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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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.

Tax Alert - Transfer Balance Cap indexation & Superannuation changes

February 5, 2026

Transfer Balance Cap indexation & Superannuation changes Following the recent release of the December 2025 quarterly CPI figures by the Australian Bureau of Statistics’, the general transfer balance cap ( TBC ) will increase from $2 million to $2.1 million from 1 July 2026. This is applicable for superannuation fund members considering starting their first retirement phase income stream in 2026–27. This could provide tax effective retirement pension and non-concessional contribution opportunities for some members. The Australian Taxation Office needs to formally confirm this increase.

Practice Update – January & February 2026

February 2, 2026

Mandating cash acceptance The Government recently announced that it was delivering on its commitment "to mandate cash acceptance for essential purchases by finalising regulations that require fuel and grocery retailers to accept cash from 1 January 2026." The changes mean that, from 1 January 2026 , most food and grocery retailers must accept cash for in-person transactions of $500 or less between 7am and 9pm. Small businesses with aggregate annual turnover under $10 million are generally exempted from this mandate. However, this mandate still applies to small businesses that choose to share a trademark with a large retailer. The Government noted that, in addition to the cash mandate for fuel and groceries, consumers also already have the option to pay their bills, including utilities, phone bills and council rates, in cash at their local Australia Post outlet through Post Billpay. The Government will review this mandate after three years, to ensure it is functioning as intended. We prepared a Special Topic article within our Practice Update - December 2025, if you want to read more on this topic – click here .