COVID-19: Business Continuation Plan Assistance Meeting

Here is a 2-minute email with some insights to help you during this difficult time with the Coronavirus (or COVID-19) affecting all of us. As a business owner, you need to face the possibility of team members being absent from your workplace, product supply issues and demand for your services and products reducing over the short term.

There are 3 urgent things you need to be aware of:

  1. Business Continuity Planning
  2. Get your Will and Enduring Power Of Attorney (EPOA) updated / set up NOW
  3. Government Stimulus Package

1. BUSINESS CONTINUITY PLANNING

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 not all doom and gloom either – withstanding the tough times sets a business up to be a fast turning cash flow business when everything bounces back in a positive way in the future.

It’s vital that you build a cash “war chest” which will let you keep trading through the coming difficult months. Also, we want to help you to protect the health of your employees and customers / clients.

We have developed a COVID-19 Business Continuity Plan (BCP) that addresses these 7 key areas that affect you:

  1. Cash Flow
  2. Protection of your Assets – including personal assets like your family home.
  3. Banks and Funding
  4. Management Team planning
  5. Your Employees
  6. Customers & Suppliers
  7. Mental Health Support

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.

OUR PLAN TO HELP YOU

There are 2 options where we can immediately help you.

1. Provide you with a COVID-19 Business Continuity Plan (BCP).
With this option, we provide you a BCP and you then will need to review it and choose which actions to implement.

2. Have one hour Assistance Meeting with us, where we meet and discuss your personalised COVID-19 Business Continuity Plan and guide you through the best actions to take.

OUR PRICE

OPTION 1, where we provide you with a COVID-19 Business Continuity Plan, FREE if you email and request the document before Friday 27th March, thereafter the document will be $110
OPTION 2, where we have 1 one hour Assistance Meeting with you to discuss your personalised COVID-19 Business Continuity Plan, is $300.

If you would like to proceed with either Business Continuity Plan option, please reply to this email.

We are available to book in Assistance Meetings from today.


2. GET YOUR WILL AND EPOA UPDATED / SET UP NOW

If you have to self-quarantine or are admitted to hospital and you don’t have an EPOA 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 up to date EPOA and Will, and that your family know where these are stored.

We are currently working with Head and Heart Estate Planning to offer you a fast, easy and professional way to get these documents prepared quickly.

Simply reply to this email and we can help you get started.


3. GOVERNMENT STIMULUS PACKAGE

Yesterday we sent out an email outlining the Australian Government recently released economic stimulus package. Much of the package requires legislation to be passed and we are keeping an eye on this and will update you if there are any changes. From speaking with clients and colleagues the items that may be of most assistance are:

  •  Tax-free payments of up to $25,000 for eligible small and medium businesses (i.e., with a turnover of less than $50 million that employ staff) based on their PAYG withholding obligations. This is not a cash payment, but it is a credit equal to 50% of the PAYG amounts withheld from salary and wages paid to employees. Tax payers do not have to apply for this relief – it will be automatically applied following lodgement of a BAS.
  • The ATO is offering flexibility in its dealing with taxpayers. It is important that lodgements are still made on time, even if payment unable to be made, and that we call the ATO and discuss any issues you have meeting payment obligations. Some of the measures the ATO have announced, include:
    • Up to a 4 month deferral of the payment date of amounts due through Business Activity Statements.
    • Allowing quarterly GST reporting businesses to opt into monthly GST reporting in order to gain faster access to GST refunds.
    • Businesses will be allowed to vary PAYG Installment amounts to $0.00 for the April- June 2020 Quarter.


NEXT STEPS

These are times when we need to stay calm and rely on reliable news sources and information from State and Australian Government websites. We will continue to update your on any Government assistance as more information becomes available.

We are here to help you. Please contact us at trudi@tckaccountants.com.au or on 0409 852 902 if you need any assistance or even just a chat!