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Grants and vouchers to support access to professional advice will prevent more business collapses and speed up economic recovery, the government has now been told.
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Accountants double down on professional advice funding
27 August 2020
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Chartered Accountants Australia and New Zealand and CPA Australia have both used their federal budget submissions to build on calls for the government to provide businesses impacted by COVID-19 with a grant or voucher to access advice from accountants.
The two professional bodies believe that professional advice obtained by small businesses will not only help them access government support measures, including JobKeeper 2.0, but also hasten economic recovery and the creation of jobs.
Further, CA ANZ noted that many accountants are themselves small businesses, and have put their own viability on the line by providing advice to their distressed clients at no cost.
“Many small-business clients still don’t have the financial means to pay for advice, potentially missing out on government support and further endangering their viability,” CA ANZ’s submission read.
“The increase in numbers of unpaid billable hours and unpaid invoices for professional advisers who are helping clients understand and access government support, including JobKeeper, has been extraordinary.
“The adverse mental health impacts on both professional advisers and their business clients [are] also reaching a crisis point.”
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Support for funding access to professional advice has also been shown by the Council of Small Business Organisations Australia (COSBOA) and the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), with the latter recommending a voucher valued up to $5,000 for a business to access advice from an accountant.
CPA Australia also noted that there is precedent for such funding, with Tasmania’s Business Continuity Grant program providing up to $750 for businesses on the Apple Isle to access specialist accounting, legal and business planning advice.
“The ability of businesses to access professional advice goes to the heart of business managing through the crisis, to business recovery and to adapting for the new environment,” CPA Australia said.
“Adaptation of business to the post-COVID-19 environment will take time and require support.
“For those businesses unable to afford professional advice, the risks of business failure are likely to be higher.”
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