News - COVID-19

HomeLearning Centre

Coronavirus Guidance for Small Business

In light of the recent developments around the Coronavirus (or COVID-19) and the uncertainty we are all facing day to day, we felt it important to communicate that we expect no major interruptions to the services that we provide to you.

We are a fully cloud-based business with all our systems and processes accessible online. This means that all our team members are able to work remotely and have access to all the technology systems and tools they use daily to assist their clients. Our commitment to you will not be affected.

As a business owner, there’s one key thing you need to totally focus on now – keeping your business alive during these difficult times.  It’s vital that you build a cash 'war chest' which will allow you keep trading through the coming difficult months. Also, we want to help you to protect the health of your employees and customers / clients.

There are 4 urgent things you need to be aware of that we address in more detail below:

1. Government Stimulus Package – Our Tax Planning meeting with you this year will be VITAL!
2. Business Continuity Planning - Book your complimentary meeting
3. Wealth Advice
4. Update / Set up your Will and Enduring Power of Attorney


BOOK YOUR TAX PLANNING MEETING

Government Stimulus Package

The Government has released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March 2020.

 The Prime Minister has warned that there are no “quick solutions” and that business should prepare for 6 months of disruption.

The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs. As a result, we will be bringing forward our 2020 Tax Planning meetings to 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. If you have not already engaged us for a pre-year end tax planning session, we strongly recommend you contact us PRIOR to preparation of your March BAS, to meet for tax planning to ensure you receive your maximum cashflow assistance from the Government. If we do not undertake a tax planning, we can only prepare your BAS based on the current situation. Contact us TODAY on (03) 5911 7000 to book your meeting.

Business Continuity Planning - Complimentary 30 minute meeting

As a business owner, now is the time to plan for employees being away from your workplace, shortages of supply, reduction in sales, and the possibility of your workplace being closed for a short period of time.

SMART have developed a COVID-19 Business Continuity Plan (BCP) that addresses the key areas that affect you. Our BCP can give you great assistance to keep your business alive and give you and your team framework for the support you need during this COVID-19 crisis.

Over the next few weeks, we would like to meet with you (either in person or via online Zoom Meeting) to discuss the following:
• Employees working from home and workplace obligations
• How do pay your bills in the short term if your sales start to dry up
• How to communicate in a reassuring way with your clients and customers
• How to keep things moving with your business
• Cash flow
• Protection of your assets such as your family home
• Banks and funding

We’re not suggesting that we have all the answers, but it is important for us to work with you and help you and plan for what will happen in the weeks and months ahead.

Contact us TODAY on (03) 5911 7000 to book your complimentary 30 minute meeting. 

Wealth advice

The share markets have crashed due to fear and uncertainty in the marketplace. Historically, when this crisis is over the markets will quickly pick up again. Keeping a long-term focus and not panicking now is the key to success.

Set up your Will and EOPA

If you have to self-quarantine or are admitted to hospital and you don’t have an Enduring Power of Attorney (EOPA) 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 updated EPOA and Will, and that your family know where these documents are stored.
If you do not have a legal representative we can suggest who you could call.

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