COVID-19: Update March 20 2020
20 March 2020
Many businesses, families and individuals are coming under increased financial pressure as a result of the COVID-19 crisis. Unfortunately, we believe this situation will get worse before it gets better.
Maintaining cash flow during this crisis will be key for all. Earlier today, the ‘Big 4’ banks announced 3 to 6 month deferrals of loan repayments covering business loans, leases and home mortgages. As mentioned previously, tax payment deferrals are available by application to the ATO. We encourage all impacted businesses, families and individuals to consider the option of these payment deferrals to preserve their cash reserves. If you require assistance liaising with your bank or the ATO in relation to payment deferrals, please contact us.
We expect more information in relation to government support programs to be released over the coming days. As more details come to hand we will be in contact with clients to let them know what additional support they can access.
In the meantime, we encourage any clients who are experiencing financial distress to contact us to discuss your situation.