The Shifting Sands Under Our Feet
May 11, 2020
Do you feel like there are shifting sands in your business world right now? Does every day feel like a new game with a different set of rules.
It’s normal to feel confused at this time. We’ve got deadlines that weren’t there before. We’ve got questions as to who, what, when and how. There are situations that just don’t fit in the list of eligibility or then again they might.
Even as a qualified professional who has taken the time to read the legislation, I’m finding it confusing. Some of the questions I’m asked, I just can’t provide an accurate answer for.
I’ve lodged BAS returns that should have the Cash Flow Boost Payment processed automatically against but haven’t. I’ve had to go back through the legislation again to check the eligibility requirements. Now to work out where to lodge the request to have it reviewed.
I’ve had a bookkeeper completely stuff up the processing of the JobKeeper payments by putting the full $ 1,500 in the JobKeeper Top Up figure with the balance of the pay in the ordinary earnings. I’m somewhat baffled with this. I can only presume that the person hadn’t bothered to take the time to find out what they needed to do by reading the information available.
So yes, we’ve got confusion.
And to add to the confusion, we’ve got time limits to get things done. 30 April to register for JobKeeper. This requires you to have the eligible employees sign the JobKeeper Nomination forms, update your accounting software and potentially re-do some pays to account for the Top Up in the event that they were paid less than the $ 1,500 per fortnight.
Whilst there has been some good news in recent days. I’ve found that lodging BAS returns early has resulted in the Cash Flow Boost payment being processed early. That’s great, but you, your bookkeeper or your accountant has to process it. In many cases that means having the work done before the usual time limit extensions that bookkeepers and accountants are allowed.
Business or Not
Then there’s the question of whether you are even operating your business at all at the moment. Whether you’ve been able to find a way to keep some money rolling in by changing your delivery method or offering different products and services.
Some money is often better than no money, although not if the costs are greater than the revenue.
One coffee shop owner I know in an office building that is basically empty of workers. He says he just doesn’t have enough trade to make it viable to open the doors at all even for takeaway trade as people aren’t there at all.
Other similar businesses are doing ok with their takeaway trade covering their costs of production providing a bit extra to help pay other bills.
When Will We Be Back to “Normal”
The biggest challenge is not knowing when we can open the doors to business again. The shifting sands of how long lockdown will continue, how long specific business types will continue to be shut down.
When will that be and will we have enough money to re-start the business when the time arises.
Control What You Can Control
Sometime in my life, perhaps during some personal development work, I remember being told to concentrate on what you can control. There’s no value in worrying and stressing about things that are out of your control.
So, for now, focus on what you can control. You can control how you react to situations. You can control (to some extent) how much money is coming into your business and when (even if it’s only the government support initiatives). And you can control how much money you’re spending.
When you take control of what you know, and can control, those shifting sands won’t feel quite so shifting any more.