Now more than ever it feels like we’ve reversed the time back to mid-last year in terms of COVID-19 lockdowns and businesses being pushed to their limits.

During our WSC Group State Special, we discussed the various options available to both employees and businesses via Services Australia and Services NSW and what benefits may be available.

In summary, benefits which have just been announced with the current COVID lockdowns are as follows:

• For employees who lose hours in their current working week during lockdowns, they receive a $300 per week payment or $600 per week payment depending on how many hours they’ve lost.
• For businesses (in NSW), they receive a maximum payment of $10,000 per week if revenue has declined by more than 30%, as well as grants of up to $15,000 one-off payments if turnover is declined by more than 70%.
• In Victoria, an automatic extension of a $2,000-3,000 business grant will be automatically paid to businesses in sectors affected by the current restrictions in metropolitan and reginal Victoria.

Although the stress caused by these lockdowns may seem overbearing, and is probably taking a few years out of all our lives, I wanted to share a few tips that I found helpful during stressful times over the last 37 years of my professional career:

1. I’ve learnt in my business life not to stress about the things I cannot control, but try to use that energy to change things I can control.
2. Having spent several years getting up each day wondering if I was going to make it business-wise, I’ve learnt to take life by one day at a time.
3. It is important to be proactive, but don’t think of all the ‘what-if’ scenarios during these times. Deal with the problems as they cross your path.
4. When you’re at your lowest point, keep pushing because this means you’re almost at the end of whatever difficulty you are facing.

Times are difficult but, as painful as they are, we always learn many lessons and build up that sense of resilience which always leads to further success in business or in our occupation.

But remember, you don’t have to face these things alone. We’re only a phone call or an email away.

• Talk to your accountant and financial advisor at WSC Group about the ways we can help you with the problems you are encountering.
• Be proactive with your bank in having any loan repayments deferred as many of the banks are offering this now.
• Work with your employees to create win-win situations where everyone shares the load of the difficulty.

Many clients are using this time to really take charge and giving us their tax returns to get their tax-refund. If you need any assistance in fast tracking that tax refund, please let us know as we are happy to accommodate to your needs.

We’re feeling all of our clients’ pain at the moment so please do not hesitate to contact us about any additional way we can help you.

Stay safe.