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The Government's Coronavirus economic response and stimulus package



The Government has announced its economic response to the Coronavirus in the form of a $17.6 billion economic stimulus package.

The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs.

It is expected that an appropriate package of Bills (which will provide further detail in relation to the proposed measures) will be introduced into Parliament in the final sitting week in March 2020 (i.e., presumably from 23 March 2020) for urgent consideration and passage. 

Read the full article here to find out the key tax measures that have been proposed. 

What are the key measures?

It is paramount that you take immediate action to develop an emergency contingency plan to mitigate business disruption and financial loss for both immediate and future threats. It is important to identify all potential risks you may be exposed to during such a time and develop a robust plan to ensure business continuity throughout.

Businesses are urged to take into consideration the likelihood of occurrence, the degree of impact and develop suitable responses to address these concerns and assist in minimising the effects. Review of your organisation’s policies is critical in order to establish a framework to deal with a crisis and assist in implementing an effective plan.

It is vital that the company maintains clear lines of communication with clients, employees, suppliers, financiers, the ATO and all other key stakeholders concerning the situation. It’s also essential to communicate any changes to organisational policies, have a solid contingency plan in place to manage changes to staff working arrangements and clearly inform employees of their responsibilities during such a time.

In moments of crisis, it is important to remain agile by actively monitoring, assessing and adjusting the response to the situation. This can seem overwhelming but there are options and help is available.

A cash flow forecast will assist in determining the financial outlook of your business and help to recognise where shortfalls may occur, assisting to identify a path forward. Seek repayment options with suppliers if necessary and ensure commitment to meeting the terms negotiated to avoid further hardship.

We are available to discuss your concerns and the impacts for your business. Please contact the team at The Money Edge to plan ahead! 

The Money Edge | Bundaberg

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