McAdam Siemon : Accountants and Business Advisors

Flood Relief and Assistance

We are deeply saddened by the loss for individuals and businesses as a result of the Queensland floods, and offer our sympathies to all affected. It is heartening to see Queenslanders pulling together to assist with the recovery process. At the front of our minds are two clients, Rocklea Diesel (www.rockleadiesel.com.au 3277 9188) and KGB Locksmiths (www.kgbsecurity.com.au , 3276 4440) . Both businesses have suffered significant damage and we encourage you to keep them in mind when needing either locksmith or mechanical work undertaken.

The Federal and State governments are offering a wide range of assistance packages to those affected. If you require advice or assistance in completing business or individual grant applications, please get in touch with us.

QLD Premier's Flood Relief Appeal Website

Visit the Queensland Government's website for advice related to the Queensland floods, including links to support and assistance packages; where to volunteer; how to donate: www.qld.gov.au/floods

ATO: Assistance with tax affairs

The ATO offers emergency support and assistance such as:

• fast tracking refunds
• giving people extra time to pay debts without interest charges
• giving more time to meet BAS and other lodgment obligations - without penalties. PLEASE NOTE: FOR BUSINESSES WITHIN AFFECTED AREAS, THE LODGEMENT AND PAYMENT DATA FOR DECEMBER MONTHLY ACTIVITY STATEMENTS HAS BEEN DEFERRED TO 21 FEBRUARY 2011.
• helping reconstruct tax records where documents have been destroyed, and make reasonable estimates where necessary
• offering visits from field officers to help reconcile lost records, and
• helping applicants to claim tax hardship concessions.
  To speak to an ATO officer about your situation, call 1800 806 218 or visit www.ato.gov.au

Centrelink: Australian Government Disaster Recovery Payment

The Australian Government Disaster Recovery Payment (AGDRP) is a one-off payment for people who have been adversely affected by a major disaster. You (your partner and/or children) may be eligible to receive the AGDRP if you are an Australian resident, and are 16 years or older or are receiving a social security payment, and have not already received an Australian Government Disaster Recovery Payment for the disaster. To be eligible you must meet certain requirements and evidence of damage to your home may be required.

If you are eligible, you will receive $1000 per adult and $400 for each child (under 16 years of age).

For details regarding how to claim, visit www.centrelink.gov.au or call the Australian Government Emergency Assistance Hotline: 180 22 66

Centrelink: Disaster Income Recovery Subsidy

 

This payment is non-taxable. Prime Minister Gillard has authorised financial assistance through a Disaster Income Recovery Subsidy for employees, small business persons and farmers who can demonstrate they have experienced a loss of income as a direct result of the flooding and severe weather that commenced on 29 November 2010 and continued in December 2010, January 2011 and February 2011. Disaster Income Recovery Subsidy consists of ex-gratia payments equivalent to the maximum rate of Newstart Allowance, as detailed below:

Rate		Amount
Single		$46.70 per fortnight
Single with dependent child		$508.20 per fortnight
Partnered		$424 (each) per fortnight
Under 21 (from 1 January 2011)		$388.70 per fortnight
Under 21 (from 29 November 2010 to 31 December 2010)		$377 per fortnight
16 - 20 year old, single with dependent child		$508.20 per fortnight

To receive the Income Recovery Subsidy you must lodge your claim form by 28 February 2011. For more details regarding eligibility or how to claim, go to www.centrelink.gov.au or on the Australian Government Emergency Assistance Hotline 180 22 66.

Queensland Rural Adjustment Authority (QRAA): Flood Assistance

Small business owners who have suffered direct damage from recent flooding can apply for Special Disaster Flood Assistance grants of up to $5,000. A further grant of up to $20,000 is available depending on the extent of the damage.

There are also concessional interest rate loans of up to $250,000 available for small business operators and primary producers, as well as freight subsidies of up to $5,000. In addition, QRAA will consider the deferral of repayments on existing loans for an agreed period.

We recommend that you download and complete forms as soon as possible - visit www.qraa.qld.gov.au or call 1800 623 946. If you have any problems downloading or completing the forms, please contact us.

Department of Community Services: Financial Assistance Grants

Individuals and families can find out more about applying for these grants by calling 1800 173 349 or visiting www.communities.qld.gov.au

Personal Hardship: Individuals and families who do not have the capacity to meet immediate, unexpected basic costs may be eligible for a non-means tested once-off payment of $170 per person, up to a maximum of $850 for a family of five or more.

Essential Household Contents: People who own essential household contents that have been lost or damaged in the disaster and who do not have contents insurance may be eligible for this once-off payment of up to $1,705 per adult, up to a maximum of $5,120 for a couple/family. An income test will be applied to applications for this grant.

Structural Assistance: Property owners whose home has been damaged by the disaster may be eligible for this once-off payment of up to $10,500 per individual, and up to $14,200 for a couple/family, less amounts paid as an Emergency Assistance Grant and/or Essential Household Contents Grant.

Banks: Provide them with an update of your situation

Many banks have indicated that they will support their customers through this hardship via extension of loan payment deadlines and waiving of fees and charges. Make sure your bank is aware of your current situation and any anticipated disruptions to payment schedules so they can help you through this period.

Lost your identification information?

If you require replacement birth, marriage or change of name certificates lost as a result of flooding, you can obtain replacement copies free of charge until the end of March 2011.Contact the Registry or Births, Deaths and Marriages on 1300 366 430 or email BDM- mail@justice.qld.gov.au for more information.

CPA Australia Disaster Recovery Toolkit

CPA Australia's disaster recovery toolkit offers guidance for businesses that have been affected by a natural disaster, both directly and indirectly.

The free toolkit was developed in response to the devastating Victorian bushfires in 2009 and is useful for any business dealing with the impact of a natural disaster. It includes checklists for re-opening your business and managing during times of financial difficulty as well as tools to help reconstruct financial records.

The toolkit can be found by visiting: www.cpaaustralia.com.au

We encourage our clients to peruse the support offered by the Federal and State Governments and for those affected either directly or indirectly by the flooding, please do not hesitate to contact us for advice and assistance.

Rob McAdam FCPA, Director, McAdam Siemon Pty Ltd

Ph: 07 3421 3421 / Fax: 07 3421 3400 / Mobile: 0411 755596