233 9904 Andrew Pye Ph 07 3002 7428 |
| Wills and Powers of Attorney | Jon McCarthy Ph 07 3370 5113 Bruce Durie Ph 07 3370 5100 |
What Government Loans and Stimulus Options Are Available?
It is likely that your business is entitled to some relief from the below economic stimulus packages, but it is crucial to seek advice quickly, as strict cut-off dates apply
• NEW JobKeeper Payment – Under the JobKeeper Payment, businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum period of 6 months. For full details click here.
• Increase the instant asset write off threshold from $30,000 to $150,000 and expand access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020. For full details click through.
• Cash Flow Boost for Employers by up to $50,000 with a minimum payment of $10,000 for eligible small and medium-sized businesses. The payment will be tax free. For full details click here.
• An additional payment is also being introduced in the July – October 2020 period. Eligible entities will receive an additional payment equal to the total of all of the Boosting Cash Flow for Employers payments they have received. This means that eligible entities will receive at least $20,000 up to a total of $100,000 under both payments.
• 15-month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct an additional 50 per cent of the cost in the year of purchase. For full details click here.
• Small businesses support for jobs of around 120,000 apprentices and trainees.
• Coronavirus Impacted Regions and Communities – $1 billion to support those sectors, regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education.* For full details click through.
Expressions of interest are now open for a $500 million loan facility to support Queensland businesses, impacted by COVID-19, to retain employees and maintain their operations.
The loan facility will comprise low interest loans of up to $250,000 for carry on finance with an initial 12-month interest free period.
If your business has been affected by COVID-19, you may be able to apply for a relief package to defer lodging and paying payroll tax returns until 31 July 2020. You may be eligible for the relief package if:
• you are an employer (or part of a group of employers) who pays $6.5 million or less in Australian taxable wages, and
• your current turnover, profit, customers, bookings, retail sales, supply contracts or other factors—compared with normal operating conditions—have been directly or indirectly affected by COVID-19.
The $1.1 million ‘Market Ready’ initiative will provide tailored export advice to small and medium size enterprises (SMEs) on leveraging opportunities in the Chinese online market, support brand development by providing market intelligence and expert advice for exporters entering new markets and host China market development forums to provide practical export advice.
For advice regarding State and Federal Government grants, loans and stimulus packages speak to Andrew Taylor Ph 07 3233 9904 or Andrew Pye Ph 07 3002 7428.
To read more about cash flow assistance provided by the government click through to the Australian Government Treasury here.
