As a small business, it is really important that you know your risk and manage that risk as much as you can. The Government has put plans in place to help support Western Australia’s businesses through the crisis. An economic stimulus package worth $607 million has been announced in an effort to stave off the impacts of the coronavirus outbreak. The new package is on top of a $17 billion Federal Government economic stimulus package already announced by the Prime Minister. New announcements are being made every day, so we will try to keep you updated on anything tax-related that may affect your business going forward.

How we can help

To assist businesses experiencing financial difficulty as a result of the COVID-19 outbreak, the ATO is implementing a series of relief options for eligible businesses including:

  • Deferred payments
  • GST credits
  • PAYG instalments
  • Remitting interest and penalties applied to tax liabilities
  • Low interest payment plans
  • Super Guarantee payments
  • One-off grants between $2,000 and $25,000 for eligible businesses

If you have any concerns about the impact of the Coronavirus pandemic on your business and the tax requirements, please do not hesitate to contact us on 08 9240 7629, or email Chloe at admin@taxproaustralia.com.au. As tax agents we are working closely with the ATO to tailor support for individual circumstances.