My business is in hibernation amidst COVID-19, now what? COVID-19 support is available.
If you’re a small business owner, sole trader or freelancer facing struggles due to COVID-19, you’re not alone. And there is help that you can potentially draw on. The government has released some helpful financial support to ensure you can stay afloat in these uncertain times.
For the most up to date information it is always best to check the COVID-19 Australian government website, but some key highlights at the time of writing this blog are:
- Help with the payment of your energy bills until 31 July 2020 (check this link for details)
- You may be able to:
- delay payment
- pay your bill off in smaller amounts
- avoid disconnection
- You may be able to:
- The jobkeeper payment support payment will enable any eligible (if your business has lost or will lose +30% in turnover) self-employed person get a wage subsidy regardless of what business structure they use (even if you are a sole trader)
- If eligible, the Government will provide you $1,500 per fortnight per eligible employee (to you if you are a sole trader) until 27 September 2020
- The increased instant asset write-off will help your small business write off more assets (and realise tax deductions) in this tax year
- The Government has lifted this threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020
- This will help you receive a better tax return and if you have adequate cash flow, it may be a good time to invest in assets for your business
- The Backing Business Investment (BBI) tax support enables businesses to deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.
- This tax support package will enable businesses to increase deductions in this tax year to improve your business’ cash flows
The nature of the government support package is heavily enabled through your tax return. It is therefore important that you use software such as Sole (which is free until 30 June and for your first month if you sign up after) and talk to your accountant about what you are eligible for.
Sole is currently helping small businesses just like yours by having our CA certified accountants look at your business and finances before tax time. All you have to do is sign up for free and give us a bell (leave your name, number and email) at mybusiness@soleapp.com.au and we will be in touch.
Note: Any advice or commentary in this blog is general advice and requires validation from a registered accountant to make sure it is appropriate for you.
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COVID-19 Support – What is Available to Sole Traders & Small Business?
5 July 2020
Business tips & insights
My business is in hibernation amidst COVID-19, now what? COVID-19 support is available.
If you’re a small business owner, sole trader or freelancer facing struggles due to COVID-19, you’re not alone. And there is help that you can potentially draw on. The government has released some helpful financial support to ensure you can stay afloat in these uncertain times.
For the most up to date information it is always best to check the COVID-19 Australian government website, but some key highlights at the time of writing this blog are:
- Help with the payment of your energy bills until 31 July 2020 (check this link for details)
- You may be able to:
- delay payment
- pay your bill off in smaller amounts
- avoid disconnection
- You may be able to:
- The jobkeeper payment support payment will enable any eligible (if your business has lost or will lose +30% in turnover) self-employed person get a wage subsidy regardless of what business structure they use (even if you are a sole trader)
- If eligible, the Government will provide you $1,500 per fortnight per eligible employee (to you if you are a sole trader) until 27 September 2020
- The increased instant asset write-off will help your small business write off more assets (and realise tax deductions) in this tax year
- The Government has lifted this threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020
- This will help you receive a better tax return and if you have adequate cash flow, it may be a good time to invest in assets for your business
- The Backing Business Investment (BBI) tax support enables businesses to deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.
- This tax support package will enable businesses to increase deductions in this tax year to improve your business’ cash flows
The nature of the government support package is heavily enabled through your tax return. It is therefore important that you use software such as Sole (which is free until 30 June and for your first month if you sign up after) and talk to your accountant about what you are eligible for.
Sole is currently helping small businesses just like yours by having our CA certified accountants look at your business and finances before tax time. All you have to do is sign up for free and give us a bell (leave your name, number and email) at mybusiness@soleapp.com.au and we will be in touch.
Note: Any advice or commentary in this blog is general advice and requires validation from a registered accountant to make sure it is appropriate for you.
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Frequently Asked Questions
What financial support was available to Australian sole traders during COVID-19?
Australian sole traders may have been eligible for government support measures such as JobKeeper payments, energy bill assistance, tax relief initiatives, and asset write-off incentives.
What was the JobKeeper payment for sole traders?
JobKeeper was a government wage subsidy program that provided eligible sole traders and businesses with financial support if they experienced a significant decline in turnover.
What is the instant asset write-off?
The instant asset write-off allows eligible businesses to claim an immediate tax deduction for qualifying business assets, helping to reduce taxable income and improve cash flow.
Why is accurate bookkeeping important when applying for government support?
Accurate bookkeeping helps businesses track income, expenses, and eligibility requirements, making it easier to access government assistance and prepare tax returns correctly.
Should sole traders seek professional advice before claiming government support?
Yes. Government assistance programs often have specific eligibility requirements and conditions, so consulting a qualified accountant or business adviser can help ensure compliance and maximise available benefits.
