Government Stimulus Package for Small Business

[James Millar]

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beemr, post: 269635, member: 114232 wrote:

Thank you. I also read that STP for closely held employees has been extended to July 2021. Since we are are a family run business, is STP something we can just ignore until, even though we are now getting the JobKeeper payment?

I wouldn’t ignore implementing STP. ATO and govt systems are increasingly relying on this and you may find not having it makes interacting with govt much harder (for matters such as JobKeeper but there will be others).

But legally – yes they have deferred date for closely held entities again.

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900

[Ben]

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I wish we could bring it all back now, because this covid has really hampered small business.

[James Millar]

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Ben wrote:

I wish we could bring it all back now, because this covid has really hampered small business.

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Good point Ben. But even though it’s been tough for many, its time for these businesses to reopen and stand on their own two feet. I agree – financial support through to 31 December would seem appropriate given the ongoing partial restrictions in most areas.

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900

[Ben]

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The government says it is ready to help small businesses, but it levies huge taxes and creates a lot of certificates to sell anything, and small businesses are not very profitable. You always have to think of something to bypass the system in order to make money.

[James Millar]

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Ben wrote:

The government says it is ready to help small businesses, but it levies huge taxes and creates a lot of certificates to sell anything, and small businesses are not very profitable. You always have to think of something to bypass the system in order to make money.

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1. Agree with your inference that what Government says and what they do are very different things.
2. Our taxes are moderate to high but we do have a relatively small population and for our size we have great infrastructure and social services. These things cost money which comes from taxes. If we don’t pay tax then we are back to broken third world roads, no hospitals etc – basically lower standard of living. There is no magic money tree.
3. Some small businesses fail. Some pay their way. Some make great profits. your statement that small businesses are not very profitable is incorrect.
4. Not sure what “system” you are trying to bypass. If it’s regulation and taxes then it’s really just cheating everyone else for your own gain. Pretty much like sportspeople who cheat. The old saying goes…cheats never prosper. There is nothing wrong with working within the law but once you step over the line and outright cheat – that is not a path to success.

Food for thought

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900

[Ecofin Solutions ForU]

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Victorian government is offering rebates on display fridges under the VEU program.

[Author]

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