The JobKeeper Payment scheme to help support businesses during the pandemic finished on 28 March 2021.

As a business, your final JobKeeper payments should have been made by this date and remember that your monthly business declarations for JobKeeper fortnights in March need to be completed by 14 April 2021 to receive final JobKeeper payments.

The end of JobKeeper will undoubtedly be a stressful time for many businesses, with some sectors being affected more than others. Restructuring, redundancies and a pause on spending may impact your business as your customers navigate the next few months, having a knock-on effect throughout the supply chain.  Cashflow will be the greatest challenge and throughout the pandemic we have been advising clients to proactively plan ahead for this time.

If payments are not coming in when expected, it’s hard for businesses to then pay suppliers and staff and keep afloat. Positive cash flow is particularly important for small businesses. We can help you firstly, by giving you a better understanding of the health of your business, and then give practical ways to improve your cash flow through planning, budgeting, funding and business performance (as well as ensuring you meet your financial commitments and regulatory obligations). Businesses should also be aware of when payments have to start again on any debt repayments that were deferred.

Be aware of your options

It’s important that if you think you are heading into financial hardship, you act on it early rather than wait. There are processes that need to take place if you are unable to pay commercial rent or pay staff and we want to make sure that it is handled in a controlled way. You may need to restructure your business, implement asset protection strategies, or we may need to discuss insolvency obligations where a third-party insolvency administrator would be involved.

Having financial problems? Speak to us

We understand the challenges you are facing and have a team of people here that can work with you on managing your cashflow, bookkeeping, and tax strategy as well as business financial loans. The earlier you start the conversations, the easier it will be to manage as with a lot of financial issues they can snowball if they are not dealt with quickly. We’re here to help!

Please get in touch by calling tel: 08 9240 7629 or email: admin@taxproaustralia.com.au

 

For a summary of key dates from the ATO regarding the end of JobKeeper, please click here

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