Rebuild Your Practice Post COVID-19


Latest data from the Australian Bureau of Statistics has indicated that 49% of all Australian business have encountered an unfavorable effect because of the COVID-19 pandemic and the limitations to battle the spread of the disease. Further to this, 86% of organizations hope to be affected in the coming months.

The effect on the businesses has been varied. Almost, all the businesses have confronted increased costs and at least some effect on income.

Importance of Cash flow

Never has there been an important time to prepare and survey your cash flow necessities. Combine the increments in costs because of personal protective equipment (PPE), shifting to telehealth, the extra staffing to triage & review patients, with reduced patient fees and this will affect the profit.

In preparing your revenue you ought to consider the State and Federal Government financial response measures that will help you as well as patient burden.

A rolling forecast permits constant planning with a consistent number of periods, for example for yearly, as each month is finished, you add a following month, and so you are always anticipating a year into the future. When you have an estimate set up you can check your costs, overheads and manage your inflows and surges for your potential benefit. With the current vulnerability an adaptable forecast is an absolute necessity.

Year End Planning

Few interesting things to consider as we approach 30 June 2020:

·         Assure your Superannuation Guarantee payments are all updated. Any payments made before 30 June will be deductible in the 2019/2020. If you pay your June 2020 quarter payment after 30 June and before 28 July the sum will be deductible in the following financial year. It is essential to take note that there is no circumspection for the ATO to change the due dates and with wages and super reported to the ATO, the information matching will get with you if you fall behind.

·         Instant resource reduction for any assets bought and prepared for use from 12 March 2020 – 30 June 2020. Organizations with turnover under $500m can claim a finding up to $150,000 for every asset. Note that the vehicle limit reaches of $57,581 does still apply.

·         Make sure any bad debts are removed before 30 June.

·         Determine the effect of the revenue Boost in your entity as this is tax exempt. If you work in an organization this may mean there will be calculated amounts to be paid to investors.

·         Varying your PAYG payments for June 2020: The ATO is permitting citizens to shift the rest of the tax installments for the 2020 financial year anyway note that you may still have income tax to pay after lodging your return so this could be a deferral of expense.

·         Consider the Franking of profits: The organization tax rate is expected to diminish further to 26% from 1 July 2020 hence the franking rate will likewise decrease to 26% in future years. You might need to consider paying out retained profits which the tax rate is yet 27.5%.

·         Div 7A loans: any smallest reimbursements should be managed before 30 June on Div 7A loans.
Now is the best time to review and scrutinize your practice. If you need any help in relation to your cash flow management or year-end considerations. To know more, reach us at www.indianmuneem.com

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