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

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  • #1222734
    Tradesman
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    Paul – FS Concierge, post: 269234, member: 78928 wrote:
    Just a point of clarification that people do miss – sorry in advance if this is not you.

    When you provide a product or service subject to GST, you apply a tax on behalf of the Government. You collect the Tax, deduct GST inputs from it and then remit the rest Tax to the ATO.

    In most cases, it is the end consumer that “pays the GST”, not the business that collects it.

    A simple way that I use to think about it is that it is not my money, it was never my money and if I spend it, I am effectively loaning from the ATO.

    Cheers
    Agree Paul, however it remains that we are collecting, calculating and remitting taxes for the government, gratis……that’s the bit that annoys me.

    #1222735
    Paul – FS Concierge
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    Tradesman, post: 269235, member: 99023 wrote:
    Agree Paul, however it remains that we are collecting, calculating and remitting taxes for the government, gratis……that’s the bit that annoys me.
    Many feel exactly the same.

    Cheers

    #1222736
    Tradie1
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    Completely understand that re GST, poor choice of words on my part re ‘paying’ GST but as tradesman stated above we admin for them…. or in my case my wife does unpaid… i often has to explain the same to clients when bidding for jobs and they claim I’m 10% dearer than my competitors…. at times we come across some that aren’t registered

    #1222737
    bb1
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    What [USER=78928]@Paul – FS Concierge[/USER] said , generally the only time a business pays GST is when we are the end user of the product or service, in my case a new mower, sprays, fuel, etc. But if I buy a new plant for a client, they end up paying the GST, which I collect and pass onto ScoMo.

    #1222738
    James Millar
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    Well you can all brace yourself for 15% GST and an increase in personal tax rates in about 3 years time because these hand outs don’t pay for themselves.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1222739
    Tradie1
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    Exactly james, along with an increase to the medicare levy….. i think i mentioned in an earlier post that if sole traders are ineligible for the stimulus (left to fend for ourselves) will we be granted an exemption from the tax hikes?????
    Btw everyone im not after a cash lump sum i think its too much for some and we will ALL pay the price later….. for me and i guess a lot of other some personal tax relief will allow me to keep operating…
    Anyway off to work now while i still have some …. stay safe all…..

    #1222740
    Henri K
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    Tradesman, post: 269235, member: 99023 wrote:
    Agree Paul, however it remains that we are collecting, calculating and remitting taxes for the government, gratis……that’s the bit that annoys me.

    Which the government then uses to provide services for you, gratis.

    #1222741
    James Millar
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    I can live with it if everyone is in the same boat but it won’t be great if some of these 2 million unemployed decide that life is pretty easy sitting home getting paid for nothing. That’s the problem. Most would go back to work at first opportunity but there will be a cohort (a big number maybe a few hundred thousand people) that stay on the govt ticket forever out of choice. When you give things away people don’t always value it and some get lazy very quickly.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1222742
    bb1
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    Tradesman, post: 269235, member: 99023 wrote:
    Agree Paul, however it remains that we are collecting, calculating and remitting taxes for the government, gratis……that’s the bit that annoys me.

    I’m more then happy to spend the extra 5 minutes a quarter as a civic duty to our fellow Australian’s.

    #1222743
    Tradie1
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    If only some people could realise that the government can NOT give without first taking it from SOMEONE ELSE…..

    #1222744
    Henri K
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    JamesMillar, post: 269254, member: 5318 wrote:
    Well you can all brace yourself for 15% GST and an increase in personal tax rates in about 3 years time because these hand outs don’t pay for themselves.

    And it won’t be only tax increases, but part of the cost is paid from reduced government spending in education, health-care and social welfare.

    I’d be OK with that if I would have received my fair share of the stimulus. But got nothing.

    I’d also be OK with that if the money would have been spent to fund strong lockdown and keeping people alive. But we only got a comedy series of systemic failures.

    #1222745
    Henri K
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    JamesMillar, post: 269257, member: 5318 wrote:
    that stay on the govt ticket forever out of choice.

    The government benefits drop to half after 6 months when the Coronavirus Supplement ends. Normal JobSeeker allowance is so low that you cannot live comfortably with it. Shouldn’t be a problem

    #1222746
    James Millar
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    Henri K, post: 269261, member: 115510 wrote:
    The government benefits drop to half after 6 months when the Coronavirus Supplement ends. Normal JobSeeker allowance is so low that you cannot live comfortably with it. Shouldn’t be a problem

    the chance of the govt benefits stopping in 6 months is about nil. Not going to happen. This situation would need to be fully controlled within 8 weeks for half of those workers to back. Many businesses are already gone for good.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1222747
    Ms_X
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    Good afternoon, everyone,

    as a small business owner I would like to ask, if anyone knows whether small business can access government help for business cashflow if the business is a small company, not registered for PAYG, but registered for GST. I am the sole employee and director, paying myself director fees. I did lodge last year’s tax return and early BAS. My question is: would only businesses that lodge activity statements monthly or quarterly be helped because only those businesses are mentioned in the package? Would those, who lodge activity statement once a year receive any help? If yes, would it only happen after my next BAS lodgement?

    I read all the information on government website, but there was no mention of businesses in the situation like mine.

    Many Thanks to everyone for your time.

    #1222748
    Henri K
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    JamesMillar, post: 269257, member: 5318 wrote:
    I can live with it if everyone is in the same boat

    The package 3 is out, and I’m not in the same boat.

    Existing companies get $1500 per existing employee per fortnight, but new employers or new employees don’t.

    I’m not going to pay for the boat that I wasn’t allowed into.

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