Second Government Stimulus Package - Key Points For Business & Investors

22 March 2020

Federal Government announced a second economic stimulus package at 11am on Sunday totalling an estimated $66B that is designed to combat the economic damage caused by COVID19 pandemic.  This brings the combined stimulus packages to $189B so far.

The key points for business and investors were:

  1. Small business (less than $50M aggregated turnover) who employ workers will be eligible for between $20,000 and $100,000 credit to their activity statement accounts from 28 April upon lodgement of the eligible activity statements.  These payments will be tax free and will also be made available to not-for-profits. 

    Under the scheme employers will receive a payment of 100% of their salary and wages withheld (up from 50% previously announced) with a minimum of $10,000 to a maximum of $50,000 to 30 Jun 2020. 

    An additional payment on the same basis will then apply for the July-October 2020 period.  Bringing the total to between $20,000 and $100,000 over the entire period.


ABA Announces Relief For Small Businesses

20 March 2020

Australian Banking Association Chief Executive Anna Bligh says all small businesses who are impacted by COVID-19 will be entitled to a six month deferral on all loans.

"All that businesses will have to do is register their need with their bank. Banks are not going to wait for businesses to come to them - they are, right now, out in the field, talking to their business customers, putting things out through their customer channels and telling customers how they can reach their banks to access this deferral of payments."

Ms Bligh said if they start to see any "similar critical need" in other parts of the community, including mortgages, this lifeline may be extended.

"But at this stage, the most urgent and pressing need is for small businesses, and this package delivers across $100 billion worth of small business loans."

“This is a multi-billion-dollar lifeline for small businesses when they need it most, to help keep the doors open and keep people in jobs,” Ms Bligh said today.

"It delivers up to $8 billion back into the pockets of small businesses as they battle with this virus and it impacts on their business."

The package is subject to authorisation by the Australian Competition and Consumer Commission (ACCC).

Whilst the banks are seeking to fast track approvals, the Council of Small Businesses of Australia are urging businesses to be patient as the banks are going to get a lot of calls.

We will send through further updates as they become available.

Sourced from

Covid-19 Management: Boyce Videoconferencing Update

19 March 2020

Boyce Chartered Accountants has implemented technology to assist with our valued clients still being able to meet with their accountants in a safe way during the need for social isolation, with the implementation of Microsoft Teams as you were advised earlier this week.

We are also implementing Zoom as an alternative option for clients that would prefer to use this application for the meeting. Zoom is a video conference technology that has a similar experience to that of Microsoft Teams. For those already using Zoom, this may be a preferable option.

When your Boyce accountant discusses the meeting with you, please indicate if you have a preference on the application used. If you do not have a preference your Boyce accountant will advise you what they feel would be most appropriate.

If you are going to use Zoom please see the below link to instructions on how to join the call and use the system.

Download the instructions for Zoom meetings here

If you have any concerns regarding meeting with Boyce and COVID-19 please contact the accountant you are meeting with. Boyce will assist in making the experience of meeting remotely as smooth as possible, so please contact us if you have any issues.

Covid-19 Management: Boyce Introduces Videoconferencing For Clients

18 March 2020

Boyce Chartered Accountants are making sure that we act in the most appropriate way to ensure our clients and our staff are protected from COVID-19, as reasonably possible. This will involve changes to how Boyce and our clients communicate and meet.

We are currently establishing Microsoft Teams, a video conferencing tool, throughout Boyce offices and will be using this to conduct meetings with clients. We may also be using other video conferencing tools such as Zoom as required and we will inform you of this, along with instructions, if used ahead of any meetings.

We appreciate that using Microsoft Teams or Zoom may be new to you. Please find instructions at the bottom of this page for how to use Microsoft Teams if your Boyce accountant organises a meeting with you using it.

If you have any concerns regarding meeting with Boyce and COVID-19 please contact the accountant you are meeting with. Boyce will assist in making the experience of meeting remotely as smooth as possible, so please contact us if you have any issues.

Client Portal

Boyce are also currently in the process of developing a client portal that will assist with the process of sending and receiving information securely, without the need for physical interaction or materials. We will be trying to accelerate the client portal and will communicate with you in the near future about it.

Please contact your local Boyce accountant if you have any questions relating to Microsoft Teams and meeting remotely.

Download the instructions for Microsoft Teams meetings here

NSW Government $2.3 billion health boost and economic stimulus package announced

18 March 2020

Following on the from Federal stimulus package announced last week, the NSW Government announced today a $2.3 billion “health boost and economic” stimulus package. 

The package has two key components:

  • $1.6 billion in tax cuts, including cuts to Payroll tax.
  • $700 million in extra health funding

Payroll tax cuts

  • Payroll tax will be waived for three months for businesses with annual payrolls of up to $10 million (i.e. there will be no payroll tax for the last quarter of the 2019/20 year).
  • Bring forward the next round of payroll tax cuts by raising the threshold from the scheduled $950,000 up to $1 million from 1 July 2020.

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