Since early March we have witnessed an extraordinary national response to the coronavirus COVID-19 health crisis. Our policy makers have delivered historic stimulus and relief packages, our healthcare system doubled down, borders have been closed and banks and businesses have bent their efforts towards protecting lives and livelihoods.
Halfway through April and there were positive signs the curve is flattening. However we are in this for the long-haul and with most, if not all, major policy announcements made, businesses can now turn their minds to how they will navigate this new normal.
With specialists across business risk, business continuity, workforce, tax, compliance, supply chain and restructuring, we are here to help. This may be an assessment of your risk and cash flow, identifying alternative suppliers, or preparation for meetings with suppliers, banks or the ATO to access additional support or extensions.
Stimulus and support will slowly be replaced by deregulation and incentives so that businesses can create the jobs of the future. With JobKeeper extended and refined until March 2021, the Commercial Tenancies Code tied to JobKeeper, they are still important measures to support businesses while they make plans for the future.
The message from the Government is to “grow” out of the recession. But with so many unknowns on the horizon, this is easier said than done. From managing your cash flow, through to restructuring and turnaround through and performance optimisation there are many options available to businesses to help weather the uncertainty.
When the economy is at the mercy of the health crisis, and with so many moving parts, it can be hard to make sense of it all. Our leaders reflect on the policy updates, and explore industry trends and the many different ways businesses can flex and pivot during this time. We pull back the curtain to look at the past, the present and the potential future to help you make better decisions.
The Australian Taxation Office (ATO) is encouraging businesses impacted by the coronavirus to get in touch with the ATO to discuss relief options.
Options available to assist businesses impacted by COVID-19 include:
Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans.
Employers will still need to meet their ongoing super guarantee obligations for their employees.
Unlike the bushfire relief measures, which applied automatically to particular geographic areas, assistance measures for those impacted by COVID-19 will not be automatically implemented.
Anyone impacted by COVID-19 is advised to contact the ATO to request assistance on our Emergency Support Infoline 1800 806 218.
