Mukiwa logo
Covid 19 Blog 2 Image
What a different world we now live in!

It was just over a week ago that we wrote to our clients and partners with the outlines of the government’s 1st stimulus package. Whilst most were taking it seriously, it would seem many weren’t prepared for how quickly it would escalate, to the point that we now find ourselves pretty much in a lockdown situation and trying to decipher a 2nd round of government aide initiatives.

Click here to read the Treasury’s latest Economic Response to the Coronavirus.

There have been so many announcements & guidance that it is hard to keep up to date with everything. As a result we are receiving a significant number of calls from clients who are unsure how all these measures might benefit them, so that they can hopefully keep their doors open.

We have therefore tried to summarise where we stand, right now, in the following 4 key areas:
  1. Federal Government Stimulus Package 2.0
  2. State Government Initiatives
  3. ATO Assistance
  4. Banks & Lending
We have included a complimentary PAYWG calculator model for download in our Federal Government Stimulus blog to assist you in calculating any PAYGW rebate you may be due and when.

Obviously, the situation is very fluid and these articles may be out of date very quickly. We will endeavour to keep them current but please contact us should you have any questions or require clarification.

We also came across this great YouTube clip on the CoronaVirus - worth watching if you are still unsure on how the virus reacts with the human body and how it is spread.

Office Closure

We want to advise our clients that our physical office is now closed and we are working from home for the foreseeable future.

Mukiwa is 100% cloud-based, meaning our team can operate at full capacity from anywhere around the globe – all we need is an internet connection.

So, please be rest assured that we are still here for you and will be focusing on ensuring our business clients bookkeeping is up to date so that we can lodge the March BAS returns just as soon as possible.

What Is Mukiwa Doing to Help?

Our team of awesome consultants are doing everything they can to provide support for both you and our business. To assist you financially, Mukiwa will be keeping our client rates unchanged for the next financial year.

We are also waiving all fees on credit card payments with immediate effect.

We are very conscious that clients may look at bookkeeping and accounting services as an unnecessary evil during these tough times. However, it is exactly at times like this that we feel we can add the most value.

Not only will we ensure your BAS return is lodged (and therefore the rebate applied) but we are here to give you comfort and help you through these times, particularly when it comes to better understanding your numbers and what costs can be cut, or payments deferred.

So, please reach out to us.

Of course, our ability to continue to operate is very much reliant on our clients being able to pay our fees. We fully appreciate that times are very tough right now and we would therefore encourage you all to talk to us at any time should you find yourself unable to pay your invoice(s). We have some options and would prefer to have an open and frank discussion with you sooner rather than later.

Business Continuity Plan

Our complimentary CoronaVirus Business Continuity Plan (BCP) was sent to every business client last week - if you haven’t received it, please let us know and we will happily send it through again.

No two businesses are the same, however there will be a number of similar actions that each business owner can take to help keep those doors open for longer. The BCP should help guide you through a number of the steps you should be taking NOW.

Again, please reach out to us to discuss this further.

F.E.A.R.

In our Team meeting this morning, we discussed that at times like this, there is a very natural tendency for humans to feel fearful.

We chose the 2nd meaning of F.E.A.R and it is how we have decided to approach COVID-19.
F.e.a.r.
I was having a conversation with Steve Quinlan from The Sales Desk this morning. He was expressing his obvious concerns, particularly in relation to his staff and contractors. However, we both agreed that, cash flow permitting, this is a great opportunity to spend time focusing on the business. So, we would encourage you all to use this as an opportunity to streamline your business and complete all of those business development tasks that you’ve been putting off because you were too busy. Here at Mukiwa, we are going to really focus on bedding down, documenting & improving our internal processes.

Steve believes this is the time for small businesses to think differently when it comes to sales and lead generation. If you want to have a chat to Steve, and how he might be able to assist your business, please reach out to him through his website by clicking here.

Be Kind to Yourself

There is no doubt about it, there are tough times ahead. It is important therefore to take some time to look after yourself, particularly if -
  • your business is markedly suffering as a result of COVID-19, or
  • you feel stuck working from home, without the ability to get out and socialise with your employees and peers.
Our advice would be to ensure you put on some uplifting music. Ben in our office can recommend a number of great country music sound tracks. And you would be amazed how good the Xero Community Spotify play list is (no kidding!).

You should ensure you get in some exercise – even if that means a quick body workout on your lounge floor (there are a ton of apps out there offering free training workouts).

And, if it all still seems too much, reach out to a family member, friend or your Mukiwa consultant. We are already hearing of business owners taking their own lives as they feel there is no way out of this. There is always a way out and we are always here to help you with a steady hand.

If you would like to speak to someone professionally, another of our clients, Dorian Richard’s has offered his services to Mukiwa clients. Click here for Dorian's contact details.

As mentioned above, we have outlined the 4 main key areas where there is currently assistance to businesses or individuals. We will bring you more updates and advice on a regular basis and will make articles available on our website. If you would like us to promote your business to our network, please reach out to us and we will be sure to mention you in the next edition.

The Mukiwa Team wishes everyone the very best – stay strong and don’t be afraid to reach out for help.

1. Federal Government Stimulus Package 2.0

Covid 19 Stimulus2
The Australian Government has announced two Economic Stimulus packages to the sum of $189 billion thus far. Whilst it passed into law last night, we are still working through the details, particularly when it comes to how certain rebates are calculated and who is eligible.

Tip: If you prepare your own BAS return, you may wish to reach out to have Mukiwa review prior to lodging, to ensure any calculations are correct and you’re maximising any rebate opportunities.

The packages includes both cash and tax incentive measures, as followed:

Read more

2. State Government Initiatives

State Government

New South Wales


Payroll Tax Concessions
For businesses whose total grouped Australian wages for the 2019/20 financial year is less than $10M:
  • will have their annual tax liability reduced by 25% when they lodge their annual reconciliation, which is due on 28 July.
  • For those customers who lodge and pay monthly will have no payment required for the months of March, April or May 2020 will be required. ie. the payroll tax is completely waived.
Read more

3. ATO Assistance

Ato
Tax Payment Deferrals

The ATO is providing SMEs payment deferral concessions for businesses directly impacted by COVD-19.

They are outlined as followed:
  • Deferring by up to 4 months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise.
  • Allow businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get faster access to GST refunds they may be entitled to.
Read more

4. Banks and Lending Institutions

Top 4 Banks
Banks & Lending Institutions
We anticipate banks will be changing and updating their concessions and initiatives on a regular basis.

If your finances are with an independent bank, contact them directly or visit their website for current updates.

To ensure our clients have the most up to date information, we have simply included links below to the relevant information pages for each of the major banks.

Read more
linkedin twitter