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How can a tax agent business survive a coronavirus outbreak?

Imagine this scenario – There is a coronavirus outbreak in your city during the busiest time of the year July – September. You will be interacting with many people in your confined office environment. With a 14-day incubation period, your clients will show no sign of being sick. Inevitably you contract the virus. You become very sick with pneumonia type symptoms and you are confined to your home.

Even if you don’t contract the virus, you are forced to go into self-quarantine if a member of your family contracts the virus. During that time of the year, many salary and wage earners will be eager to get their tax refunds as soon as possible. They won’t wait for you to get healthy again. They will either get their tax returns done elsewhere or avoid shopping centres completely and do their tax returns themselves on MyGov.

How will your business survive?

We all need to consider how we will respond to this possible scenario. Our health is important but how does our tax agent business survive? Scott Morrison announced yesterday that Australia is declaring COVID-19 a “pandemic” and Australian hospitals are making plans to deal with the added pressure. As tax agents, we too must plan. If not, we are planning to fail.

What can a tax agent business do to prepare for COVID-19?

  1. Invest in face masks. These will be tax-deductible to businesses.
  2. Consider doing tax return interviews online. You will need to advertise this and notify your clients.
  3. Get enough rest, exercise, and follow a healthy diet. Give your immune system the best chance to cope.
  4. Consider bringing in contractors to do your work if you fall ill and cannot operate your business.

Ed Gebert
Success Tax Professionals Woodvale