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  • #1222659
    James Millar
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    So basically no business in distress will be approved for one of these Govt backed loans. Straight from treasury document….

    The Government will provide eligible lenders with a guarantee for loans with the following terms:
    • Maximum total size of loans of $250,000 per borrower.
    • The loans will be up to three years, with an initial six month repayment holiday.
    • The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.

    Loans will be subject to lenders’ credit assessment processes with the expectation that lenders will look through the cycle to sensibly take into account the uncertainty of the current economic conditions.

    Trusting banks to do the right thing. About as wise as trusting Australians to shop in an ordinary manner.

    Didn’t we just have a royal commission that proved decisively that banks were not capable of doing the right thing?

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1222660
    Daniel Courtney Gallery
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    NSW likely shutting down everything non essential in the next 48 hours

    #1222661
    Paul – FS Concierge
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    JamesMillar, post: 269104, member: 5318 wrote:
    Loans will be subject to lenders’ credit assessment processes with the expectation that lenders will look through the cycle to sensibly take into account the uncertainty of the current economic conditions.

    Non Accountant speak here – please correct my layman’s interpretation [USER=5318]@JamesMillar[/USER] :
    If you need a loan, you will not be able to get one.
    If you don’t need one, you will be able to get one.

    #1222662
    Paul – FS Concierge
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    Daniel Courtney Gallery, post: 269105, member: 113302 wrote:
    NSW likely shutting down everything non essential in the next 48 hours
    This will have widespread implications.
    #1222663
    James Millar
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    Paul – FS Concierge, post: 269109, member: 78928 wrote:
    Non Accountant speak here – please correct my layman’s interpretation [USER=5318]@JamesMillar[/USER] :
    If you need a loan, you will not be able to get one.
    If you don’t need one, you will be able to get one.

    Basically yes. Pretty much same as pre-virus loan situation.

    It makes you wonder if these politicians have any understanding of the operating environment of your typical Australian small business.

    Very disappointed in the lack of content for sole traders

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1222664
    Daniel Courtney Gallery
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    JamesMillar, post: 269111, member: 5318 wrote:
    Basically yes. Pretty much same as pre-virus loan situation.

    It makes you wonder if these politicians have any understanding of the operating environment of your typical Australian small business.

    Very disappointed in the lack of content for sole traders

    You don’t think it’s good that sole traders who see income drops can immediately start receiving the Gov $1100/fortnight plus other allowances and concessions, plus generous hardship provisions with banks?

    I think it’s pretty reasonable to get someone through the patch?

    #1222665
    James Millar
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    Daniel Courtney Gallery, post: 269113, member: 113302 wrote:
    You don’t think it’s good that sole traders who see income drops can immediately start receiving the Gov $1100/fortnight plus other allowances and concessions, plus generous hardship provisions with banks?

    I think it’s pretty reasonable to get someone through the patch?

    No I don’t think pushing some micro businesses to Centrelink is the answer. There are a lot of people that don’t like the idea of taking social security and it comes with an entirely different administrative burden and potential ramifications (credit score??). It seems unfair that just having one employee that makes literally only $1 in wages before and after 30 June gives that sole trader $20000 tax free whereas those with not one single employee get nothing.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1222666
    James Millar
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    We updated our website with a video wrapping up the measures announced today.

    https://www.360partners.com.au/small-business-stimulus-package-round-2

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1222667
    Daniel Courtney Gallery
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    JamesMillar, post: 269117, member: 5318 wrote:
    We updated our website with a video wrapping up the measures announced today.

    https://www.360partners.com.au/small-business-stimulus-package-round-2
    Thanks mate watching now.

    #1222668
    Paul – FS Concierge
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    #1222669
    Calcul8or
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    I have a company, but I’m the only employee. Does that disqualify me as a sole trader?

    Programmer. Analyst. Nerd. Calcul8ors.com.au Custom Software & Collaboration
    #1222670
    James Millar
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    Calcul8or, post: 269126, member: 29970 wrote:
    I have a company, but I’m the only employee. Does that disqualify me as a sole trader?

    If your company was registered for PAYG withholding as of 12 March 2020 and paying wages in the March 2020 quarter (so be careful with March BAS) then you will get minimum $10,000. If you continue into first quarter of 2021FY you will get another $10k. There are no related party exclusions at this point that we know of but legislation is not final.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1222671
    Calcul8or
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    Thanks [USER=5318]@JamesMillar[/USER]. I was thinking more in relation to increased and accelerated income support. Apologies for not being clearer.

    https://www.business.gov.au/Risk-management/Emergency-management/Coronavirus-information-and-support-for-business/Increased-and-accelerated-income-support

    I’m not sure how things are going to pan out for me, as there may still be a chance of picking up some work now and again during the crisis period. I just don’t want to be caught short if that doesn’t eventuate.

    Programmer. Analyst. Nerd. Calcul8ors.com.au Custom Software & Collaboration
    #1222672
    James Millar
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    Calcul8or, post: 269128, member: 29970 wrote:
    Thanks [USER=5318]@JamesMillar[/USER]. I was thinking more in relation to increased and accelerated income support. Apologies for not being clearer.

    https://www.business.gov.au/Risk-management/Emergency-management/Coronavirus-information-and-support-for-business/Increased-and-accelerated-income-support

    I’m not sure how things are going to pan out for me, as there may still be a chance of picking up some work now and again during the crisis period. I just don’t want to be caught short if that doesn’t eventuate.

    unfortunately those govt payments not my area of expertise. Sorry

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1222673
    Calcul8or
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    [USER=5318]@JamesMillar[/USER] no problems at all. Really appreciate the advice and information you’re providing. We all really need to come together and help each other get through this, and you’re setting an brilliant example, so thank you!

    I tried getting in touch a while back btw, in relation to another post back in the good old days, when things were a lot less scary! Happy to pick up the conversation after the dust settles, if you like.

    Shail

    Programmer. Analyst. Nerd. Calcul8ors.com.au Custom Software & Collaboration
Viewing 15 posts - 46 through 60 (of 201 total)
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