In business, we often talk about resilience—the ability to weather a storm. Right now, with cost-of-living pressures, global supply chain disruptions, and the economic fallout from the war in the Middle East, that resilience is being tested.
Recognising these challenges, the Federal Government has announced a suite of collaborative measures with the private sector to provide much-needed flexibility and credit access for small businesses.
Here are the three key areas where you can find support right now.
1. Tax System Flexibility (ATO Relief)
The ATO is providing temporary relief for businesses unable to meet their tax obligations due to extraordinary circumstances, such as recent fuel supply issues.
– What’s available: This includes more generous payment plans, the remission of interest and penalties, and support for varying PAYG instalments if your taxable income has taken a downturn.
– Debt & Compliance: Some compliance actions will be limited in the worst-affected industries, and certain debt collection actions may be paused where appropriate.
– The EMspire Tip: You don’t have to navigate this alone. While the ATO is establishing a dedicated channel for these relief provisions, we can contact them as your registered tax professional to request access on your behalf.
2. Easier Access to Credit
To help small businesses access funding faster and with less red tape, the government is extending a key exemption for another decade.
– The Benefit: By extending the Small Business Responsible Lending Obligation exemption for 10 years, the government is ensuring you aren’t hit with additional regulatory burdens or long delays when accessing loans.
3. Industry-Wide Hardship Support
It isn’t just the government stepping up; the banking, insurance, and energy sectors are also launching proactive support programs.
– Banking: Australian banks have established specialist teams to assist with temporary payment deferrals, loan restructuring, and emergency credit limit increases.
– BCA Members: Many large businesses have committed to paying small business suppliers more frequently to improve your cash flow and resilience.
– Insurance: The Insurance Council is encouraging small businesses to talk to their insurers about adjustments to premiums during this period.
The Bottom Line
The core message from this announcement is: “Don’t tough it out on your own”. Whether it’s a tailored payment plan for your tax or negotiating a bill pause with your energy provider, there are options available to help you through this challenging period.
At EMspire Advisory, we are here to help you navigate these options. We can review your financial position and represent you in discussions with the ATO to ensure you get the support you’re entitled to.
Feeling the pressure of rising costs? Let’s sit down and look at your cash flow together.
[Book a chat with the EMspire team today]
The team at EMspire Advisory are trusted, qualified Chartered Accountants, tax agents, and small business accountants. We work closely with our clients to achieve the best possible outcomes. To find out more, please contact us!
Please note that this information is not specific and is general in nature and cannot be relied on as advice. Please contact us for advice specific to you and your circumstances.