What does it mean for your business?
The end of JobKeeper is fast approaching. With 35% of SME’s relying on it for more than 50% of their revenue, this is a big deal for Aussie businesses. It is a ticking time bomb that is likely to cause a lot of collateral damage. There is no denying that for many of the 1.6 million businesses who are on the JobKeeper programme, this cashflow support has been the backbone of their businesses for the last 12 months.
To top this off, the ATO standoff is over and as tax debt rises the ATO are readying themselves to go after businesses that haven’t paid their debt or made arrangements with them. Collectable debt owed to the ATO is currently at a record-high $34 billion, of which $21 billion is owed by small business says Kate Carnell AO (Ombudsman). There are fears that the ATO will be issuing penalties and garnishees against businesses very quickly and although reforms are being called for first time offenders, this may not happen soon enough.
So, as a business owner – what can you do to protect your business from the potential fallout? How can you not only navigate the uncertain times ahead, but also grow and prosper in the future?
EVERYDAY CASHFLOW SOLUTIONS*
- Line of Credit / Overdraft
- Business Loan – available from 6 months to 5 years
- Trade / Import Finance
- Invoice / Debtor Finance
LONGER TERM COMMERCIAL OR ASSET FINANCE*
- SME Guarantee Scheme – With lenders reducing the interest rate applicable to eligible new business loans provided under Phase Two of the Government’s Coronavirus SME Guarantee Loan Scheme, now could be the perfect time to secure longer term commercial or asset finance. We have a few lenders who are participating in this scheme with extraordinarily great commercial rates.
In times of uncertainty, it is imperative that not only your personal finances are in order but also that your business finances are too. Ensuring that you have ready access to capital can make all the difference and that is where an expert can help. You do not have to do this alone!
Style Finance Group work closely with over 50 non-bank and bank lenders. This means we are well placed to find a finance solution tailored to your needs. Do not get caught with your head buried in the sand! Contact us to see what we can do to help you.
*Eligibility criteria apply. To discuss these products in more detail please contact us.