Relating something the ATO did, to something we do.
So before we get excited about pubs and bars and cafés opening again, and having a conversation about 4 m² and social distancing, maybe we should have a cold shower to bring down the excitement and talk about how a business possibly covers its rent – as legislation allows landlords to charge full rent again and also ask for makeup of the discounts that were given, as well as pay wages where the capacity of the business has been legally reduced.
If you run a business in hospitality and entertainment and you had a tax debt before your business got shut down perhaps now is the time to talk to Your Business Angels about a restructure so that at least you get to start again without the burdens of historical debt.
Because we have been around lots of industries including hospitality, we know that restaurants and cafés and bars were struggling long before Covid-19 arrived. Opening is fine but having a forward plan that can help your business survive also needs to be considered.
Now would be a good time to consider restructure if you are carrying heavy debt with your hospitality or entertainment business, simply because later might be more difficult.
If you love your industry and want to keep going, then a real check-up on your finances and capacity with Your Business Angels may be the difference between surviving and thriving as compared to choking over the coming months.
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