Ask Kochie: How much refund do sole traders that pay BAS but pay less than $20,000 get?
Did you miss the last Facebook Live session with David Koch? Watch the segment now as he gives a rundown on the latest economic updates, especially with regards to coronavirus, and answers questions from his audience on Facebook.
**Given the current global climate, we realise many of you have a lot of questions about personal and business finance. And that’s why, we’re going to be running more frequent Facebook Live sessions in the coming weeks. Follow our Facebook Page for constant updates. Drop your questions and feedback in the comments section below and we’ll answer them next time we go live.
Questions answered in this Facebook Live with David Koch:
1. I see sole traders and employing companies have been included in this round of assistance, yet no mention has been made of non-employing companies such as mum and dad operated businesses without staff. Do we get assistance or have we missed out again?
2. My husband works for himself as a carpenter. What happens when work runs out? He has no super to speak of. I work part time 30 hours a week earning $1550 after tax so paying mortgage and other house bills doesn’t add up for us. What are we supposed to do? The packages seem empty to us.
3. What assistance is available for small businesses in rural area?
4. Do we need to be seeking work to apply for jobseeker allowance? I’m self employed in the tourism industry on a drought stricken farm but I’m not eligible for any drought relief. And now I have no tourism income either.
5. If you’re a sole trader and don’t pay yourself a weekly wage, how do you prove that your income has dropped or ceased due to the coronavirus?
6. I was employed as a casual worker for an 8-week holiday relief position but I got laid off after working for 3 weeks. Am I entitled to anything?
7. My husband has a resort cleaning business in a tourist area where he employs staff on a contract basis. It is set up as a company structure. Will he qualify for anything?
8. Do you expect to see any form of mortgage relief?
9. Is it worth changing my super investment option from high growth to something with lower growth, as I appear to be losing money?
10. I work at the airport but my hours have been cut dramatically would I be entitled to any payments to support myself?
11. I’d just started a business and with the crisis it has had no traction. Can I access my super? My husband works so I don’t get Centrelink payments.
12. With the BAS refund, what about sole traders that pay BAS but pay less than $20,000? How much BAS refund would we get? And what do we do to get it?
13. From what I’ve read online, this newstart/jobseeker safety net kicks in after the 27th of April. What are sole traders supposed to do in the month until this kicks in?
14. Do you think in another stimulus package, there will be assistance for commercial landlords so they can suspend rent for small businesses who cannot afford to pay their rent?
15. Will we have to pay the BAS payment first before we can get the refund?
16. We claim our family tax benefit at the end of the year once our accountant does our books, which is in November. Can we do anything now for help? We made a loss last year.
Watch the segment: