With the Coronavirus (COVID-19) creating worldwide uncertainty, it has been fantastic to see the Australian Government recognise the impact that this is likely to have on small and trades businesses with their new stimulus package.
It can be challenging in normal circumstances when you are running a trades based business with tight margins and staff on the payroll. Throw a Global pandemic in the mix and things can start to look dire quite quickly, with non-essential work delayed or cancelled until further notice. When a business needs to start looking at overheads, staff can be one of the most cash intensive aspects of the P&L and one of the first areas that needs to be cut back.
So what is being done to solve this problem?
The Australian Government have created a package that will help to keep staff employed during this uncertain period.
Small and medium sized businesses will receive a financial allowance of up to $25,000 to keep staff in employment, based on the tax withheld and paid by the ATO. For businesses that hire apprentices, there will be a 50% wage subsidy that can be back-paid from January 2020 and that will extend until end September 2020.
Office Shed provides admin support for trades based businesses and have been monitoring the current landscape, to keep their customers informed and up-to-date.
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