COVID-19: Help For Directors And Accountants
To say that challenging times are upon us is a significant understatement. COVID-19 presents a challenge not only to the health of the Australian population but its economy as a whole. Many businesses, their directors and individual sole-traders will be faced with a spectrum of financial distress and business situations that they have never dealt with before.
To assist all stakeholders, ARITA, with the support of CA, ANZ and CPA Australia, has released two special guides for business owners and accountants in public practice that outlines steps they can take to help deal with businesses in financial distress:
In addition, the Federal Government has also released the following two Fact Sheets to assist you in understanding the relief it can provide:
The Victorian State Government and State Revenue Office have also published dedicated website content to assist Victorian businesses. Links to their announcements and details of the relief available can be found here, and here.
Being proactive and seeking advice early can make all of the difference when financial distress hits. We recommend that all stakeholders seek qualified professional advice so that plans can be made to help provide direction and clarity of thought. A variety of options are presently available through informal restructuring and consulting advice to formal insolvency – do not hesitate to contact our office so that we can assist you in navigating the right pathway for you.