Corrective measures to be undertaken over time to get businesses back
At these unprecedented times, it’s very important to take corrective measures to get the local, small and huge businesses back to working normal and earn profits.
The Australian government has extended safe harbor protections until 31 December, 2020 for the directors. This will ensure that the businesses can have safety and protection from insolvent trading liabilities. These liabilities will be applicable for the debts incurred during the course of business since March 2020.
The Australian government has undertaken these measures as they are aware of the overall repercussions on the businesses like huge loss in staff, disrupted avenues in the market and supply chains of goods and services, diminished capital and balanced sheets and even short term working capital and deficiencies.
These measures have substantially helped make the situation a little better for the businesses and for their overall operation.