Carroll & O'Dea Facebook Ask for help to maintain cash flow: - Carroll & O'Dea Lawyers

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Back to "COVID19: Important Business Update: Survival Guide for the Coronavirus Crisis | Part One"

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Ask for help to maintain cash flow:

  1. Government support– the Australian Government enacted legislation to support the economy during their serious response to curb the spread of the coronavirus. The Australian Taxation Office (ATO) has released a series of measures to help individuals and business, such as government payments to individuals and business, ie tax write offs, access to superannuation, and accelerating depreciation deductions; direct link to ATO support here.
  2. Payment terms– be proactive reach out to creditors, suppliers, financial institutions, landlords and tenants and consider varying or forbearing, part payment, interest or entering a payment plan. Financial Institutions and landlords look favourably upon borrowers with a good credit history. Please ensure that the terms of the variation, moratorium or forbearance are properly documented to avoid any unforeseen effects.
  3. Debt Recovery – Consider your own payment and credit terms and documents. If you are asking for an extension, expect that debtors will too and understand their business, and what funds they have access to. You should review your aged debts/ security for payment.

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