COVID 19 SOLUTIONS for employers or employees, subcontractors, casuals, and many others impacted. Sprague & Associates have been speaking with a number of clients who are employers or employees, subcontractors, casuals, and many others impacted financially by the coronavirus pandemic.
Sprague & Associates started as a small firm of two to a firm now comprising 6 hardworking and dedicated staff, Sprague & Associates is a proud, honest and dedicated firm that doesn’t always give the answer the client wants to hear but give the answer the client needs to hear.
Below are a few options:
1. Casual employees who have their hours cut could negotiate payment in lieu (i.e. get paid a little extra now to supplement and work the hours overpaid later). 2. Look at other jobs that may supplement your income in the short term. 3. Contact your superannuation fund if you are in severe financial hardship to access some of your super. 4. Register with Centrelink if you are a subcontractor or casual without work.
1. Monitor staffing levels to ensure wages are in proportion to your sales (between 25% to 35%). 2. Make sure BAS lodgements are up to date so as not to miss out on full Government stimulus. 3. Be aware of your outstanding accounts with the ATO so you don’t plan to spend stimulus money that gets swallowed up by overdue debts. 4. Look at providing annual leave to permanent staff whilst keeping casuals on.
Balance with everything is key, employees and employers must work together to ensure we all come through this.
Casual employees or any employee found out of work or with reduced shifts should register with Centrelink for Newstart. Please ensure you report all working payments to Centrelink and PLEASE have tax deducted from your Newstart payment to ensure you don’t get a bill at tax time.
There has never been a greater time to shop local, be local and help your community. Don’t click and collect or shop online, ring a local supplier and order from them.
Recessions are not new. The media feeds fear, but they are just one perspective. We’ve had many recessions before – they are only 6 months where there is no growth. If unemployment jumps to 8% remember 92% of the workforce are employed. When headlines show industries declining, it will not be consistent. Some businesses will grow. Working together, paying bills, watching closely at what’s happening in your business and your world is what will see us through.
Our office is open and operating normally. We have actioned our business continuity plan, where staff travelling overseas will work remotely and anyone with close contact to family members returning from overseas will also self-isolate. At this stage we will not be taking appointments in the office, however, will work remotely with all clients via email and phone and can conduct meetings via Zoom or Skype at a client’s request.
We will also ask with respect to the situation that if you need to visit the office and you feel at all unwell, please refrain until your symptoms have cleared. Anything at all that you need, if its advice or just an ear to listen, please do not hesitate to contact us.
Yours sincerely, Michael Sprague.
Graduating in ’99 from Southern Cross University, and completing the CPA program in 2005, Michael worked with 3 firms in the local Port Macquarie area, gaining experience in all facets of accounting, on establishing Sprague & Associates, Michael grew the firm to also service larger firms and international businesses.
Through persistence and integrity in actions, the firm takes great pride in the care and attention given to clients and the efforts of all the staff.