COVID19 Coronavirus Resources For Australian Small Business

Hello everyone. Corona virus (aka COVID-19) isn’t something that we never talked about. And now everyone's talking about it. And it's had a significant impact on people’s lives, including Business Owners, and the Bookkeepers who stand with them. So we write to you today as a source of knowledge and wisdom so that together we can survive and even flourish even in the face of adversity.

Corona Virus Pandemic is a tragic event unfolding in our lives.

The problem is the sheer volume of new information being released. Misinformation, changing goalposts and a lack of information all contribute to terrible decision making! So instead of trying to hit a piñata with a blindfold on, we instead invite you to be patient and trust the process. As the situation unfolds there are different strategies which can be implemented. And we can help you take advantage of the many resources Australia has made available via its Federal and State Governments.

As we work with many of our clients, and the broader business community, our mission is to combat misinformation. And by doing this we offer peace of mind to business owners, their employees and more broadly to their families.

We've put together a selection of useful links, so you can go straight to the various experts and authorities for yourself and your team.

Keep up to date with changes and alerts

Nationally

Health (Australian Government) website:
https://www.health.gov.au/news/health-alerts/novel-coronavirus-2019-ncov-health-alert

ATO (Australian Government) website:
https://www.homeaffairs.gov.au/news-media/current-alerts/novel-coronavirus

Globally

WHO (World Health Organisation) website:
https://www.who.int/emergencies/diseases/novel-coronavirus-2019

WHO (World Health Organisation) website:
https://www.who.int/emergencies/diseases/novel-coronavirus-2019/technical-guidance

Coronavirus disease (COVID-19) Situation Dashboard website:
https://experience.arcgis.com/experience/685d0ace521648f8a5beeeee1b9125cd

Credible News Sources vs Hype

You have got better things to do that to be ready pages and pages of Corona Virus information. You want the concentrated information, not something diluted! After all, you still need to get on with your life, perhaps even more so during this Corona Lockdown time.

ABC website:
https://www.abc.net.au/7.30/coronavirus-special/12026872

CNN website:
https://edition.cnn.com/audio/podcasts/corona-virus

Look After Your Mental Health

As a man thinks, so is he. ~ Proverbs 23:7

If you're overwhelmed and stressed about the impacts of COVID19, then you'll be less able to help yourself, clients and loved ones. It's time to stay focused despite your circumstance. And don't let your thinking get out of control.

Beyond Blue is a mental health organisation which has heaps of resources to keep yourself afloat during the Coronavirus outbreak.

Beyond Blue website:
https://www.beyondblue.org.au/the-facts/looking-after-your-mental-health-during-the-coronavirus-outbreak

How Viable Is Your Business?

As we all know, a healthy body helps keep away a virus. And even if a virus takes up residence, that healthy body will be able to kick it out! Same with your business.

Even though aren't exactly going to plan this year, you can still refine things so you can stay afloat. Getting a sense of the health of your business is what will help you survive.

Just like every other bad situation, this will also pass. So, for now, it's time to be persistent. But also get a reality check on your business for the future.

ATO Business Viability Assessment Tool:
https://www.ato.gov.au/calculators-and-tools/business-viability-assessment-tool/

Understand how to handle issues related to employees

Your employees are probably freaking out right now, wondering if their job is safe and if their financial future is secure. So knowing the facts will help you navigate conversations with your employees.

Sadly, the reality is that many employers won't be able to keep their staff on. So make sure you visit the Fairwork website, as they've made changes to the Fairwork Awards regarding carers leave, standing down staff, work hours and other work-related topics.

Fairwork website:
https://www.fairwork.gov.au/about-us/news-and-media-releases/website-news/coronavirus-and-australian-workplace-laws

Don’t make rash decisions about redundancies or closing your business

We know it feels overwhelming because we're in the same situation as you! But how we're dealing with it is to focus on helping others. Focusing outwards instead of on worst-case scenarios that probably won't happen, keep a steady head on your shoulders!

Making decisions based on fear is a recipe for disaster. So be patient, get clarity, and then make informed decisions.

ATO website:
https://www.ato.gov.au/General/New-legislation/The-Australian-Government-s-Economic-Response-to-Coronavirus/

Familiarise yourself with latest business information and available support

The Australian Government recognises the importance of business in keeping Australia in economic health. They are offering lots of information so you are equipped with up to date information that will keep your business alive during this time.

Business (Australian Government) website:
https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business

Treasury (Australian Government) PDF:
https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Assistance_for_businesses.pdf

Treasury (Australian Government) website:
https://treasury.gov.au/coronavirus/businesses

Reassess plans for work-related travel

Do you really need to travel somewhere? If yes, then make sure you do it wisely. Please consider using video calls, etc. as an alternative, if possible.

Smart Traveller (Australian Government) website:
https://www.smartraveller.gov.au/news-and-updates/coronavirus-covid-19

Contact your bank and ask for help

Banks understand this is a hard time, and are wanting to help you to keep your head above water!

NAB

• https://news.nab.com.au/coronavirus-response/

Commonwealth

• https://www.commbank.com.au/guidance/newsroom/business-eap-202003.html

• https://www.commbank.com.au/latest/coronavirus.html

ANZ

• https://www.anz.com.au/promo/covid-19/

Westpac

• https://www.westpac.com.au/help/disaster-relief/coronavirus/

• https://www.westpac.com.au/about-westpac/media/media-releases/2020/11-february/

And if you get into serious financial hardship

Sometimes you need to access that money you have saved up for that rainy day. Is this that rainy day for you?

Service Australia (Australian Government) website:
https://www.servicesaustralia.gov.au/individuals/services/centrelink/early-release-superannuation

Service Australia (Australian Government) website:
https://www.servicesaustralia.gov.au/individuals/news/750-one-economic-support-payment

Thank you for your time. Stay safe, wash your hands, be responsible, and use the links shared to your advantage. We will get through this together.

Warm regards

Amy Hooke and the team at Off The Hook Bookkeeping