Economies tend to face headwinds every ten years as the business cycle moves from periods of growth to contraction. While recessions are challenging for small and medium businesses across Australia, it doesn’t mean there aren’t significant opportunities to strengthen your business and come out of challenging times stronger and more profitable. In this article, we’re sharing five ways you can recession proof your business.
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The Government announced the $130 billion JobKeeper Payment.
The subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn).
The payments are made by the ATO in arrears to the employer with payments starting in May.
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.