In light of the recent developments around the Coronavirus (or COVID-19) and the uncertainty we are all facing day to day, we want to assure you that we expect no major interruptions to the services that we provide to you.
We have invested heavily in the latest technology in recent years, and this means we can keep assisting you no matter what may happen.
All members of our team are able to work remotely and have access to all the technology systems and tools required.
If you have any general queries, requests for booking appointments or requests for documents, please feel free to contact us on 03 51749111.
Our office is currently closed. The phone will be unattended, however messages will still be checked on a regular basis. Please leave a message and it will be sent to the appropriate person. Alternatively, you can book phone or video appointments at a time convenient for you with the accountant you wish to speak to.
Some key things to be aware of to help your business survive in these difficult times include:
Review the Australian Government stimulus package for business cash flow. Work with your Accountant to identify which key parts your business is eligible for and get the process started to obtain these cash flow bonuses.
Meet with your Accountant to create or update your business cash flow plan over the coming months. You need to your daily and weekly planned cash position to make informed decisions, like when you may need additional bank funding.
Prepare the Cash Flow Forecast with these scenarios:
How long can your business survive with the above assumptions?
Keeping your business alive means paying your employees, your key suppliers, your rent and your Accountant (so we can keep helping you during this crisis) each week! Nothings else matters over the short term.
You may need to delay making payments of GST, PAYG Withholding Tax and Employee PAYG Tax to the ATO. You should set up a second bank account (separate from your main trading account) and each week transfer cash for these payments across into it. If needed, you can then dip into this cash reserve to keep your business alive.
See the section below about ATO Tax Relief Options.
Important: It’s vital that you keep lodging your Business Activity Statements (BAS’s) and Instalment Activity Statements (IAS’s) by their due dates and negotiate a delayed payment with the ATO, otherwise the ATO may view the PAYG withholding portion as non-compliant and you will then lose you tax deduction for these amounts.
Consider using alternative funders such as Moula or Prospa to set up a short term line of credit now to pay for inventory and operating costs. These funders lend based on the cash flow of your business and don’t need property security. You should consider doing this as a backup now to any other bank lending arrangements you may have.
If you have to self-quarantine or are admitted to hospital, if you don’t have an EPOA then no-one else can make important business or financial decisions on your behalf. As a business owner, it is 100% essential that you have an up to date EPOA and Will, and that your family know where these are stored.
We’ve teamed up with Littleton Hackford Solicitors to offer you a fast, easy and professional way to get these documents prepared quickly. Simply email or phone their office on 03 51761345 and they can make appropriate arrangement with you.
The Australia Taxation Office (ATO) is implementing a series of relief options to assist those impacted by the coronavirus. The relief will not be automatically applied.
You or your Accountant will need to contact the ATO to make any of the following requests for assistance.
When we have our 2020 Tax Planning meeting with you over the next few weeks, we will assist you with opportunities to restructure how you pay yourself so that you can receive the maximum cashflow assistance amounts from the Government.
Contact us TODAY if you would like to book a phone or video appointment to ensure you receive your maximum cashflow assistance from the Government.