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Identifying clients who are on the verge of collapse and helping others repay loan deferrals or access new loans were top of the agenda on the third and final day of the virtual Accountants Daily Strategy Week.
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Accountants Daily Strategy Week Day 3 wrap-up: The insolvency tsunami and further banking support
10 September 2020
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9 minute read
Jirsch Sutherland national managing partner Bradd Morelli kicked off Day 3 of the Accountants Daily Strategy Week by explaining the widely held prediction of a tsunami of insolvencies soon to hit the country.
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Mr Morelli also shared his insights into how accountants are best placed to identify clients in distress and why they should refer them on to specialists for further help.
Australian Banking Association policy director Justine Mining then walked viewers through the range of banking support and relief options on the table.
He also shed light on the second phase of banking support, including key changes to the SME loan guarantee scheme from 1 October, including a larger loan size of $1 million to be used for a wider range of business purposes.
The next phase of the scheme, which will run to 30 June 2021, will also see loan terms extended to five years.
Rounding up the virtual conference, Inspector-General of Taxation Karen Payne explained how her office can assist with complaints regarding the ATO or the Tax Practitioners Board, including the steps it takes when investigating a complaint.
“Effectively, we have a meeting with the ATO where we try to triage the process and surface whatever we can try to achieve through that meeting,” Ms Payne said.
“If we can’t resolve it through that meeting, we will then go and conduct an investigation by accessing ATO records, by interviewing ATO officials, by looking into their systems and processes to see if what is being complained about is evidenced in their files so that we can make a recommendation or a suggestion.
“At the conclusion of all of our investigations, the complainant will receive a report from us that says you came to us with these issues and your preferred option was this, and we investigated your concerns by doing this and these are the recommendations and the findings and our suggestions for the ATO.”
Quick word from our Accountants Daily Strategy Week partners
Thanks to everyone who visited our virtual booth over the event and checked out ATOmate to discover how to automate the processing and communication of ATO documents and why your team will love you for implementing ATOmate today.
ADP supports accountants and their clients with payroll, time, and labour and HR services.
Day 3 of the virtual conference also saw Anna-Feliz Stevens of Canning Accounting take out the daily $500 cash prize.
Craig Martin of R Marine Sydney has also won $500 for the maximum number of points accumulated over the three-day event.
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