ATO recommends that small businesses seek support

There’s no doubt that Coronavirus has brought trying times to everyone. However, at the heart of adversity have been small business owners nationwide. The Australian Tax Office have released a new article to their website noting that “running a business in times like these can add stress which may affect your mental health.” There are a few things they’d like small business owners to keep in mind:

  • It’s never too late to ask for help from the ATO or your registered tax or BAS agent.

  • Payment plans, deferred lodgements, and fast-tracked returns are all possibilities.

  • Whether or not you’re a new business owner, or you’ve been in the game for a while, their range of tools and services will offer you support to identify and rectify struggles.

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Payroll discrepancies costing businesses millions

You’ve heard it before: Doing your own bookkeeping, payroll and accounting can result in costly mistakes.

For The University of Newcastle, payroll mistakes have cost $6 million in errors over a six-year period. These errors were results of the mismanagement of “overtime, span of hours, minimum engagement and meal allowance provisions.” Read more

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Accounting bodies unite for mental health training

Several accounting bodies across Australia and New Zealand have banded together to advocate the mental health first aid upskilling for accountants working with small businesses.

This comes off the back of last year’s $1 million grant through the National Health and Medical Research Council who were developing mental health training material.

These organisations believe this training is necessary for accountants working with small-medium business clients for the following reasons:

  • “Small and family businesses are the lifeblood of our communities and the backbone of our economy, so it is crucial that they emerge from the pandemic in the best financial and emotional shape possible.” (Senator Michaelia Cash)
  • One in three small-medium business owners have been diagnosed as experiencing depression, anxiety, and stress in the last 12 months.
  • “Accountants have played a frontline role in helping individuals and businesses manage the economic fallout, and has put them under enormous pressure. Mental health is a whole of industry issue and, more so than ever before, needs a collective approach which supports all our members.” Andrew Hunter, CPA Australia chief executive.

 

As one of Australia’s most trusted professions, accountants are being supported to know how to best support you.

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