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 – May 2025

May 6, 2025

How to manage business day-to-day transactions The ATO has the following tips for small business owners "that can make your tax life easier": They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts. They should set aside the GST they collect (ie. by transferring it into another bank account within the business to keep it separate from their cash flow). They can also set their PAYG withholding and super aside, so they will have the funds available when payments are due. They should plan ahead and schedule time in their calendar to prepare their business activity statement ( BAS ), and lodge and pay their BAS on time. If you need assistance with any of these issues, please contact our office.

Practice Update – April 2025

April 1, 2025

ATO's new focus for small business The ATO is currently focusing on the following 'specific risk areas', where it is concerned "small businesses are getting it wrong": Contractors omitting income — with a focus on data matching to ensure all income is reported. Quarterly to monthly BAS reporting for GST purposes — The ATO will move around 3,500 small businesses with a history of non-compliance to monthly reporting from 1 April 2025. Small business boost claims — with a focus on encouraging self-amendments to correct errors and omissions. The ATO will also continue its focus on non-commercial business losses, small business capital gains tax ( CGT ) concessions, business income that is not personal income, incorrect claims for 'small business boosts', GST registration and income of taxi, limousine and ride-sourcing services.

Tax Alert - Bill passed for Instant Asset Write-Off of $20,000 for 2024-25

March 27, 2025

Bill passed for Instant Asset Write-Off of $20,000 for 2024-25 There was no mention of the extension of the instant asset write-off ( IAWO ) within the Federal Budget delivered last Tuesday night, leaving many small business taxpayers frustrated and uncertain. However, the Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2025 has now been passed through the Parliament, and it included the extension of the IAWO threshold of $20,000 for assets first used or installed ready for use between 1 July 2024 and 30 June 2025. After the Bill has now been passed by both the House of Representatives and the Senate, it now simply waits to receive Royal assent.