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End of Financial Year Checklist

16/6/2020

 
As the end of financial year approaches, it is essential to ensure you check off the many tasks involving your business compliance.  This year there may be additional tasks as a result of the COVID-19 crisis many businesses need to address. 


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Post COVID-19 - Open for Business

9/6/2020

 
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The effects of COVID-19 have been devastating for businesses across the country, but for many, there is a silver lining. Companies have adapted and transitioned employees to work remotely with great success. 

​COVID‑19 will be with us for some time, so it is essential that your business has a plan - and continues to plan to keep your workplace healthy, safe and virus-free. 

​Key things to remember as you ramp up your business post COVID-19. 

Keeping People Safe 
Maintain good hygiene - Think about how your business’s hygiene and cleaning practices by making sure your workplace is regularly cleaned and disinfected. Have enough cleaning and hygiene supplies and communicate the importance of employees not coming to work if they are unwell. 
Stay physically distant - Think about how people interact in your business. To ensure your business has appropriate physical distancing move work stations and tables further apart to comply with social distancing. If you are a retailer, provide social distancing markers on the floor where appropriate. 
In the event of infection, there should be a plan in place, so your business is confident and can respond swiftly and efficiently. 
Follow advice - Think about what makes your business and your industry unique. There may be additional steps you need to take to communicate with your customers, staff and suppliers. To help you prepare regularly review the mandatory public health directions that apply to your business as these will change as time goes on. 
Sustainability is important – many of these changes, such as cleaning practices, will be part of your day-to-day business operations already. Still, you may need to do things more often or in different ways. 

A helpful resource is safeworkaustralia.gov.au 
 
Adapting my business
The way your business operates, the products you sell and the services you deliver may need to change because of COVID‑19. This transition will be challenging, and you are no doubt thinking about how your business could adapt to change.
It is helpful to spend some time thinking about the following questions. These can act as a starting point to map potential areas for your business to explore. 
  1. What elements of your business model will be challenging to maintain in this new environment?
  2. Is there an opportunity to minimise this? Eg moving online
  3. Can your business temporarily change or expand the range of goods and services it offers?
  4. Are there opportunities to expand/change an element of your business and respond to new openings in the current environment?
  5. Are there other businesses like yours you can get in contact with to discuss different ideas?
  6. What are your competitors doing? 
Once you address these questions and identify areas you can develop and pursue it is worth contacting relevant industry association or local government to see if they are providing any specific advice or guidance to assist businesses in your sector.
 
Accessing Support and Packages 
When considering adapting your business activities and your employees you may need financial support to achieve your new plans. The Federal, State, Territory and Local Government are providing many support packages for businesses.
These are the current support packages you can apply for: 
Retaining your employees
  • A wage subsidy to help retain your employees - Eligible businesses may access a $1,500 per fortnight. You can register for the scheme with the ATO.
  • Apprentices and trainees wage subsidy - Eligible small businesses with up to $21,000 per apprentice or trainee. To apply go to the Australian Apprenticeship Support Network (AASN)
  • If you’re a sole trader or self-employed, you may be able to claim JobKeeper and other support. For more information visit business.gov.au
Additional cash to help manage your business. 
  • The ATO will be distributing tax-free cash flow boosts between $20,000 and $100,000 for eligible small and medium-sized businesses and not-for-profit organisations. You don’t need to apply. If eligible, money will be refunded when you lodge your activity statement. 
  • The instant asset write-off threshold has been increased to $150,000 and now includes larger businesses. 
  • Business can also accelerate depreciation on certain items purchased before June 2021. Further details are available on the ATO’s website. 
Loans and other credit from your financial institution
Small and medium-sized businesses can get loans of up to $250,000 over three years from a range of lenders. These loans have an initial six month repayment holiday. Enquire with your lender. 
Over the coming months, many businesses will rely on these packages to kickstart and adapt their business activities. 
Our advisory team has been supporting many of our clients in these challenging times. If you need any assistance with financial support packages and solutions, we are here to assist. Our services range from general hardship relief, loans and mortgage moratorium, vehicle and equipment finance, ATO issues and leasing arrangements. 
​
Please phone us on +61 2 8304 9302 to speak to a dedicated team member.

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