Empowering SMEs (Issue 053)
This Australian government has now released three stimulus packages to assist small businesses and medium-sized enterprises to survive the COVID-19 coronavirus.
Most small and medium-sized business operators will require the proactive assistance from your accountant/business advisors to guide you through these challenging times so as to ensure that your business is intact and able to operate efficiently when this crisis is over.
The development of a COVID-19 Survival Plan is a very important part of the process relative to the development of a series of strategies to enable businesses to survive.
The COVID-19 Survival Plan would include details of your business’ response to the various Australian government programs that have been implemented as part of the stimulus packages including:
The eligibility for the JobSeeker Payment Scheme is that your businesses income must have decreased by 30% when compared to a similar month or 3 monthly period (to coincide with your Business Activity Statement lodgement requirements). If there were any abnormalities relative to your business’ income in 2019, you can make representations to the Australian Taxation Office for an alternative method of calculation.
Your accountant can assist you in the process relative to your survival plan and then calculate the Budget and Cashflow Forecast for the next 6 months or 12 month period.
You will then be in a position to consider whether you wish to avail yourself of the possibility of borrowing up to $250,000 from the special Coronavirus SME Guarantee Scheme which has been established by the Federal Government, Reserve Bank and Individual Banks.
The key strategy is to ensure that you're proactively developing a "COVID-19 Survival Plan" to ensure that your business will be able to continue to operate when this disaster has ended.
We are presenting a complimentary special webinar for small and medium-sized enterprises - "Understanding the Government's Stimulus Package As It Relates To SMEs" on Wednesday 8th April at 11:30am AEST. Please accept our invitation to attend – click here.
COMPLIMENTARY MATERIAL Click on the button below to access the following FREE material:
Episode 53 - COVID 19 Survival for SMEs
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