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To keep your business running through a crisis period there are many factors to consider including insurance; client, customer and supplier communications; payroll and superannuation; cash flow planning; as well as tax implications and ATO obligations. In addition, your mental health, resilience and well-being for yourselves, families, staff and communities are of utmost importance.
As disasters unfold, the relevant government departments often make available assistance packages and grants for affected businesses and individuals, after announcing a ‘disaster declaration’ for affected areas.
We wish to help our clients as much as possible during periods of upheaval. Please contact your local Grant Thornton advisor or email our offices for more information on how we can help.
You can find links to applicable assistance programs through Business.gov.au’s Assistance for businesses affected by storms or floods page. This page is being continuously updated so check back regularly for additional information.
Services Australia provides personal support to individuals and families in declared disaster zones.
In the immediate aftermath of a disaster such as the floods, the focus is on stabilising your business to ensure it can continue to operate or return to operations as soon as possible.
Individuals and businesses affected by a natural disaster can seek assistance from the revenue authorities to help manage their ongoing tax obligations. Some of the assistance is automatically implemented for all taxpayers but other assistance will need to be applied for.
Cash is the oxygen of your business and therefore it is important that you take time to consider the impact that the flood crisis will have on cash flow.
The 2022 floods across the east coast have had a catastrophic impact on businesses, many of which are still suffering the lingering effects of the COVID-19 pandemic.
It is at these times that insurance really matters. A successful claim can be make or break for a business that has been devastated by the floods. It is therefore critical to know what cover you have, and to be able to make a claim as soon as possible.
Cash management is the most critical issue for businesses right now.
Individuals and businesses affected by a natural disaster can seek assistance from the revenue authorities to help manage their ongoing tax obligations. Some of the assistance is automatically implemented for all taxpayers but other assistance will need to be applied for.
