Brew Accounting can assist in deciphering the myriad of stimulus options specific to the hospitality industry and have designed an in depth 50-page COVID-19 Reference Guide to the tax and financial support that might be available to you.
The guide covers what stimulus and support measures you can access, how they are calculated and how you go about registering for them for every state across Australia.
The stimulus and support packages help, but there are gaps and they will not return most adversely impacted businesses or people back to their pre-pandemic position. It will all take time.
It’s important to understand the timing of each of the measures as many are not immediate. You also need to understand who is eligible and how. Brew are available to help you as much as they can to ensure that you have the right information and can make valid strategic decisions.
There are a few peculiarities with the support measures and incentives, and they will not apply equally across the community so it’s important to understand how it all works so that you are able to access the support that is available to you.
There is an additional NSW Govt $10,000 grant offered under a new assistance scheme similar to one available for small business after the bushfires. It is about getting cash into small businesses and designed to provide financial help fast for businesses impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020. It can be used for financial advice, to pay utilities and legal costs.
To download the Covid-19 Stimulus Guide click here>>>> https://www.brewaccounting.com.au/convid-19-stimulus.html
What still needs to be done?
Once you have mastered the stimulus packages and managed your employees to allow them to take advantage of the Jobseeker/Jobkeeper and Stimulus packages, your next task is to work out what still needs to be done at your venue.
Joanna from Brew has compiled the following list of tasks that may need to be done at your venue during the shutdown:
- All ongoing supplier invoices need to be processed
- Bank reconciliations must be completed
- PAYG & BAS is still required to be prepared and lodged
- Jobkeeper & entitlements of employees that have been stood down should be processed and wages/Jobkeeper processed for current (or non-stood down) employees
- Workers comp and insurance calculation can be adjusted down so ongoing fees are reduced
- Super must be processed and paid
- Monitor and manage your business enquiry e-mail address
- Stimulus package benefit maximized, and updates provided as this unfolds. The govt has announced the packages and that more stimulus is likely but the ATO is still working out how to put it into practice, so it is changing as the stimulus is refined
- Review your current contracts and work with them to renegotiate or cancel these.
Brew Accounting manage a cloud-based accounting system that is perfect for clubs and hotels during the lockdown as they can work remotely with your venue to finalise the above tasks.
But where on earth do you start?
You need to be armed now with the facts, the figures and the right help and solutions to get you through. So, Brew are offering a FREE 30 minute “how to maximize your stimulus package” consultation.
Whether you are a pub, club, restaurant or any hospitality venue right now, there is a real fear about how the current COVID-19 crisis will impact and threaten your financial security, livelihood and the future of your business or savings.
To contact Brew Accounting for your free 30 minute “how to maximize your stimulus package chat” leave a message online HERE or by contacting Joanna on 0405 027 250 or (02) 4268 2908.
To find out more about Brew Accounting click here>>> https://www.brewaccounting.com.au/hospitality.html
Brew Accounting Pty Ltd
Phone 0405 027 250 | Web brewaccounting.com.au