BAS lodging and government funding eligibility

As part of the second $66 billion support package in response to COVID-19 and its negative effects on the Australian economy, the Federal Government has expanded tax-free cash payments to small and medium businesses with a minimum payment of $20,000 and maximum of $100,000, up from the previous $2000 to $25,000 range.

However, it is important to note that payments are only given to eligible businesses after they lodge their BAS (business activity statements) by the 28 July and 28 October 2020 due dates.

The new enhanced scheme will be delivered in two phases:

1. Employers are set to receive a first payment equal to 100% of their salary and wages withheld (a maximum of $50,000) when lodging their activity statements at quarterly due dates.
2. An additional payment equal to the first payment made after businesses lodge their BAS by 28 July and 28 October 2020.

Businesses will receive payments based on their BAS lodgement schedules. For example, a business that receives a payment for the period up until June 2020 will receive the same amount for the period up until September 2020 upon the lodgement of their BAS in two separate occasions.

For monthly BAS lodgers, businesses will receive their first payment for the March 2020, April 2020, May 2020 and June 2020 lodgements, with a 300% calculation in the March activity statement to provide the same treatment as quarterly lodgers. Similarly, the second payment businesses which lodge their BAS monthly will be released once they lodge their June 2020, July 2020, August 2020 and September 2020 lodgements.

To remain eligible to receive the new government funding for small to medium-sized businesses, remember to lodge your BAS on time as per your usual schedule. There are several options you can consider to lodge your BAS:

1. Lodge online through your myGov Business Portal
2. Lodge through your tax or BAS agent (who can access your myGov)
3. Lodge as “Nil BAS” if you have nothing report for the period online or through phone
4. Lodge by mail

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Strategic Planning for Business Resilience: The Importance of Disaster Management, Crisis, and Continuity Plans

Posted on April 29, 2024 by admin

Strategic planning for businesses ensures resilience and continuity in adversity.

While businesses often focus on growth and expansion, preparing for potential disruptions and emergencies that could threaten operations is equally essential.

This is where disaster management, crisis, and continuity plans come into play. 

• Disaster Management Plans

Disasters can strike without warning, ranging from natural calamities like floods, earthquakes, and hurricanes to human-made incidents such as cyberattacks, data breaches, or supply chain disruptions.

Disaster management plans outline strategies and protocols for responding to and recovering from such events swiftly and effectively. These plans typically include measures for ensuring employee safety, protecting critical assets and infrastructure, and minimising downtime.

By having a comprehensive disaster management plan, businesses can mitigate the impact of disasters and expedite the recovery process.

• Crisis Management Plans

While disasters are often external events beyond a business’s control, crises can arise from internal factors such as leadership failures, product recalls, or reputational issues.

Crisis management plans are designed to address these unexpected challenges and mitigate their impact on the organisation’s reputation, brand equity, and bottom line. These plans outline communication strategies, escalation procedures, and decision-making frameworks for managing crises promptly and transparently. By proactively addressing crises and demonstrating resilience, businesses can preserve stakeholder trust and emerge stronger from adversity.

• Business Continuity Plans

Business continuity plans focus on maintaining essential functions and operations during and after disruptive events to ensure minimal disruption to business operations.

These plans identify critical processes, resources, dependencies, and alternative strategies for sustaining operations during a crisis or disaster.

Business continuity plans encompass remote work arrangements, data backup and recovery procedures, and alternative supply chain routes.

By prioritising continuity and preparedness, businesses can reduce downtime, protect revenue streams, and uphold their commitments to customers and stakeholders.

Benefits of Comprehensive Planning

• Risk Mitigation: By anticipating potential threats and developing proactive strategies, businesses can mitigate the impact of disruptions and minimise associated risks.
• Resilience and Adaptability: Comprehensive planning fosters organisational resilience, enabling businesses to adapt and respond effectively to changing circumstances and emerging challenges.
• Stakeholder Confidence: Demonstrating preparedness and responsiveness instils confidence in customers, employees, investors, and other stakeholders, strengthening relationships and fostering loyalty.
• Regulatory Compliance: Many industries have regulatory requirements mandating development and implementation of disaster management, crisis, and continuity plans. Compliance with these standards is essential for avoiding penalties and legal liabilities.
• Competitive Advantage: Businesses prioritising resilience and preparedness gain a competitive edge by differentiating themselves as reliable partners and service providers.

Disaster management, crisis, and continuity plans are integral components of strategic planning for businesses seeking to enhance resilience and ensure continuity in the face of adversity.

By investing in comprehensive planning, businesses can mitigate risks, maintain essential operations, and safeguard their reputation and bottom line.

In today’s volatile and uncertain business environment, proactive preparedness is not just a best practice but a strategic imperative for long-term success and sustainability. Need assistance with strategic planning as we approach the end of the financial year? Speak to one of our trusted business advisors.

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