Every day the continuing spread of corona virus brings more developments as governments worldwide introduce measures like social distancing and quarantine to manage its effects.

Stock markets are taking hits. Financial projections are shrinking. And it seems no business is immune to the disruption this virus is bringing.

But at Pherrus Financial Services we are keeping calm and carrying on, helping our clients to navigate their way through the challenges of these unusual times.

So if your business is being affected by COVID-19, Pherrus Financial Services can help you access the best tax and financial measures to protect your bottom line.

Get the financial help you are entitled to

The federal government has recently announced an economic stimulus package worth AUD$17.6bn.

It’s aimed at helping businesses and families across Australia keep going and make up for any shortfalls brought about by corona virus, which is severely disrupting the usual way of doing things.

For businesses there are many measures available, mostly aimed at small and medium sized businesses with payments available to support cash flow and the retention of trainees and apprentices.

We can help you identify which measures your business qualifies for and ensure your accounting practises are ready to accept them.

Get accountant help with your tax bills

The ATO allows businesses that are struggling with cash flow or a bad quarter to alter the way their tax bills are paid, or get an extension of time for the payment deadline.

With the advent of COVID-19, the ATO has also said it will consider giving grace for penalties and interest and tax liabilities that come after the 23rd of January 2020.

There are also low interest payment arrangements available for businesses that can show they have been affected by the virus, and more time to lodge returns, pay tax bills and respond to any issues.

Another option available is to change the way you report GST from quarterly to monthly so you can access any GST refunds that are due. There are also allowances for altering PAYG instalments for the March 2020 quarter.

All of these measures are dependent on the size and structure of your business, but we can give you expert advice to find exactly the right solution, whether it’s getting an extension on a tax bill or making an alternative payment arrangement.

Get help from Pherrus Financial Services

This is an unprecedented time. But it’s also a time when businesses need to reach out and get help when it’s offered.

The team at Pherrus Financial Services is staying as up to date as we can on the financial and tax measures the Australian government is introducing so we can give the best possible accounting advice and service.

Australian authorities are taking action to help the economy get through this challenging period, and it’s vital that we arm ourselves with as much knowledge as we can and use it to find relief.

Call us on (02) 9099 9109 and we’ll help you with expert advice and thorough, professional accounting.

The Insights published on our website have been written by our professional staff strictly for educational purposes. Please note that the information and views expressed above do not constitute professional advice and are general in nature only.

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