From Monday 22nd March Jigsaw Tax and Advisory have put in effect a policy for staff to work from home in a bid to protect both staff and clients. If it is necessary for you to drop off documents into the office please arrange this with staff beforehand by calling (02) 4821 7069. At this point in time we will not be taking face to face meetings. The best way to do that is to call or email our office to organise a Zoom or telephone appointment to discuss your situation.
We understand there is a sense of urgency for many of our small business and individual clients to access the Government stimulus packages and as such we are currently experiencing a high volume of emails and phone calls at this time and may be delayed in responding to them all so please remember if you have any queries to follow us on Facebook for all of the latest information.
In order to answer as many questions as possible, we are regularly putting together Facebook live Q&As and Webinar information sessions to help ease to uncertainly you may be feeling and help answer all your questions. https://www.facebook.com/JigsawTaxAdvisory/
Some of the latest stimulus packages available for individuals, sole traders and partnerships includes (as at 24/03/2020):
- Access to superannuation
Apply for early access of Superannuation to be released from Mid-April 2020
upto $10,000 in FY2020
upto $10,000 in FY2021
- Jobseeker Allowance
Removal of many tests (e.g. Asset tests)
Reduction in deeming rates
Reduced waiting times
Proposed – removal of partner income test; removal of mutual obligations
- Coronavirus Supplement
Additional $550/fortnight for recipients of Jobseeker Allowance or other Allowances
- Support payments to Veterans, social security and other income support recipients and eligible concession card holders.
$750 cash payment
- Self funded retirees
Reducing Superannuation minimum drawdown requirements for individuals in pension phase
Some of the latest stimulus packages available for small and medium businesses includes (as at 24/03/2020):
- Support for Apprentices and trainees
50% wage subsidy
- Boasting cash flow for Employers
Employer payment equal to 100 per cent of their PAYG/W (label W2 on BAS)
- Backing business investment
Increased instant asset write off threshold to $150,000 per asset
Accelerated depreciation of 50% for assets over $150,000
- SME Guarantee Scheme
Unsecured loans of up to $250,000 available; no repayment for 6 months. 3 year loan terms
- Creditor demands
Increasing the threshold which creditors can issue Statutory demand on a company and the time a company has to respond to demands they receive. The package also includes temporary relief for Directors from any personal liability for trading while insolvent due to unforeseen circumstances that arise as a result of the Coronavirus health crisis.
- Assistance to affected Industries, communities and regions.
- Tax obligation relief for some small businesses on a case by case basis
If you are looking for additional detailed information the Government website has multiple sections on what support may be available for you: