Who could have factored in, hypothesised or even widely imagined what Macarthur, NSW, Australia and the world would be confronted with in 2020. A global pandemic!!! Unprecedented has not only become the most over-used word of the year, but in some respects, it has been superseded. Over many months, the unprecedented morphed into the unpredictable and by now, it is the normal.
No matter where your business sits in the growth and development cycle – well-established and thriving, starting-out and struggling a bit, doing OK but would like to be doing much better or just hanging in there – we all face challenges and we all have opportunities. The realities of existing in a global economy have never been clearer. The impacts on our business come from external forces, some from the natural environment as we’ve seen through climate change on a global scale and drought and bush fires and from a global pandemic are tough to accept. Impacts which are not of our own making or a result of our poor decision-making can be very frustrating and infuriating. But history reveals that this is nothing new and has always been the normal. In this issue I unpack some of the current global and local impacts on Australian businesses and detail help, support and resources which are available to assist you through the current crisis and beyond.
Taking a Moral Stand
An emerging consideration for business is how they handle faith, integrity and their own set of morals and values through their operations. The role of business in social issues is a contentious topic, depending on your point of view. Against a backdrop of ICAC and the development of a federal integrity body, I explore how businesses are increasingly getting involved in the conversation and considering their individual standpoint. On the polar point of the moral compass, in our Crime Prevention series, I cover aspects around Fraud and what you can do to prevent becoming a victim of the unscrupulous actions of others.
Appreciation and Admiration
Together with the team at the magazine, I am devastated by the impacts of bush fires early in 2020 and then COVID-19 on many of the great businesses in Macarthur. We extend our appreciation for those doing great work to assist others through crises and express our admiration for those businesses that are exhibiting outstanding resilience and innovation to overcome the challenges. Please reach out to share your feedback and ideas.
To inspire, engage and motivate, our Editor, Lyndall Lee Arnold shares helps and resources to assist businesses impacted from COVID-19.
Many businesses pivoted to new styles of operations, were forced to change aspects of how they work and engaged with customers as a result of COVID-19 lockdowns and other restrictions. As we come out of that critical phase, it’s time to decide how you will proceed or pause.
Here are some helps that may assist with your business recovery.
The Federal Budget included a raft of measures that may assist your business:-
- Wage subsidies to support employing new staff.
- Accelerated asset depreciation measures including Instant Asset Write-Off and temporary full expensing which may deliver a direct tax benefit. Speak with your accountant or finance broker about how you can benefit.
- Loss Carry Back which allows businesses to offset tax losses in this year against profits in earlier years. https://www.ato. gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-businesses/Loss-carry-back
- The Federal Government Modern Manufacturing Strategy targets 6 priority sectors and grants will be available for businesses to benefit. https://www.industry. gov.au/news-media/manufacturing-a-new-future-foraustralia
NSW Government also has a raft of support available and these measures are continually being added to.
- It’s worth regularly checking in to see if there is something you can apply for. https://www.nsw.gov.au/covid-19/businesses-and-employment/financial-assistance
- Payroll tax relief is a major part of the state government’s support and this was extended in the State Budget along with other measures.
- The government is investing heavily in infrastructure projects which may represent benefits to your business. Even if you’re not eligible to tender for direct involvement, your business may have a potential benefit through the supply chain of others or being within close proximity of the construction sites.
To ensure you comply with government rulings in regard to COVID-19, ensure you have a current COVID-safe plan and stay across the compliance requirements for your industry to avoid penalties. It’s set to be tough until a vaccine is available to the entire population so reach out and utilise the support that is available to assist you and your business.