It is very accurate to summarise 2020 so far as a failure. This is a fact.
Businesses have closed due to no fault of their own and some are wondering if they will even be able to open again. Current statistics state that almost one million Australians have lost their jobs since mid-March when Covid-19 restrictions were put in place.
There are people who have had to wait 5 weeks to receive JobSeeker after losing their job. How are these people able to buy food? Pay their rent? The Government have tried hard to accommodate everyone and generally, they have done well. But the inability of Services Australia (Centrelink) or the ATO to get funds flowing quickly is a real failure.
The Bookkeepers and Accountants in Australia have been stretched to capacity – many working 7 days a week to get their clients access to funds by completing numerous eligibility tests, updating software and completing online forms that are onerous, constantly changing and unnecessary. Researching these packages is mostly not charged to the client – especially in the Bookkeeping / BAS Agent arena. This is hours and hours of work to keep up with the constant changing landscape of JobKeeper, Cashflow Boost and other State or Federal packages.
The flow-on effect from Covid-19 will not just be the economy struggling to recoup after such massive event – it’s the hidden factors that are not being seen that is of huge concern. Depression, homelessness, financial hardship and relationship breakdowns. At the end of the day it is the people who run the country and should be the focus of Australia recovering. If they are content, then the businesses will follow.
If you or anyone you know is struggling to keep heads above water in these unprecedented times, please ask for help. Many people do not have families to turn to, so please check on your neighbours and friends. It is very common for people not to ask for help as it makes them feel inadequate, but a simple “can I help?” will sometimes be all that they need to start accepting it. Always remember that Beyond Blue is an amazing resource for help also.
If your business is struggling to keep going in these uncertain times and you need help – please contact us. Calculated Accounts have been working very hard on getting clients access to help when they most need it as quickly as possible. We can take the stress off you as a business owner and do what needs to be done in the right order to satisfy the ATO’s stringent requirements.
Stay safe Australia.