Last week, when the Prime Minister and Treasurer announced the JobKeeper package, I wrote this blog post and it sounded pretty good. There are some definite holes – I mean, most businesses don’t have the cash to pay staff between now and May 1st when the proposed JobKeeper payments begin to be paid and the recommended solution is to approach the bank. Banks are mostly being helpful in the deferral of payments for loans but as far as getting further funding fast – I’m not seeing much of this.
This is a $130 billion wages subsidy plan and over here at IQ, we want to make sure that every single one of our clients that is elligible for this package makes sure that they receive it.
The BIG problem right now is that this isn’t law yet. We have the original announcements from the PM and treasurer, lots more talking about it from various parties, a heap of media attention, some documents we can hopefully rely on to be replicated as law (like treasury documents) and some documents we should be able to rely on (like from other government websites). The reason that I write with such caution is that – you guys, some people got caught out on the last couple of announcements. With packages one and two (stimulus) there were EIGHT new bills that resulted. The bill is the law. Each of those bills has a couple of hundred pages of information to explain how they work and how they don’t work.
Until we get the one (I’m hoping for just “one” for my own sanity if nothing else) new bill, no one really knows how this JobKeeper package is actually going to work from an elligibility and a practical sense. What I am confident of is that it looks far more promising that when the original announcement was made and I stand by my original advice to REGISTER, watch and wait.
However, the purpose of this post is that I’d now really like the stress the importance of registering. It appears from the discussions since the original announcement and some of the documentation floating around on various websites (which I won’t reference here as the legislation still doesn’t exist) that more and more of our clients may be elligible.
Please don’t let the term “employer” put you off – “Self-employed” are also able to register their interest but will be reporting under a different format as the current example is that this will be done through payroll which some self employed people don’t use. So for those who take “owners drawings” – please also register.
How the IQ Team can help you:
There is an overwhelming amount of information flying around from various sources and some of it is conflicting. I am even seeing this from a professional sensein the accounting industry.The way we will communicate information with our clients across COVID matters will be as follows:
- Through blog posts for general information and general updates
- Social media to alert new blog posts and for general information and general updates
- We are offering all current IQ business clients a complimentary 10 minute consultation for COVID matters. If you have not taken advantage of this, please contact the office directly and speak with Jesika or email jesika@iqaccountants.com.au
- We have prepared a “Business Action Plan” (BAP) which is now a 20+ page document complete with checklists for business financial management and details all stimulus packages with application links. This is a live document that is updated regularly and re-provided clients who have already purchased the BAP as a complimentary update. The cost of this is $275 for existing clients, please contact the office on 07 5576 0011.
- We are offering e-meetings for all COVID matters and for all existing IQ clients this will be at the COVID rate. These meetings can be booked in 15 minute – 60 minute blocks.
The IQ team are here to assist you.
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