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Has Your Company Been Impacted by COVID-19?

In a short time, the Coronavirus (COVID-19) has had a devastating impact on many Australian businesses.

If your business is facing major disruption to revenue and profitability, which cannot be overcome during the period of COVID-19 disruption, it's important to act now.

The Australian Government's stimulus package may be of assistance, but if you have been directly affected by the Government's policy to cease trading and already in a significant amount of debt, it may not be enough.

There have been a number of legislative changes that will provide company directors much-needed time to put an action plan in place and stops creditors from forcing you into liquidation.

At Tax Debt Resolved, we're here to support you through this period of uncertainty with a variety of methods:

  • Conduct negotiations with creditors and other stakeholders
  • Implement a restructure/turnaround to give your business its best chance to survive
  • Create aDeed of Company Arrangement (DOCA)under a Voluntary Administration to bind your creditors into a specific debt repayment
  • Put your company into liquidation fast, clear business debt and move on

Our team are here to help you navigate any added pressures of COVID-19. Call us on 07 5357 6222 for fast, professional advice.

If your business was already struggling with overwhelming tax debt before the COVID-19 pandemic hit, you may be experiencing severe financial distress now. Our qualified team are here to provide you with solutions moving forward.

8 Essential Steps if Your Business is in Distress

Coronavirus is having a major impact across the country, with many Australian businesses forced to close due to the Government's tight social distancing restrictions. If your company is showing signs of financial distress, we've compiled 8 steps on how to combat this in the video below.

"They are a reliable and trustworthy group of people who understand your issues and put the effort in to helping you regardless the debt." - T.J

How is Your Business Coping? Self-Assessment Tool

Please select the option that best describes your situation:

1.Business Unaffected: My business has not and will not be affected by COVID-19

2.Business Unaffected: I have identified an opportunity created by COVID-19

3.Business Marginally Affected: My business has been affected, however, we are coping and expect to continue to cope in the medium to long-term

4.Business Majorly Affected: My business is affected and I require immediate advice on how to survive this crisis

5.Business Critically Affected: My business has been significantly impacted and I need guidance on the solutions available to help my business survive COVID-19

6.Business Fatally Damaged/Paralysed: My business is in critical financial distress and I require immediate advice on Voluntary Administration

Unless you experience a change in circumstances, there’s no need to take any action. Please fill out the form below if you would still like to discuss your situation with one of our expert consultants.

It’s time to speak with your accountant or a business debt specialist at Revive Financial as soon as possible. Please fill out the form below if you would like to review the financial position and performance of your business with one of our expert consultants.

You have indicated that your business is experiencing extreme financial difficulty, likely leading to insolvency. We strongly suggest that you contact us urgently to review the financial position and performance of your business with one of our expert consultants.

Unsure of your business’ future amid the COVID-19 crisis? Our expert team are on-hand to help you understand your options and negotiate with creditors on your behalf to ease the financial strain.

Australian Government’s COVID-19 Assistance for Businesses

JobKeeper Payment

Businesses affected by Coronavirus will be able to access a wage subsidy for their employees. Employers will be able to claim a fortnightly JobKeeper payment of $1,500 per eligible employee for up to 6 months back dated to 1 March 2020.

You can find out more here.

Cashflow Support for Small and Medium Businesses

Eligible SMBs and not-for-profits will receive a credit for employee PAYG Withholding Tax of at least $20,000 and up to a total of $100,000. This will be delivered over two payments through credits in the BAS system when they lodge their BAS statements in April and then in October.

You can find out more here.

Temporary Relief for Financially Distressed Businesses

  • The threshold for a creditor to issue a Statutory Demand has increased from $2,000 to $20,000.
  • The timing a business has to respond to a Statutory Demand has increased from 21 days to 6 months.
  • Businesses that trade insolvent due to unforeseen events that arise as a result of Coronavirus will have temporary relief from insolvent trading claims and director liability.

You can find out more here.

Increasing the Instant Asset Write-Off

To support business investment, the Government is increasing the instant asset write-off threshold from $30,000 to $150,000. This allows businesses to immediately deduct purchases of eligible assets. Eligible businesses include those with an annual turnover less than $500 million.

You can find out more here.

Backing Business Investment

The Australian Government is backing business investment by introducing the ability for businesses to deduct 50 per cent of the cost of an eligible asset on installation. Businesses with an annual turnover of less than $500 million who are purchasing new depreciable assets will be eligible.  

You can find out more here.

Supporting Apprentices and Trainees

Eligible businesses can apply for a wage subsidy of 50% of an apprentice or trainee’s wage for 9 months.  Up to $21,000 per apprentice.

You can find out more here.

The Coronavirus SME Guarantee Scheme

The Coronavirus SME Guarantee Scheme is also available for small to medium enterprises (SMEs) across the country. Under this scheme, the Government is providing a guarantee of 50 per cent to SME lenders for new unsecured loans to be used for working capital. This allows eligible businesses to borrow up to $250,000 for 3 years with an initial 6-month repayment holiday.

You can find out more here.

Relief for Commercial Tenants

The Government has announced a mandatory code of conduct for commercial tenancies to support small and medium sized enterprises (SMEs) affected by the coronavirus. Rent reductions will be based on the tenant’s decline in turnover to ensure that the burden is shared between landlord and tenants.

You can find out more here.

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6 Business Survival Tips for Dealing with COVID-19


Work with key suppliers, landlords and banks with your business plan

The support of these parties will be critical for many Australian businesses. If you are not going to be able to meet obligations, it’s important you engage with them as soon as possible and outline your 6 to 12 month plan. They may be able to assist you through the crisis by negotiating rent reductions, rent-free periods or put a hold on loan repayments.


Deal with and plan for tax and Government assistance

Due to the impact of COVID-19, many businesses will put off paying GST and PAYG over the next few months. However, this can lead to significant cashflow problems. It’s important to continue putting aside a percentage of sales to GST and PAYG to ensure you receive the ATO credit for up to $100,000.


Create a cashflow forecast to determine your likely situation

You need to ensure you know about your future cashlow so you can take action in the future that may be necessary for your business’ survival. Once you have clarity about your likely cashflow, you can plan to cover any shortfalls or if required to negotiate with suppliers, the bank and the landlord.


Work with debtors to ensure your cashflow is not unnecessarily impacted

If customers don’t pay your outstanding invoices, your business may struggle. It’s important to maintain communication with customers throughout these challenging times to ensure they know you may need to be paid, even if it’s just to set up a payment arrangement.


Use funds in your profit, reserve or vault bank accounts wisely

Before you access money in your profit, reserve or vault bank accounts straight away, you need to take into careful consideration what kind of funds you may need over the coming months. Factor these funds into your cashflow forecast so that they can provide you with the greatest chance of long-term survival.


Speak to a business debt expert and get help early

If your company is experiencing overwhelming debt due to the impact of COVID-19, you need to act fast and speak to a corporate insolvency specialist as soon as possible. Getting help early provides your business with its best chance of surviving through this crisis.

It’s difficult to see the business you’ve worked so hard for in financial distress. Our team are here to support you through these uncertain times with expert advice and solutions.

Financial Assistance Articles

More information on how our team can assist Australian businesses through this global crisis can be accessed below.

COVID-19 Threatens Australian Businesses


8 Strategies to Help Manage Your Business Tax Debt


Business Turnaround


Company Liquidation


Voluntary Administration


Has the Impact of COVID-19 Caused Your Business Debts to Spiral?