Some guidance for Businesses during Stage 4 Lockdown.

This week has seen a very high percentage of businesses face a forced six-week shutdown, or at the least a forced drop in staff numbers/production on Victorian operations.

This will be the most challenging time many business owners would have ever faced or will face in their lifetime. We wish to reiterate, we are here for you & we will continue supporting our clients & our local community as best we can, remotely.

Considering the announced changes, we have put together some information / ideas & support to help you get through this unprecedented time & come out the other side together.

YOUR STAFF

If you are not already participating in the JobKeeper Program, now would be the time to revisit it. This expected drop in income over August may be enough to see your business qualify. This could provide $1,500 per fortnight to your eligible staff up to the end of September.

If JobKeeper is not an option, nor is working from home and you really think cash flow would not allow wages to continue throughout the lockdown, then you may need to consider temporarily standing down staff. This would obviously be a huge burden on your team so only to be considered if no other options are feasible. Seeking legal advice around this would be very wise given the circumstances.

If your employees are stood-down on JobKeeper, or unpaid, please note all entitlements continue to accrue during stand-down orders.

JOBKEEPER

DIY
To check your eligibility and to find out how to complete the enrolment process yourself click here.

HAVE OUR TEAM ASSIST
Highview can complete your enrolment application on your behalf for a processing fee. As we receive a high influx of enquiries we ask kindly for your patience as things may take a little longer than expected. To begin please complete our simple Application Form here.

$10K BUSINESS SUPPORT FUND

If you are receiving JobKeeper Payments and you currently employ staff, you may be eligible for a $5K or $10K government grant put in place to support businesses through the renewed restrictions. For further information on eligibility and how to apply click here.

YOUR FINANCE

If not already, open a conversation with your bank or any other lender to see if you could temporarily pause repayments until the lockdown is over. This might free up thousands of dollars of cash flow and see you through.

YOUR RENT

Many of you would already be in discounted rental agreements, but if you’re not, now would be the time to ask. If you are, you may be able to increase the discount for the next month or two.

WORKING WITH THE ATO

The ATO is likely to be very considerate at this time of difficulty so if you are on a payment plan or worried about being able to pay the June BAS/July IAS then call the ATO and explain your situation. We’ve seen with many clients they have been happy to provide a payment plan or allow the payment to be paused for a short period of time.

WHAT TO DO WITH THE TIME

If forced to shut-down and working is not possible, it might be a great time to consider how to improve your business making it stronger for when you re-open on the other side. It may be:

  • Staff training to improve skills and fast track development
  • Improving the website to add recent projects or online sales
  • Set a budget for the business for 2020-21 finding ways to cut costs
  • Making a social media plan and schedule the next few months of posts
  • Work with your lawyer or us to better protect your business and family
  • Finally, make the time to set a financial plan for the next 5 – 10 years

LOOK AFTER YOURSELF & YOUR TEAM

We find ourselves in unprecedent times that are very challenging. With these challenges come an increase in anxiety and stress. If you find yourself feeling overwhelmed there are many trained professionals & support groups you can contact. Here’s some helpful information about mental health during COVID-19 https://headtohealth.gov.au/covid-19-support/covid-19.

You can access support directly by calling Beyond Blue 1800 512 348 or you can text Lifeline 0477 13 11 14.

Stay well, stay safe & remember we are here to help you see this through.  

The team at Highview Accounting & Financial

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