Rising Tide Blog

Preparation is the key

Posted by Matt Hale

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It has become clear that there are two themes continually presenting themselves during the COVID-19 crisis. They are preparation and patience.

Today we will be looking at preparation. I will cover off patiencelater in the week.


At times of uncertainty like this, taking steps to ensure more positive outcomes is one of the few things that we can do to gain some comfort and peace of mind.

We are in unchartered waters and as such, there is very little certainty. But what we do know is that there are some key steps you can take to put yourself in the best position to ride things out.

If you are a business owner;

  1. Check the table below and see what you, your staff and your business may be eligible for from a stimulus perspective.
  2. Make sure you register for updates
  3. Get on top of your business numbers
    • Your cash flow forecasts
    • Review your budget
    • Prepare a contingency plan and get on the front foot
      • Engage with clients who may be affected and tell them what you are doing
      • Begin conversations with your bank
      • Discuss early with your suppliers if you foresee cash flow issues

Summary of available Federal and State (VIC) based incentives for businesses:

Who may be eligibleIncentive/GrantEligibility Requirement 1Eligibility Requirement 2Do Grouping Provisions Apply?Effective DateAction/How Apply
Business$100K PAYGW Grant (Min $20K)Aggregated turnover less than $50MMust employ staffYes18 April 2020 onwardsSubmit March BAS with PAYGW
BusinessPAYG Instalment ReliefMust be required to pay PAYG InstalmentsNANoImmediatelyCan vary to $Nil on next activity statement
BusinessInstant Asset Write Off $150KAggregated turnover less than $500MMust be qualifying assetsYes12 March 2020 until 30 June 2020. For assets used or installed by 30 June 2021, 50% deduction of cost of eligible assetEligible deductions included in FY20 tax returns
BusinessApprentices and Trainees – 50% Wage Subsidy for 9 Months ($21K Cap per eligible apprentice/trainee)Eligible Small Business with less than 20 full-time employeesMust retain an apprentice or traineeYesCan register from April 2020 onwardsTBC
BusinessPayroll Tax refunded FY20Business with annual taxable wages less than $3M Victorian taxable wages for FY19/20NANo27 March 2020 onwardsApplications made via SRO website
BusinessLand Tax deferral of paymentHold at least one non-residential property and total taxable landholding less than $1MNAYesDeferred to 31 March 2021SRO will contact clients directly
BusinessBusiness Support Grant $10KPayroll less than $650K and turnover greater than $75KBusiness subject to closure or highly impacted by shutdown restrictionsYesApplications open now. Payment dates TBCApplications made via business.vic.gov.au website
BusinessLiquor License – 2020 renewable liquor licence fees waivedAffected venues and small businesses.NAYesEffective ImmediatelySRO will contact clients directly

If you are a individual/employee;

  1. Check the table below and for what you may be eligible for from a stimulus perspective
  2. Make sure you setup a MyGov account. This site is where all the stimulus measures will be pushed through.
  3. Get on top of your personal finances
  1. Build a cash buffer!
    (Go through your transaction statements, cut any expenses you can live without)
  2. Prepare a contingency plan and get on the front foot.
  1. If you are renting, start conversations with your landlord
  2. If you are a landlord, talk to your Rental Manager
  1. Watch the conversation I had with Senior Financial Planner, Rebecca Pritchard here, it will give you a more details on some things to consider

Summary of available federal and state (VIC) based incentives for individuals:

Incentive/GrantEligibility Requirement 1Eligibility Requirement 2Effective DateAction/How Apply
Job Seeker PaymentsEmployment terminated or stood down. Cannot be in receipt of JobKeeper payments (refer below)Spouse income below $79,76227 April 2020 onwardsIndividual applies on MyGov or via Centrelink
Access $10K from SuperannuationEmployment terminated and eligible to receive Job Seeker PaymentsSince 1 January 2020, working hours reduced by 20%April 2020 onwards (dates TBC)Applications made via MyGov
Land Tax deferral of paymentHold at least one non-residential property and total taxable landholding less than $1MNADeferred to 31 March 2021SRO will contact clients directly
JobKeeper payments – $1,500 per fortnight, per eligible employeeTurnover less than $1 billion and turnover reduced by more than 30% compared to same period last yearBusiness is not subject to Major Bank LevySubsidy starts 30 March 2020, first payments 1 May 2020Applications made over ATO website