Supporting Australian small business through tough times
Running a successful small business in Australia is a tough gig, even on a good day.
But ongoing conflict in the Middle East is putting more pressure on the sector than ever.
Latest figures show there are close to 2.6 million small businesses in Australia, accounting for more than 97% of all businesses in the country.
Almost 1.7 million Australians operate as sole traders, representing the very smallest of small businesses.
Small and often family-run businesses are a valuable contributor to Australia’s Gross Domestic Product and the health of our economy.
Australians rely heavily on small business for a range of services, experiences and of course, homegrown products such as premium Australian olives and EVOO!
But rising fuel, transport and farm input costs, and ongoing supply issues are taking their toll, affecting cash-flow, profits and causing significant stress.
Read on for some handy links and support services designed to get small businesses – and their owners – through these tough times.
What Australian businesses need to know
Find out how the Australian Government is supporting businesses during the conflict in the Middle East.
Read the latest on fuel supply, supply chain status, export updates, shipping and where you can get support.
Options for impacted taxpayers
The ATO is offering flexibility for businesses affected by increasing fuel prices manage their tax obligations.
Options include priority processing of tax returns, remitting penalties and interest, PAYG instalments, payment plans, help with paying employee super on time, discretion not to offset.
Streamlined access to a new temporary ATO fuel response payment plan is also available to eligible businesses.
Visit the ATO website for full details,
Financial support and counselling
Access expert advice and confidential support to help you get back on track.
Mental health and wellbeing
Managing finances can be stressful. Urgent and long-term mental health support is available.
There’s someone you can talk to 24 hours a day, 7 days a week.
Sources:
Australian Small Business and Family Enterprise Ombudsman Small Business Data Portal
www.ato.gov.au
www.business.gov.au
Image: Michael Thomsett