Managing your business during lockdown 21 July 2021 - bentleys.com.au
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Bentleys SA: Managing your business during lockdown // 21 July 2021
Managing your business
during lockdown
21 July 2021
bentleys.com.au | advice@adel.bentleys.com.au
As the country continues to experience frequent and sudden lockdowns we need to manage our businesses to suit the volatile conditions. We need to access any additional funding available for our business and employees where revenues are impacted, in order to sustain the business during these periods. With SA now joining NSW and Victoria in lockdown, the Bentleys team have attached a current listing of available concessions in each State to help support businesses and their employees during this period. What can you do to plan your cashflow for the lockdown? When preparing your cashflow forecasts for a lockdown period, you need to consider which costs in your business are fixed and how these can continue to be funded. The main fixed costs of a business are generally rent, employees and funding costs. Rent Your landlord should now understand how the lockdown impacts your tenancy and you should negotiate what rent assistance they are prepared to offer during these periods. However, your landlord will have their own fixed costs to manage, so don’t automatically expect relief from your obligations unless they can also get relief. The NSW government announced a land tax reduction scheme in response to their lockdown. There is currently no similar scheme in other States. Employees The government incentives referred to in the attached listing are designed to keep people employed in the business and should be accessed where available. Where a business is still unable to fund wage costs, employees may be stood down temporarily during the period or asked to access leave entitlements. You should consult: https://coronavirus.fairwork.gov.au/ and/or your employment law specialist prior to making any directives for your employees. Employees may also access the COVID-19 disaster relief payment through: https://www.servicesaustralia.gov.au/individuals/services/centrelink/covid-19- disaster-payment where their hours are cut during the period. NSW also has a ‘JobSaver’ scheme which provides weekly payments to employers for supporting employee payroll. You may want to support your employees during this process to make sure they access their available funding. Funding Your bank should be able to assist you with short-term strategies to help you manage funding. This may include deferring repayments and providing bridging finance where you are eligible for grant funding.
Other costs Your suppliers will be assessing their own position. You should work with them to manage terms of payment and supply during these periods. Where you currently incur other costs such as rates and taxes and electricity there may be concessions available to defer or waive these payments. We have listed some of these in the attached. Your local council and other suppliers may also offer funding arrangements during this period. How can we help? Your Bentleys advisor is here to help you through your budgeting and cashflow process. We can also apply for government concessions on your behalf, negotiate ATO payment arrangements and provide support to you when dealing with your suppliers. During this time of uncertainty, don’t go it alone. Please call to find out how we can help. Contact us today. 08 8372 7900 advice@adel.bentleys.com.au
COVID-19 Stimulus Measures – updated 21 July 2021 Federal Measure Provider Eligibility Timing How do I get it? description COVID-19 Services Individual losing hours of work in On application https://www.servicesaustralia.gov.au/individ Disaster Relief Australia declared ‘hotspot’ $375 (8-20hrs), $600 uals/services/centrelink/covid-19-disaster- payment (+20hrs) per week payment SME Recovery Treasury SMEs with turnover
COVID-19 Stimulus Measures – updated 21 July 2021
NSW
Measure Provider Eligibility Timing How do I get it?
COVID-19 Grants Service NSW 30% covid-19-business-grant
Maintain headcount
JobSaver (up to Service NSW 30% open 26-7-21 sole-traders-and-small-not-for-profits#covid-19-
week) business-grants
COVID micro Service NSW Turnover $30k-$75k Applications https://www.nsw.gov.au/covid-19/businesses-
business grants Decline in turnover >30% open 26-7-21 sole-traders-and-small-not-for-profits#covid-19-
(up to $1,500 per business-grants
fortnight)
Payroll tax Revenue NSW Due date for payment of annual Automatic Automatic. Information at
deferral reconciliation and July/ Aug 2021 https://www.revenue.nsw.gov.au/news-media-
liability extended to 7 Oct 2021. All releases/covid-19-tax-relief-measures/covid-19-
payers coronavirus-and-payroll-tax
Payroll tax 25% Revenue NSWCOVID-19 Stimulus Measures – updated 21 July 2021
VIC
Measure description Provider Eligibility Timing How do I get it?
Sustainable event Business Vic • >50% decline in turnover Applications https://business.vic.gov.au/grants-and-
business program (up prior to 27 May 2021 due 23-7-21 programs/victorian-events-support-
to $250k) • Annual payroll of >$1.5m package/sustainable-event-business-program
Impacted public events Business Vic This is an invitation-only Applications https://business.vic.gov.au/grants-and-
support program (up program for events registered due 23-07-21 programs/victorian-events-support-
top $25k) under the Public Events package/impacted-public-events-support-
Framework. Eligible businesses program#eligibility
will be invited to apply.
QLD
Measure Provider Eligibility Timing How do I get it?
No new measures
WA
Measure Jurisdiction/ provider Eligibility Timing How do I get it?
No new measures
TAS
Measure Jurisdiction/ provider Eligibility Timing How do I get it?
No new measures
NT
Measure Jurisdiction/ provider Eligibility Timing How do I get it?
No new measures
Current as at 21 July 2021COVID-19 Stimulus Measures – updated 21 July 2021
ACT
Measure Jurisdiction/ Eligibility Timing How do I get it?
provider
No new measures
Private sector
Measure Provider Eligibility Timing How do I get it?
Bank repayment Financial Most banks Immediate https://www.ausbanking.org.au/2gb-radio-how-banks-are-supporting-
deferrals Institution will allow customers-in-lockdown/
deferral of https://www.commbank.com.au/latest/coronavirus.html?ei=tl_cv-
repayments support
and other
measures
Resources:
Federal government:
https://www.australia.gov.au/ - provides best comprehensive source of links to relevant information
Treasury:
https://treasury.gov.au/coronavirus/businesses - links to policy statements and facts sheets for each federal measure announced - useful as
high-level information
ATO:
https://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/COVID-19/ - one source of information for how business
can access federal concessions and deferral arrangements administered by the ATO
Businesses:
https://www.business.gov.au/Risk-management/Emergency-management/Coronavirus-information-and-support-for-business - Links to Federal
and State information on programs and support for businesses
Current as at 21 July 2021COVID-19 Stimulus Measures – updated 21 July 2021 Services Australia (individuals) https://www.servicesaustralia.gov.au/individuals/subjects/affected-coronavirus-covid-19 - Provides information for individuals accessing government support Other agencies https://www.energy.gov.au/energy-sector-response-novel-coronavirus-covid-19 - information on getting relief from energy bills https://www.austrade.gov.au/news/news/novel-coronavirus - Trade information https://coronavirus.fairwork.gov.au/ - fair work - information for employment SA Government: https://www.sa.gov.au/covid-19 https://business.sa.gov.au/COVID-19-business-information-and-support NSW government https://preview.nsw.gov.au/covid-19 https://www.business.gov.au/Grants-and-Programs/COVID19-Tax-Relief-Measures-NSW VIC government https://www.dhhs.vic.gov.au/coronavirus https://www.business.vic.gov.au/disputes-disasters-and-succession-planning/illness-and-business-management-plan/coronavirus-business- support QLD Government https://www.qld.gov.au/health/conditions/health-alerts/coronavirus-covid-19 https://www.business.qld.gov.au/ Current as at 21 July 2021
COVID-19 Stimulus Measures – updated 21 July 2021
WA government
https://www.wa.gov.au/government/covid-19-coronavirus
NT government
https://coronavirus.nt.gov.au/
Tasmanian government
https://coronavirus.tas.gov.au/
https://www.business.tas.gov.au/coronavirus_information
ACT government
https://apps.treasury.act.gov.au/budget/covid-19-economic-survival-package
https://health.act.gov.au/about-our-health-system/novel-coronavirus-covid-19
Industry Bodies:
Property council https://campaign.propertycouncil.com.au/covid-19-information-update
Links to resources and PCA statements
Business Council of Australia https://www.bca.com.au/covid-19
General information and links and statements of member actions (e.g. ANZ bank)
Business SA https://www.business-sa.com/covid19
Useful templates and information for business
Tax Institute https://info.taxinstitute.com.au/economic-stimulus-package-information
Links to information sources and TIA releases
Australian hotels association http://aha.org.au/covid-19-resources/
Information and links for affected industry participants
Current as at 21 July 2021COVID-19 Stimulus Measures – updated 21 July 2021
Australian retailers association https://www.australian-retailers-association.com/updates-for-retailers-coronavirus/
Useful guide and information for affected industry participants
Australian Bankers Association https://www.ausbanking.org.au/campaigns/financial-hardship/
Information on how to access banking relief and links to banks COVID resources
Tourism Australia https://www.tourism.australia.com/en/events-and-tools/industry-resources/resources-for-industry/government-support-and-
assistance-for-tourism-industry.html
Information on relief for tourism industry
Chamber of commerce https://www.australianchamber.com.au/covid-19-business-support/
Employer guide for businesses impacted by COVID
* * * * * * * * * *
The information in this document is a short summary of announced measures, some of which may not have been legislated. Each measure has its own
unique requirements which are not listed in detail here. You should review each particular measure and the enabling legislation before advising your client of
the impacts for these particular circumstances. Further, this document is highly summarised and does not include all the relevant information to assess your
particular client situation. We have tried to keep the information as up to date as possible as the date above. However, information is continually changing
and not always easily available.
Current as at 21 July 2021Where you want to be
Bentleys SA
Let us help you
Your Bentleys SA advisor can help you assess your eligibility to access Stimulus
relief which will help you, your business and your employees survive during this time.
Initial consultations are complimentary. We are here to help.
Contact us now
advice@adel.bentleys.com.au
08 8372 7900
Disclaimer
The comments in this paper are general in nature only. The material and opinions in
the paper should not be used or treated as professional advice and readers should
rely on their own enquiries in making any decisions concerning their own interests.
Bentleys is a network of independent advisory
and accounting firms located throughout
Australia, New Zealand and Asia. All members
of the Bentleys Network are affiliated only, are
separate legal entities and not in partnership.
Limited liability by a scheme approved under
Professional Standards Legislation. Bentleys is
a member of Allinial Global – an association of
independent accounting and consulting firms.
bentleys.com.au | advice@adel.bentleys.com.au
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