Unpacking the latest round (and the others) Small Business Stimulus Packages - COVID-19

Small Biz Matters – a half hour program each week where you can work ON your business rather than IN it.
with Alexi Boyd, broadcaster, advocate and small business owner.
Date: 31 March 2020

So much stimulation, but so much confusion.

Despite most of the major government agencies (and many great accounting & bookkeeping practices) publishing really clear summaries there is still a lot of unknowns. What is available? Which of the options applies to me, and how and importantly WHEN can I access it?

There’s lots of treats on offer from the Lazy Susan of Government Support so how does a small business owner make sense of it all?

Who better to take us carefully and sensibly through this maze than Kylie Parker, Accountant &  Director at Lotus Accountants | Author of Planning Plan B | Xero Alumni | Co-Founder AccounTEK Global AND internationally sought after speaker on all things accounting.

Welcome to the show Kylie.

Topics we’ll be covering:

• We’re onto round three of stimulus package so there’s a lot of misunderstandings as we all scramble to understand what the latest version means to us as small businesses. Can you take us through the latest stimulus package which was just released?
• Obviously the latest package is just an addition, an enhancement of the other former policies. As well as what has been offered lately, what else is available:
  • Employers
  • Those employing apprentices
  • Sole traders
  • What about Trusts?
• How will the business receive these funds and when?
• What should businesses and accountants & bookkeepers be wary of. Obviously safeguards are in place to ensure no one is taking advantage. What might businesses think they can get away with and how is the ATO going to catch you out?
• Now obviously extending the life of ANY loan has consequences. What should businesses be aware of before they request deferring a loan by 6 months?