With the sudden COVID19 outbreak, many businesses have been left wondering what is going to happen to their businesses. While some businesses are still able to carry on with work they are still feeling the pinch as customers grow concerned over where their own paychecks are going to come from leading to overall spending taking a fall. Some businesses have sadly had to close their doors altogether during this time. Now with the Australian government taxation assistance businesses will have some light at the end of the tunnel. Whilst nobody’s here to talk about the pros and cons of outsourcing right now, BOSS accounting outsourcing will be here to guide their clients through all of these changes in order that their own clients reap the benefits.
Accounting firms need to know that their clients need their assistance to receive extra capital and to receive the government benefits on offer. They also need to ensure that they protect all future business and tax affairs. Loans still have to be repaid and taxes need paying. Although taxes may be postponed they will not go away. Super funds in pension mode need to lodge returns to get refunds. Accounting firms might want to discuss the following with their own clients.
The following is a specially prepared letter drafted by BOSS to send out to clients of Australian accounting firms in order to navigate the path through the current COVID situation affecting Australian businesses:
“Dear [client name]
The Australian government has announced changes to assist Australian businesses and we urge you to contact us immediately so that we can help you with the offerings currently available.
Do you have PAYG Instalment obligations? You may not have to pay the same amount this month/quarter as you did in previous periods. Talk to us for better estimates. You may also be eligible for refund of PAYG Instalments that you have already paid.
Do you operate a business? Is your annual sales less than $50 million for last financial year? Did you pay wages? You could be eligible for a benefit payment of $10,000 to $50,000 in your next activity statement. Also, you could be eligible for a working capital loan up to $250,000 with an initial 6 month repayment holiday.
Do you have outstanding bulk bookkeeping work and overdue tax obligations? It’s time you talk to the tax office and get it sorted. You could be eligible for interest remissions and low interest plans.
Would you like early access to your GST refunds? You may be eligible for changing your quarterly reporting obligations to monthly.
Would you like to have an idea of your business position in future? We could do cash flow projections for you.
Has your business faced direct impact owing to COVID-19? You could be eligible to defer your tax payment obligations up to 4 months.
Do you have apprentices and trainees as a part of your workforce? You could be eligible for subsidies amounting to 50% of their wages.
Do you have a superannuation account? You could be eligible to withdraw $10,000 by mid-April.
If you think you need help contact us immediately to discuss what we can do for you.
[your signature] “
BOSS outsourced accounting services manager says, “BOSS clients need to keep abreast of all the changes the government may make during these times and to contact BOSS with any questions they may be facing in order to assist their own clients through these challenging times.”
About Back Office Shared Services Pty Ltd (BOSS):
BOSS is an Australian-based outsource accounting work provider that offers fixed fee services carried out by fully qualified accountants and bookkeepers to supplement accounting staff. Streamlining operations for accounting firms and business owners, every BOSS accountant is fully-trained in Australian accounting standards, Self-Managed Super Funds, tax procedures and law. All outsourced accounting specialists work in BOSS’ overseas offices and never at offsite locations.
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