What’s Your Post-JobKeeper Plan?
With Jobkeeper payments set to end in a few short months, businesses will need to begin to plan for the future.
The last JobKeeper payment is scheduled for the fortnight ending on September 27. The Australian Bureau of Statistics (ABS) estimates that 72 percent of businesses have experienced a hit in revenue, and 73 per cent have accessed support measures such as the JobKeeper payments.
With these measures to end soon, businesses will need to rely on themselves to stay afloat.
Other government measures are likely to end at a similar time.
Business can use the following as a checklist when making a plan for when government incentives decrease:
- Cash flow
What is your current cash flow like and how is it predicted to be after stimulus packages end? Consider getting a cash flow forecast to have some insight into what’s coming cash flow wise.
Have your staffing needs changed? The changed environment may mean you need less or more staff, or perhaps new or repeat training of current staff is required.
- Revenue streams
Will your current revenue streams recover or have new streams and opportunities become available? Read our article on planning for post-pandemic business recovery for a more in-depth discussion on how your business landscape may have changed.
- Tax obligations
Are funds available when tax is due?
- Deferred liabilities
If you’ve deferred liabilities such as your mortgage or rent repayments, will you be able to meet this once payments are reinstated?
- Superannuation guarantee
Is there enough money available to meet the next superannuation payment?
- Personal guarantees
Are any personal assets at risk such as personal savings, residential properties or a car?
Another point which is often overlooked:
How are you feeling?
COVID-19 is an unprecedented global pandemic which has changed the lives of many, individuals and businesses alike. Does your current business structure or perhaps even business itself feel like you’ve lost your passion?
We can help you put together a post-pandemic plan. Our list of industry experts in business advisory can help you prepare and understand the changed landscape. Book an appointment today.
IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.