Supporting Businesses through COVID-19
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Protect Your Small Business During Covid-19
Mar 17, 2020
The time to prepare is now.
This is a period of change with many different rules coming into effect due to the threat of the spread of the COVID-19 virus. We know that things will be slowing down for some businesses who rely on serving the community such as hospitality and events-based businesses. If you are feeling the effects of cancellations and less customers, we have compiled some information and tips for making the best of this time as we work to stay safe together.
ATO Support Options
The federal government has announced a tax stimulus package to help small and medium businesses effective immediately. The ATO is increasing the instant asset write-off from $30,000 to $150,000 from 12 March 2020 until 30 June 2020. And have added an accelerated depreciation deduction to 50% on eligible assets from 12 March 2020 until 30 June 2021. This means small business can use this instant write-off to invest in equipment or renovations.
This instant write off applies from 12 March 2020 until 30 June 2020, for new or second hand assets first used or installed ready for use in during the dates listed above. There is also a tax-free payment equal to 50% of the PAYG withholding on the employee’s salary and wages paid. The minimum payment is $2,000 and the maximum payment is $25,000. There is also a subsidy available of up to 50% of an apprentice or trainee wage.
Use Extra Time To Cross Train Staff
Cross-training employees during slower periods is a great way to improve your team's skill set and capabilities. This is the right time to create a more active and engaged work force. Plan to use some of your slower times to develop staff skills and abilities and build a stronger workforce while also making employees feel valued.
This is great way to upskill your work force and make them adaptable. Look where different staff members can learn more about how the business works as a whole. This will ensure coverage of duties and tasks when someone is absent, sick or must remain under quarantine.
Virtual Meetings
In the near future we may find that we have to self-quarantine or certain areas will be in lock down due to hot spots of the virus. Set up your systems now so that you can check in and meet virtually with your clients and team. There are plenty of great meeting solutions such as Zoom
or GoToMeeting. Look into which options suit your needs and sign up for a trial subscription you can test now before you need it.
Cloud Based Systems
If you haven’t already made the move, now is the time to set up cloud-based systems so you can access your accounting, business records and files from anywhere. If you have specific questions about using cloud based bookkeeping software, please do not hesitate to give us a call. We are always happy to help.
Stay Safe
During this complicated time for businesses of all size we hope you are able to stay well. We have been working with our team and clients virtually for years. If you would like any specific advice on what has worked well for us please get in touch. We are always happy to help via phone or via a virtual meeting. Stay safe everyone!
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This threat has been highlighted by cyber security experts for years, but it wasn’t until May 2022 that the Australian Federal Court made a decision to place the responsibility of cyber security defence on companies that operate in financial services. The court ruled that an Australian financial services company failed to meet its obligations by not mitigating its cyber security risks thoroughly.
When starting, most businesses handle their accounting tasks using Excel. While efficient, it may not support the needs of your growing business. Since 2000, it has been mandatory for all Australian businesses to add and report GST. As such, many business owners find it much more convenient to record their financial data digitally. However, some are still struggling. To help make the transition to online reporting, this blog outlines:
Most of us consider Outlook as the industry standard for email, but it’s also an incredibly powerful business tool which encompasses contacts, calendars and all sorts of other organisational instruments. To increase productivity, save time and allow your day to become a little less cluttered, why not try incorporating some of these Outlook tips and tricks into your working regimen?
Your business is your passion and your day to day focus. Our extra pair of eyes makes sure we tick all boxes, so you can get back to what you love. Our clients have more time to make the perfect coffee or find the perfect stock for their customers.Let us look after the books, you take care of your business.
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