Government agencies abandoning company wind-ups could cause insolvency tsunami

Government measures to prop up zombie businesses through the pandemic could actually be harming Australian small businesses, with new data showing company wind-ups have all but ceased in the past quarter. Prushka Fast Debt Recovery revealed through data sourced from court records that the Australian Taxation Office and other government agencies, typically the largest source… Continue reading Government agencies abandoning company wind-ups could cause insolvency tsunami

JobKeeper 2.0: The winners and losers

With the news that JobKeeper will be extended for another six months until March 2021, many business owners and employees are relieved. However, with the latest tweaks to the wage subsidy, not everyone will benefit. So, who will win and who will lose out? The winners To be eligible for JobKeeper, a business must be… Continue reading JobKeeper 2.0: The winners and losers

75% of SMEs want current stimulus measures extended until 2021

The vast majority of SMEs want stimulus measures to be extended further to help them recover from the impacts of the pandemic. This is according to Wave 11 of ACA Research and TEG’s COVID-19 Tracker (published 2 July) which shows that 75% of SMEs want current stimulus measures extended until 2021. The results are part of… Continue reading 75% of SMEs want current stimulus measures extended until 2021

‘Zombie businesses’ big future problem

With speculation that hundreds of businesses – dubbed ‘zombie businesses’ – are being propped up by Government stimulus and will potentially fold in September, new figures suggest that the problem could we bigger than we anticipate. New research reveals: 62 per cent of SME business owners have been on the brink of folding their businesses… Continue reading ‘Zombie businesses’ big future problem

Let’s Talk: Opinion on the government’s stimulus packages

During the crisis, the government has unveiled many stimulus packages to support businesses and sustain the economy, including the JobKeeper payment, the early release of superannuation and the halting of property evictions.  In dealing with this highly unprecedented event of a pandemic, the Australian government has had to quickly guide all states and territories through potential economy failure and… Continue reading Let’s Talk: Opinion on the government’s stimulus packages

If my business closes down do I need to pay out my commercial lease?

If you need to make the difficult decision to close your business, you may be wondering if you’re still obliged to pay rent until the end of your lease term.  First things first, before you decide to close, make sure you’ve reviewed all recent changes announced by the government to ease the burden on businesses… Continue reading If my business closes down do I need to pay out my commercial lease?

Risky business: Ignoring JobKeeper scheme could leave some with regrets

Business owners are being urged to register for the JobKeeper allowance despite trepidation and confusion from many around the scheme, according to a leading tax expert. Pilot Partners head of taxation Murray Howlett said business owners who took a ‘wait and see’ approach to the scheme could be missing out on a huge financial incentive.… Continue reading Risky business: Ignoring JobKeeper scheme could leave some with regrets

Stimulus package reaction: “There are bigger concerns not addressed”

Australian Prime Minister Scott Morrison speaks to the media during a press conference at Parliament House in Canberra, Friday, April 3, 2020. (AAP Image/Lukas Coch)

The Morrison government’s economic plans to mitigate coronavirus challenges is a timely, sensible and proportionate response, however there are bigger concerns not addressed. Through constant communication with our client base of over 58,000 Australian SMEs, we have seen that almost every business is severely impacted by the unfolding COVID-19 recession. The stimulus packages and plans,… Continue reading Stimulus package reaction: “There are bigger concerns not addressed”

Sole traders and the COVID-19 pandemic: The support available

Last week we brought attention to the fact that sole traders had been missed out in the first stage of the stimulus package put forward by government during the COVID-19 pandemic.  The Small Business and Family Ombudsman, Kate Carnell, called for more support for businesses that do not employ staff, saying they needed “income support… Continue reading Sole traders and the COVID-19 pandemic: The support available