COVID-19: Understanding the Early Childhood and Care Relief Package

Our nurses, doctors, Gold Coast Accountants and other essential workers have one thing in common – they were all children once, in need of care and education.

The care and education of our children is so important for our future. Even in times (like right now) when the economy is slowing down, and times are unpredictable, it’s vital that the care and education of tomorrows leaders and essential workers continues to flourish.

Read more from Crest Accountants to find out about the latest economic package and how it could benefit you as parent/carer, early childhood worker or operator.

What are the Early Childhood Education and Care Relief Package payments?

On the 2^nd of April, this package was announced to support the viability of the sector and ensure the children of essential workers, vulnerable and disadvantaged children are still able to access quality education and care.

To receive the package:

• The service must remain open (unless directed to close by health or state regulator).
• Child care services must prioritise the care of essential worker’s children, vulnerable/disadvantaged children, and then children who were already enrolled.

Information for families

Many childcare centres and services (including Centre Based Day Care, Family Day Care, Outside School Hours Care and In-Home Care) have been directly hit with significant decreases in attendance and enrolments.

Thankfully, the Australian Government has included this vital sector in its economic packages – but what does it entail?

• This care package has been put in place to benefit childcare operators and workers, and to encourage families to continue to use their services where possible.
• The payments are made in lieu of any Child Care Subsidy and Additional Child Care Subsidy.
• The best part is – parents and carers aren’t charged fees relating to sessions of care provided to the children during the period the service receives the payments.

Information for child care providers

• The payment goes directly into the childcare service bank account (not to families), to support the viability of the sector, from 6^th of April 2020 until 28^th of June 2020.
• The weekly payments will be approximately 50% of the services’ fee revenue or 50% of the existing hourly rate cap – whatever is lowest.
• You must prioritise the care and education of the children of essential workers, but note that all families will be provided with free childcare.

Achieve clarity with a Gold Coast Accountant

The team at Crest Accountants are your local Gold Coast Accountant with a difference. We’re here to help you achieve clarity with financial solutions such as:

• Tax planning
• Innovative business structures and strategies
• Investment structures
• Ongoing business advice

Your Gold Coast Accountant understands the business of childcare and the need for transparent family accounting advice.

From little things, big things grow and from a health crisis, care packages are put in place to ensure viability of vital sectors like childcare.

The education and care of the next generation is crucial, and we must protect the sector that develops their minds and encourages their dreams.

Your Gold Coast Accountant will help you understand more about the latest economic packages and how they benefit you, your family and your role in childcare.

Need help with family and business accounting? Contact Crest Accountants today for financial planning solutions for families and people in the early childhood education industry.