You would be forgiven for being a bit bamboozled by all of the assistance available to businesses right now. We’ve put together a very short and simple summary of what’s needed to successfully navigate these turbulent times.
1. Updated cash flow forecasts:
Cash flow management will be one of the keys enabling companies to survive the Coronavirus crises. These forecasts should be updated monthly (or weekly) due to the rapidly changing conditions facing businesses.
2. BAS returns:
These must be completed correctly to ensure you receive maximum benefits.
3. JobKeeper & Stimulus Package Relief:
An understanding of what’s available to ensure maximum benefit is received, without exposing your business to future penalties and interest.
4. Assistance with Government supported $250,000 loan applications:
Banks need up to date and accurate information. It’s useful to talk to your bank, even if you don’t need the funds immediately.
5. Managing ATO payments:
Cash flow deferrals are available. PAYG cash booster payments and refunds are available.
6. Debt repayment deferrals:
Negotiation with banks, lease companies and other creditors on deferral of payments and how that will impact future cash flows.
7. Reviewing all expenditure:
Improving cash flow by reducing or eliminating unnecessary expenses. Knowing which ones to reduce or eliminate is the key to ensuring your business can continue and be ready to ramp up again when the crisis is over.
8. Premises Rental:
Calculation of available reductions. Assistance with negotiations.