COVID-19: Empire Accountants

Posted 19 Mar '20

Valued Client

We recognise that COVID-19 is placing new and increasing challenges on our clients, our community and our economy.

We understand these current events result in a significant level of uncertainty for our clients. The stimulus package is due to clear through parliament week of 23 March when the next sitting is scheduled. From this we will have more detailed information as to the practical application of this package.

Other general options to consider during these early times include:-

• Check your insurances, do you have any business interruption that covers pandemics? (most policies are no but always worth checking)
• Speak to your banks if cash-flow is tight and see if they are giving any concessions to repayment deadlines. (If the business has no funding, consider talking to your personal banks to take pressure of home loan which in turn takes pressure off business income)
• Know your numbers, track your results closely, workout your break-even point (we can assist you with this if you don’t know)
• ATO is giving payment deferrals and a fair bit of concession around due dates (further information on the ATO’s position is contained here)
• QLD government has announced interest free loans to support small business (further information available here)
• QLD Payroll tax relief to 31 July 2020
• QLD State Government has issued full guidance which includes some mentoring, financial management and industry specific support (further information can be found here)

As we get blanket updates we will send this via our Empire Update newsletters so please read these ones! Here is a copy of our latest update that was sent on Friday with regards to the Stimulus Package announcement.

Empire is here!

Empire will continue operating under normal trading conditions with focused awareness to limit unnecessary exposure, minimise the risk and limit the spread of infection.

We are fully resourced and whilst the decision may come that the team is located at home, we will still be working as normal.

If you are in the position that you would feel more comfortable to work with us remotely, we have capability to assist you via phone, Zoom or email.

We respectfully ask that if you are unwell, have recently travelled overseas or been knowingly exposed to someone that has please notify us and we will organise to meet with you remotely.

You are welcome to reach out to your Empire Advisor to share with us your immediate concerns. We are here to help and support.