When things don’t go to plan

The discussion of when things don’t go to plan for cashflow in your business is a nightmare. What to do? Natalie Parker, Director, MB+M identifies factors to focus on, and actions you can take to prepare your business to exit Covid-19 in a positive position.

Covid-19 – Remote Working, Isolation and Mental Health

In the current climate, now more than ever, we should ask each other and our staff; Are you OK? Isolation, social distancing and not being able to leave the house and enjoy the company of other people is likely to increase your risk factors for mental health conditions such as depression. Sue Barnes, MB+M Paraplanner discusses these issues and how MBM carrying this out in the business.

SMSF rent relief during Covid-19 crisis

While under normal circumstances there is a requirement that SMSF rentals to be at proven market rates, but due to the financial effects of the coronavirus pandemic the ATO has given permission for SMSFs to reduce the rent for the 2019/20 and 2020/21 financial years.

This means that SMSFs that own commercial premises leased to a related party have some relief from the impacts of COVID-19.

Simple Inspiration in Times of Trouble

Occasionally we come across articles, or posts that we believe could interest others, this is one. This article is written and published by Julia Hobsbawn (more details in the article) and appeared on LinkedIn on Ist April. Julia talks about six key elements. To quote her: “We focus less on the complexities of modern life – ambition, careers, money – and more on the simple essentials: Love, community, survival.” We hope you enjoy the article.

Practical Positivity For You

If you’re like many others right now, it’s difficult to find the positive. What follows are ideas on how to find some practical positivity in this turbulent time, which I’m using for my business. Point one is a doozie, I had my cry last week and now I feel recharged and ready to help as many people as I can. What follows is a framework you could consider helping you guide your way for the challenging time for your business. As usual MB+M is here to help if you have questions about using this process. You Can contact me on 03 5821 9177. Rebecca Woolstencroft – CEO/Director

Who gets what from the coronavirus stimulus packages?

The Federal Government has announced a $17.6 billion stimulus package to counter any economic downfall that may be caused by COVID-19 (coronavirus). The measures have the potential to provide significant cash flow to business taxpayers in the short term, funded predominantly through the tax system. The package includes: 1.Instant asset write-off threshold increase to $150,000; 2.Accelerated Depreciation Deduction; 3.An instant asset write-off extension; 4. 50% Asset investment incentive; 5. Cash payment to employers of between $2,000 to $25,000; 6.50% wage subsidy for apprentice’s or trainee’s wages; 7. support to regions and communities impacted by the coronavirus, including ATO payment support; and; 8.One off $750 payment to certain concessional recipients. Due to the limited time in which the package applies, taxpayers should immediately consider whether they qualify for these measures and the impact of each of the measures on their business and cash flow.