Response to Impact of COVID 19

Lowe Lippmann Chartered Accountants

Response to Impact of COVID-19

The business disruption of COVID-19 is real and moving fast. We understand the social and economic implications this is causing and the importance of implementing management policies and strategies to get through this crisis from a financial and operational perspective.

How we can assist you

The significant threat of COVID-19 and its impact on many businesses is of huge concern. The current uncertainty of the global economy is creating risks that entities may not have encountered before. Management and governance bodies need to assess:

What type of financial effect might COVID-19 have on my entity?
What do cash flow forecasts look like with new business disruption assumptions and worst case scenarios previously not contemplated?
What levers can I pull to improve cash flows during the crisis?
Is my entity still a going concern having taken into account the above?

Maintaining control over finances and financial reporting is more important than ever. We are here to assist you and advise you during these uncertain times. Please feel free to contact us if required.

In addition to the links below , we will forward to you in due course a summary of the latest tax and cash flow incentives we have prepared which are available to many businesses.

Business.gov.au: released some more details on each assistance measure, with some basic examples – https://www.business.gov.au/Risk-management/Emergency-management/Coronavirus-information-and-support-for-business

ATO: released Support measures to assist those affected by COVID-19 – https://www.ato.gov.au/Media-centre/Media-releases/Support-measures-to-assist-those-affected-by-COVID-19

Australian Banking Association: released Help on offer for small businesses financially affected by coronavirus – https://www.ausbanking.org.au/coronavirus-statement-from-the-aba/

Fair Work Ombudsman: released Coronavirus and Australian workplace laws, which may be relevant for your clients with employees – https://www.fairwork.gov.au/about-us/news-and-media-releases/website-news/coronavirus-and-australian-workplace-laws

The greatest thing we can do for you, our clients is talk to you about how to solve your most challenging problems right now. Whether it is managing and shoring up cash flow; taking advantage of the SME tax concessions recently announced; assisting with meeting reporting obligations or just acting as a sounding board. We are here for you!

Our teams are working remotely

We have taken the measure for our staff, were possible, to work remotely until further notice. Our staff have been equipped with the necessary equipment to work remotely and are readily accessible via email and telephone. We will be conducting all face-to-face meetings remotely via telephone, teleconference or video conferencing. We are adapting to this new working arrangement by increasing the usage of online platforms to communicate and share information between staff and clients in different locations.

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Practice Update – March 2026

March 2, 2026

$20,000 instant asset write-off extended The Government recently passed legislation to extend the $20,000 instant asset write-off for small businesses by 12 months to 30 June 2026. Taxpayers should note that if their business has an aggregated annual turnover of less than $10 million, they may be able to use the instant asset write-off ( IAWO ) to immediately deduct the business portion of the cost of eligible assets which cost less than $20,000. Eligible assets must basically have been first used (or installed ready for use) between 1 July 2025 and 30 June 2026. The $20,000 limit applies on a per asset basis, so taxpayers can instantly write-off multiple assets. The IAWO can be used for both new and second-hand assets (but some exclusions and limits apply).

Tax Alert - 2026 FBT year end

February 26, 2026

2026 FBT Year End is Fast Approaching! The end of the Fringe Benefits Tax ( FBT ) year is fast approaching on 31 March 2026, so we take this opportunity to revisit some hot FBT topics for both employers and employees, including: FBT exemption for electric cars Overlooking or misreporting FBT on private use of work vehicles Does FBT apply to your contractors? Reducing the FBT record keeping burden Mismatched claims for entertainment Employee contributions by journal entry in the accounts Not lodging FBT returns FBT housekeeping

Tax Alert - Division 296 draft legislation introduced to Parliament

February 16, 2026

Division 296 draft legislation introduced to Parliament Last week the revised Division 296 draft legislation was introduced into Parliament, and some technical amendments have been made after the exposure draft consultation phase. We will explain some particular areas of concern and re-consider some questions we had raised in earlier Tax Alerts on this topic. This draft legislation has been progressing at a rapid pace, and it appears the Government wants to get this legislation finalised as soon as possible, with these Division 296 rules set to apply from 1 July 2026.