SMEs and COVID-19 Tax Related Stimulus Measures: A Deep Dive
Issues covered include: COVID-19, SMEs, asset valus, turnover, small business CGT concessions, small business restructure rollover
Description
The JobKeeper Payment and the Cashflow Boost schemes are the key stimulus measures that the Government has introduced to cushion the hard economic impacts of the COVID-19. In this webinar we look into the detail of these measures and the key areas where employers may trip up in satisfying the conditions to claim under these schemes. This includes the nuances of the aggregate turnover test and the GST turnover tests.
The COVID-19 pandemic has resulted in depressed asset values and turnover for many businesses. The fall in assets values and turnover may create other tax issues for businesses in relation to the ability to pay franked dividends (or dividends at all), thin capitalisation issues and worth of employee share scheme arrangements. However, depressed prices and turnover may on the flipside provide restructure opportunities to SMEs who may otherwise have been unable to claim the small business CGT concessions or small business restructure rollover. The second part of this webinar looks at such opportunities.
Presented by Dung Lam CTA, Team Leader – Tax, Coleman Greig Lawyers; Accredited Specialist Business & Personal Taxation