Childcare Management During COVID-19
March Quarter BAS Lodgement
The majority of the BAS calculations have been prepared and lodged with the ATO. We have been advised not to expect the refund payment if your business is eligible until after the 28th of April 2020.
Within finance we are going to produce an Excel Profit and Loss for April, May and June we will add in the figures we know of with regards to funding to be able to have a guide to cash flow moving forward. We are aiming to get this completed by early next week. We will send all owners an excel spreadsheet that you will be able to manipulate to be able to see how items affect the bottom line. This will also give us the opportunity to have the raw data with regards to eligibility of future funding. This will give you the opportunity to have a conversation with your Operations Manager about where you can possibly save on costs.
Mandatory Code for Commercial Leases During COVID-19
On 7 April 2020, the Government released the much-anticipated Mandatory Code of Conduct (the Code) to apply to certain commercial and retail leases during the COVID-19 crisis. The Code imposes a set of good faith leasing principles for landlords and tenants. The overarching principles are to share, in a proportionate, measured manner, the financial risk and cash flow impact of COVID-19.
The Code applies to a tenant who:
- has an annual turnover of up to $50 million, and
- suffers “financial hardship” as a result of the COVID-19 pandemic. A tenant is deemed to suffer financial hardship if it suffers a 30% reduction in turnover compared to the same period last year.