March 23, 2020

//March 23, 2020
DMT update #6 March 23rd

Hi all,
Well, things just keep getting worse.  Today is a tough day for many people.
Hopefully the emails we’re sending are proving useful – thanks for the many kind messages we have received from you so far.  Here’s a very quick summary of key points as of today.  Things are moving so quickly, you need to stay abreast of what is going on.  I find this resource useful.
Cash flow assistance for businesses
First up, call your tax agent or the Business Victoria hotline on 13 22 15 or visit their website. I know that many of you are sole traders and may not be eligible for much of stimulus but this is a pretty good explainer of who is entitled. 

Long story short, as I read it, you get payroll tax back in cash up to $50K this financial year and that’s matched at 25% per month for the first four months of FY21.  I’ll be working with VTIC to push the government for much greater support funding for tourism businesses. 
I recommend that you register with Business Victoria to stay up-to-date.
CPA Australia have produced a helpful factsheet Preparing for COVID-19: Tips for Small Business.
Australian Regional Tourism and Tourism eSchool webinars
Some of you will remember that Tourism eSchool presented at the second-to-last DMT conference.  They are working with ART to provide advice on how to navigate this mess.

They are hosting a webinar on innovation, social media practises and building resilience.
WHERE: Online, REGISTER HERE It will also be recorded.
WHEN: Thursday 26th March 2020
TIME: 12-1.30pm (AEDT)

Numbers will be limited, however the full recording will be available to download on The Tourism Hub. They also hosted a COVID19: The Impacts on Tourism online discussion which can be found via the Webinar section of The Tourism Hub or view here now.
Rental Discounts or Rent Free Periods
The Prime Minister commented that they are considering rental arrangements later this week. In summary:  Landlords may need to consider rent discounts or rent free periods. This is likely as many non-essential businesses will cease trading otherwise, so it is imperative that you work out what you require and make the request to your landlord. 

I am sure the landlord would prefer to assist now so he continues to have a tenant who pays rent post this crisis than insist on full payment of rent that may force a business to close down.  You may need a letter of confirmation from your accountant in relation to your circumstances. Best reference I can find is here.
Accommodation remains open for business
For now, accommodation is not currently subject to forced closure but of course the travel advice is to avoid non-essential travel.  This is under ‘Stage One’ guidelines and may change.  It’s hard to find a definitive ‘source of truth’ here (please share if you’ve found one) but most newspaper websites are publishing lists.
How long will this last?
Currently the State of Emergency declared in Victoria has been set until midnight 13 April 2020, but due to the evolving nature of the COVID-19 pandemic this could be extended. Keep an eye on the DHHS coronavirus website for updates.  Mr Morrison is saying that lockdowns will last for 6 months or more but it’s not at all clear what this means (i.e. restrictions maybe lifted or increased while we are still in lockdown’).
Mental Health
This is an epic nightmare for many.  You don’t have to be a genius to work out that people’s mental health will be impacted by this.  Ensure that you look after yourselves and each other.  There are a raft of resources available but the best thing you can do is call a few mates and check in.
I’ll keep the info flowing as best I can.  FYI DMT is working on reduced hours for the time being but call me any time.
2020-03-24T15:25:10+00:00 March 24th, 2020|Newsletter|Comments Off on March 23, 2020