Financial Information

Financial Hardship

To date, we have found that working on a case-by-case basis is essential in response to the current crisis, as all buildings operate slightly different. The same goes for financial information, so we highly encourage our Committees to have a conversation, discuss their needs and work closely with our wonderful Community Managers, who are there to support you in navigating your community through this crisis.

Can Strata Levies Be Reduced?

Levies are set by the Committee to ensure the building is well maintained and pay for essentials such as insurance and fire equipment.

Every building is different and has different expenditure.

It is important to be realistic and consider how things work in a strata context.

SSKB is available to discuss with each committee about any possible actions, taking into account each client’s specific situation.

We understand that this is a difficult time for many of our clients, whether it be through loss of income, decrease in cash flow for small businesses or impacted by the sudden tourism restrictions. As always, contact SSKB if we can be of further assistance.

Support for Businesses

Many Australian businesses and households are feeling the stress from the changes that have been implemented to slow the spread of COVID-19.

On Tuesday, the Queensland Government announced its stimulus package. The package aims to protect jobs and boost small to medium businesses during the coronavirus crisis.

The Australian Government is supporting Australian businesses by providing assistance with cash flow support and temporary measures to provide relief for financially distressed businesses.

  • Payroll Tax Relief
    Payroll tax relief differs by state. Below is a summary of the states within which SSKB operates. Click on each heading to be redirected to the official page.Queensland – The Queensland Government have offered the deferral of paying payroll tax for the 2020 calendar year.NSW – For those customers who lodge and pay monthly and whose total Australian wages will be no more than $10 million for the current financial year, no payment for the months of March, April or May 2020 will be required.Victoria – The Victorian government have implemented three main measures – bringing forward and increasing the payroll tax threshold from 1 July 2020, allowing impacted businesses to defer payment of their returns until 21 July 2020, and providing a one-off grant payment to small and medium-sized businesses.
  • Boosting cash flow for employers
    The Government is providing up to $100,000 to eligible small and medium-sized businesses, and not for-profits that employ people, with a minimum payment of $20,000.This will benefit around 690,000 businesses employing around 7.8 million people, and around 30,000 not for-profits.Click here to read the full fact sheet.
  • Increasing the instant asset write-off
    Until 30 June 2020, the Government have increased the instant asset write-off threshold from $30,000 to $150,000. They are also expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million).This will support over 3.5 million businesses that employ more than 9.7 million employees.
  • Backing business investment
    The Government is introducing a 15-month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions.Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.This will support over 3.5 million businesses that employ more than 9.7 million employees.
  • Supporting apprentices and trainees
    The Government is supporting small business to retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage for 9 months from 1 January 2020 to 30 September 2020.This will support up to 70,000 small businesses, employing around 117,000 apprentices.Click here to read the full fact sheet.

Helpful links:

The Prime Minister announced last night a $1.1 billion package which boosts mental health services, domestic violence support, Medicare assistance for people at home and emergency food relief.

To keep up to date with the latest information on COVID-19 follow SSKB on Facebook and LinkedIn.

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