New Measures around COVID-19

In our efforts to keep everyone as informed about what is happening as much as possible please see new developments that have been announced:

1. Insurers are now able to offer a 6 month deferral on insurance premiums for some small businesses. Not all insurers are taking part in this. Additionally any business customers who have to cancel any unused premiums as a result of the pandemic will not be charged any administration fees. You will need to contact your insurance company or broker to see if you can qualify for this.

2. Anyone who has had to cancel travel plans may be able to claim a refund on any unused travel insurance

3. The NSW Government has announced a $10,000 grant for small businesses. This is for businesses that have been severely affected by the pandemic. The grant is to help with fixed costs such as rent and utilities. – AS yet I have no further information around this but will advise as soon as possible.

4. Queensland OSR have announced some changes to payroll tax please see www.business.qld.gov.au/running-business/employing/payroll-tax/lodging/coronavirus-tax-relief for details

5. NSW OSR have also announced measures around payroll tax please see www.revenue.nsw.gov.au/taxes-duties-levies-royalties/payroll-tax for details

6. ACT OSR have also offered to waiver payroll tax for 6 mths April – September 2020

Should you have any questions about any of the above please do not hesitate to email admin@woodsaccounting.com.au and we will get back to you as soon as possible. Please understand that information is continually coming out and changes being made. Until measures are actually passed into law with clear guidelines any advice can only be a guide at this time.