BODY CORPORATE AUDITS:
As the Covid-19 cases soar in the state of Victoria the government has announced stage 3 lockdown for 31 metropolitan Melbourne Local Government Areas and Mitchell Shire which means that the state will be in a lockdown for the 6 weeks starting from 8th July 2020. Although the cases may stabilize by these measures, businesses may not. Many businesses may incur losses due to not being able to function or trade in the market as before.
In such a scenario the government has announced the “Business Support Fund” for the impacted businesses due to the lockdown. Businesses may now be able to claim $5,000 under this fund.
What is the Eligibility Criteria?
- Your businesses should be located in the lockdown suburbs.
- You should be a part of the Job-keeper scheme.
- You should have employees and should be registered with work safe.
- You should have an annual payroll of below $3 million for the year 2019-20.
- You should be registered for Goods and Service Tax. (GST).
- You should hold a valid ABN.
- You should be registered with the Federal or State regulator.
A little more about the Funding..
The Business support fund would issue a grant of $5000 for businesses impacted by the current lockdown, only businesses that hold a valid ABN will be able to access this grant; the final date for this program is 18th of August 2020. This funding is mainly granted to assist the impacted businesses therefore it can only be used in the following ways, for example it can be used to meet businesses running costs, or seeking financial advice for business continuity planning or to be used as resource for marketing or promoting business or any other supporting activities required to keep the business going.
What’s the application Process?
Applicants can either fill out a form online or may get in contact with us to lodge the application on your behalf; once the application is lodged it will then go through an assessment process. During the assessment process the application will be crosschecked by relevant government agencies such as Work Safe and State Revenue Office.
What circumstances can impact the grant decision?
The grant decision can be influenced by the following factors:
- Adverse findings by regulators
- A petition is processed to wind up the business
- The business is unregistered or de registered
- If the business may have been placed under external administration.
If you are a business that has been impacted we would be available to help you in receiving the business support fund. You can contact us on 03-86091889 or you can email us on contact@a1accountants.com.au.
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