Financial wellbeing

It is important to prioritise your financial wellbeing. Financial distress is one of the biggest sources of anxiety for small and family business owners.

Tips

Regularly review your business finances. If you notice your business is struggling, don’t delay in seeking help.
If you are seeking a business loan, use a lender that is an Australian Financial Complaints Authority (AFCA) member to protect your business from unfair outcomes.
Read your contract/agreement before signing and be aware of interest rates and penalties for non-payment. If you are unsure of anything, ask for more information.
Talk with someone who can help you review your financials to develop a plan to help you get back on track such as your accountant, financial/business advisor, tax agent or financial institution.
Speak to your local Chamber of Commerce and/or relevant industry association. They may have local resources available for small business owners experiencing financial distress.
Visit our mental health webpage for more information and resources to help small business owners manage their stressors.
To help you understand where your money is coming from and where it is going, you can create a cash flow statement. This will then help you to plan and creating a budget, to minimise stress by directing money to where it is most needed, and avoid problems later on.
Setting up a good accounting system can help you organise and keep track of your business activities. Use these tips to help you set up your business systems.
If your adviser is a tax agent, BAS agent or tax (financial) adviser, remember to check they are registered with the Tax Practitioners Board – you can check this on the TPB website.
Some states and territories have introduced commercial tenancy relief. If your business is not eligible for relief and you are experiencing financial hardship, talk to your landlord.

Below is a list of programs and services for small business and family enterprise owners experiencing financial distress.

Financial Wellbeing Resources for Small Business and Family Enterprise Owners

ASBFEO’s Tax Concierge Service and CDDA scheme

We provide a Tax Concierge Service to help small business navigate the Administrative Appeals Tribunal (AAT) process. If you think you have suffered financial loss due to the action of the ATO, we can also help you to navigate the Compensation for Detriment caused by Defective Administration (CDDA) scheme.

Phone: 1300 650 460

Australian Banking Association (ABA)

The Australian Banking Association offers practical advice for individuals experiencing financial hardship. Their website also has hardship team contact details for most banks in Australia.

Australian Financial Complaints Authority (AFCA)

AFCA provides small businesses with fair, free and independent dispute resolution for financial complaints. These include complaints about loans, insurance, banking deposits, investments and financial advice, and superannuation.

Phone: 1800 931 678 (free call)

Australian Securities Investment Commission (ASIC)

ASIC is Australia’s integrated corporate, markets, financial services and consumer credit regulator. They have several resources to help small and family businesses with various financial matters.

ASIC also has some helpful tips to help you protect your business interests and keep it safe when you deal with other businesses.

Phone: 1300 300 630

Australian Taxation Office (ATO) Small Business Advice

The ATO has several resources to help small business and family enterprise owners resolve tax queries. They can also provide advice about tax legislation, tax law issues and transactions.

The ATO also provide support during crisis events and difficult times. If you experience financial hardship and are struggling to meet tax obligations, contact the ATO as soon as possible.

The record-keeping guide can help you understand your business record-keeping requirements for your tax, superannuation and employer obligations.

Essentials to strengthen your small business offers flexible, and free online training to help you get your small businesses tax and super basics right from the start.

If you’re unsure about your superannuation obligations, the ATO provides information to help you check you are paying the correct amount for your workers.

If you find you are falling behind with tax or superannuation payments, you should get in contact with the ATO. You can also set up a payment plan if your debt is under $100,000.

Phone: 12 28 66 (Business enquiries line)
1800 806 218 (Emergency support line)

Business.gov.au

Business.gov.au is a whole of government website for the Australian business community, providing information about grants, services and support.

It has some great resources to help you understand your tax requirements, ensuring your business is taxed correctly and avoid penalties.

It also has some excellent resources to help you make sure you pay superannuation correctly to your workers for their retirements.

The grants and programs finder can help you find grants, funding and support programs from across government.

Access the tool and more information on business.gov.au.

Community Legal Centres Australia

Community Legal Centres Australia are an independent, non-profit organisation providing high quality, free and accessible legal advice and other services to people experiencing financial hardship.

Phone: (02) 9264 9595

Cash Flow Coaching Kit

The Cash Flow Coaching Kit is a coaching resource for tax professionals and business advisors to help small businesses build cash flow capability and take action to thrive.

Ask your trusted advisor about the Cash Flow Coaching Kit to better manage cash flow in your business.

Moneysmart.gov.au

Moneysmart.gov.au helps Australian small businesses take control of their money with free practical and actionable tools, tips, and guidance, so you can take the stress out of being in debt and financially get back on track.

National Debt Helpline

If you need help with your financial issues, the National Debt Helpline can direct you to a financial counsellor who can provide you with personalised financial advice.

National Tax Clinic Program

The National Tax Clinic Program is a government funded initiative to help people with their tax affairs who may not be able to afford professional advice and representation. This program is available to eligible individuals, small businesses, not-for-profit organisations and charities.

NewAccess for Small Business Owners (NASBO)

NASBO is a free mental health service developed by Beyond Blue and offers one-on-one telehealth sessions tailored for small business owners.

Phone: 1300 945 301

Services Australia

Services Australia delivers services and payments on behalf of the government. In the event of extreme circumstances resulting in severe hardship, individuals can access a one-off non-taxable crisis payment.

Small Business Debt Helpline

The Small Business Debt Helpline is a free service for small business and family enterprise owners experiencing financial hardship. Operated by Financial Counselling Australia, the Helpline has a team of qualified financial counsellors who answer calls directly or via a web chat function.

Phone: 1800 413 828

Small Business Mentoring Service

The Small Business Mentoring Service is a low-cost program to help medium, small and micro business operators define and achieve their goals to help the business succeed.

Phone: 1300 816 817