1 April 2020
In this e-Alert we specifically focus on financial and business considerations associated with the current COVID-19 situation.
There are no easy answers and every business is going to have different circumstances. However we endeavour to make the path clearer and provide information regarding the potential strategies for your business in relation to the COVID-19 related impacts.
As we have seen from the government annoucements over the previous weeks, changes can occur very rapidly, therefore plans will need to be continually re-visited. Be conscious of how much time you may (or may not!) have to make decisions. During such a period of disruption, constant monitoring of the situation and how it impacts your business will be prudent.
How is your industry affected?
Certain industries are going to be more directly impacted than others, for example tourism and hospitality, however it’s unlikely that there would be any business that won’t be impacted in some way. Think specifically about how your supply chain, customers and employees will be impacted.
31 March 2020
On Monday the Government announced a $130 billion subsidy program designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages.
Under the JobKeeper Payment, businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum period of 6 months.
For businesses with turnover less than $1billion, turnover has to be reduced by more than 30 per cent. Businesses can assess this by looking at a comparable month from 2019. The employer must also have been in an employment relationship with eligible employees as at 1 March 2020 and confirm that each eligible employee is currently engaged in order to receive JobKeeper Payments.
27 March 2020
On Wednesday, the NSW Parliament passed changes to long service leave which will create greater flexibility for employers and employees to access leave during the COVID-19 crisis.
The amendments to the Long Services Leave Act 1955 will allow employees to take leave in shorter blocks, such as one day a week, and without the traditional one-month notice period, by agreement with their employer.
NSW Treasurer Dominic Perrottet, who introduced the changes in to the NSW Parliament, said the flexibility was very important during a time when businesses are looking at every option to keep staff on their books.
“These changes will provide another way for businesses to help maintain their workforce during what will be an extended period of disruption,” Mr Perrottet said.
“It requires the agreement of both the employee and employer for this to be done.
“We expect this to be an option which will help people get through the next few months and effectively put money in their weekly budgets.”
The key amendments are:
- waiving the one-month notice period for taking leave (by mutual agreement between employee and employer)
- greater flexibility for employees to take this leave in shorter blocks if they wish (rather than traditional monthly blocks).
The legislation will have effect for six months from Wednesday with the possibility of an extension to one year.
Sourced from www.nsw.gov.au
27 March 2020
Our environment is changing rapidly due to COVID-19 but our core value remains the same – we genuinely care for our clients. We understand this is a challenging time and we have been busy adapting and evolving our practice so we can continue to support our clients.
We are so lucky to have a great team at Boyce who are passionate about being an important part of your business. Keeping our clients and team safe is our top priority.
Here is an update on what we are doing to maintain our service standards:
We are conscious of responding and adapting in a responsible way and for a couple of weeks have been facilitating client appointments via telephone and video conferencing.
This has been a great success with the use of Microsoft Teams and Zoom. Our team has put together helpful ‘how-to’ guides on these applications that can be accessed for here for Microsoft Teams and here for Zoom meetings. Your Boyce Accountant is also able to walk through this with you if you have any concerns.
25 March 2020
As social distancing calls on more people to self-isolate and work from home, cybersecurity is being put at risk due to online scammers. As such, we urge you to be on the lookout for convincing COVID-19 themed scams currently doing the rounds.
Scamwatch issued a warning on Wednesday, revealing scammers are “falsely selling coronavirus-related products online, and using fake emails, phone calls or text messages to try and obtain personal data”. One such scam even appears to be sent from “GOV” and shares a link that claims to help people find out where they can get tested for coronavirus. The link and sender are fake and by clicking on it, malware is then installed that is designed to steal your banking details.
Common types of coronavirus scams
- Phishing emails and phone calls impersonating entities. These include the World Health Organisation, government authorities, people confirmed to have the coronavirus, and legitimate businesses such as travel agents and telecommunications companies
- People receiving misinformation about the coronavirus, being sent by text, social media and email
- Products claiming to be a vaccine or cure for the coronavirus
- Investment scams claiming coronavirus has created opportunities.