Home – New Forums Money matters Government Stimulus Package for Small Business

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  • #1222704
    Paul – FS Concierge
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    Here is an article that brings together of State Based special assistance on a state by state basis.

    #1222705
    Tradie1
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    First time poster here…. have been following this thread with great interest as completely agree with the above post about being treated like a second rate business. As a self employed tradie i am feeling completely let down by the complete lack of support for sole traders. Furthermore i am astounded at the lack of parameters set for those that do employ being able to access the minimum 20k. The fact there is no minimum about of turnover set nor even the requirement to have with held any tax from employees tells me that this hastily put together and not through enough…. what about businesses that are currently doing better as a result of covid19 -surely there should be a burden of proof to show that a business actually needs the stimulus?? trying times for all but my belief is some of the stimulus is going to those don’t need and not enough going to some that are desperate…. fortunately for the time being we are ok and have work going forward as long as we don’t get locked down.. something NEEDS to be done for sole traders as i can forsee a lot more pain to come.

    #1222706
    Paul – FS Concierge
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    Tradie1, post: 269198, member: 117450 wrote:
    First time poster here…. have been following this thread with great interest as completely agree with the above post about being treated like a second rate business. As a self employed tradie i am feeling completely let down by the complete lack of support for sole traders. Furthermore i am astounded at the lack of parameters set for those that do employ being able to access the minimum 20k. The fact there is no minimum about of turnover set nor even the requirement to have with held any tax from employees tells me that this hastily put together and not through enough…. what about businesses that are currently doing better as a result of covid19 -surely there should be a burden of proof to show that a business actually needs the stimulus?? trying times for all but my belief is some of the stimulus is going to those don’t need and not enough going to some that are desperate…. fortunately for the time being we are ok and have work going forward as long as we don’t get locked down.. something NEEDS to be done for sole traders as i can forsee a lot more pain to come.
    Hi and welcome to Flying Solo [USER=117450]@Tradie1[/USER]

    I hope you don’t get shut down any time soon and can find something in the Commonwealth and/or State packages that can help you.

    #1222707
    Tradie1
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    Thanks.. by shut down i mean a government enforced lock down. Ive read and re read the stimulus and there isn’t really anything that can help atm. The instant right off is pretty much null and void as NO WAY am i going to borrow to get a tax rebate and the cash flow that we currently have will be set aside to get us thru. As mentioned we have work going forward so ok for now and there is a lot more people doing it rougher than us. I would like to see some form of tax relief for sole traders going forward which will help with overheads during the inevitable downturn that a lot of us will face. I/we as a family owned business contribute a lot to other businesses along with utilising sub contactors and i strongly believe that ALL sole traders deserve some of the stimulus.

    #1222708
    Tradesman
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    Very well said Tradie……the 20k free kick to ‘real businesses’ defies logic.
    As a sole trader I pay income tax/GST as well as having all the other overheads that these ‘real businesses’ have. In fact I pay more tax as my profits are taxed at personal rates rather than company rates.

    #1222709
    Tradesman
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    Paul – FS Concierge, post: 269197, member: 78928 wrote:
    Here is an article that brings together of State Based special assistance on a state by state basis.
    For my business, nothing from the NSW government. Thanks Gladys!
    #1222710
    Tradie1
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    Thanks. By shut down i mean a government enforced lock down. I read and re read the stimulus package and can’t find anything relevant to us.(family owned and operated, no longer have direct employees, use sub contactors and wife helps with admin but not on wages unfortunately)… the instant tax write off is pretty much null and void as NO way will i borrow to get a tax rebate in these uncertain times. I believe that going forward sole traders need to be offered some tax relief to assist with overheads to keep operating.. i already that this quarters BAS will hurt when it falls due. We are going to hurt just as much as some of the businesses that will recieve the stimulus and i also believe that 20k is too much for some…. i sincerely hope something is in the pipe line for ALL sole traders soon

    #1222711
    Tradie1
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    Apologies all didn’t mean to re post… thought my previous reply didn’t send… new here just getting used to it

    #1222712
    Tradie1
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    Exactly re higher tax rates…. what got me the other night our prime minister is his address to the nation asked any1 that could go to work tommorow to go (within the guidelines) i did that…. by doing so i bought fuel, i bought materials, i collected gst etc etc , ive got his back, has he got mine?? If as a sole trader i am ineligible for any stimulus will i also be EXEMPT from the future income tax and medicare levies, me thinks NOT

    #1222713
    Tradesman
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    Yeah the $20k is crazy, you can have one employee, whom you may have only paid a few dollars and withheld no PAYG and yet still receive the 20k!

    I pay several subbies, collect/remitt GST and remitt my own PAYG, yet qualify for SFA.

    Found this to be the most comprehensive and easy to understand explanation of all things stimulus:

    https://taxbanter.com.au/banter-blog/coronavirus-economic-stimulus-package/

    #1222714
    Tradesman
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    Tradie1, post: 269205, member: 117450 wrote:
    Exactly re higher tax rates…. what got me the other night our prime minister is his address to the nation asked any1 that could go to work tommorow to go (within the guidelines) i did that…. by doing so i bought fuel, i bought materials, i collected gst etc etc , ive got his back, has he got mine?? If as a sole trader i am ineligible for any stimulus will i also be EXEMPT from the future income tax and medicare levies, me thinks NOT
    Yes, this really chafes with me. I will certainly remember the treatment I have received from this government in a time of need, at the next election. I now realise why Kerry Packer once said, “And if anybody in this country doesn’t minimise their tax, they want their heads read….”

    Rest assured, when this thing blows over, and if I’m still in business, l’ll leave no stone unturned when it comes to minimising my tax.

    #1222715
    Tradesman
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    From the article I linked above:

    “If a sole trader whose business is affected by COVID-19 does not employ anyone, they cannot access the business cash flow assistance payments (up to $100,000);”

    #1222716
    Tradie1
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    I hear you…. its not right at all…. if i have read it correctly a business could have potentially turned over less than 20k but paid an employee a small amount and qualify for it… makes no sense at all…. i hope b4 the money is rolled out the govt realizes the anomalies with it and fixes it..
    There is a petition about this subject going on change.org currently any1 who reads this thread please view and sign it… i for one will also be contacting my local member along with the small business ombudsman…. singularly we may not have a voice but collectively we can make some NOISE

    #1222717
    Tradie1
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    Cool…. sign and share and get as many people as u know to do the same….

    Well that’s me knocked off at 1045pm… still in my work clothes sending quotes in the hope that i can pick up some more work..

    Easy gig this running a 2nd rate business isn’t it

    #1222718
    Tradesman
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    • Total posts: 20
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