29 August 2022 Governments urged to follow Victoria's lead on advice scheme
CPA Australia is calling on state and territory governments to follow Victoria and Tasmania's lead in offering financial incentives for business to seek professional advice.
The Victorian Government today launched the Specialist Advice Pathways Program. The program offers up to $2000 for eligible businesses to seek advice from accountants, bookkeepers or lawyers. Tasmania has previously implemented an advice program offering up to $1500.
CPA Australia has been vocal in calling for governments to create schemes to incentivise small business to access professional advice, including in all our 2022 state and territory budget submissions.
"Small businesses are facing an unrelenting barrage of threats to their survival, including skills shortages, rising inflation, supply chain disruptions and the ongoing effects of the pandemic," said Senior Manager Business Policy, Gavan Ord.
"Our research shows that Australian small businesses are the least likely in Asia-Pacific region to seek professional advice. This is despite the fact that business which seek professional advice are significantly more likely to demonstrate high growth.
"We're delighted the Victorian Government has taken this step to future proof the state's small businesses. We urge other mainland state and territory governments to follow Victoria's lead. Governments around Australia need to step up in support of small businesses with their own schemes that support them access advice from their adviser of choice.
"We're expecting the rate of businesses insolvencies to increase. And yet, accountants are telling us that many clients feel they can't afford to pay for advice due to current financial challenges. Because of this, they're not prioritising this critical step.
"The consequences of not seeking advice can be significant. If business owners leave it too late to respond to difficulties, they are much less likely to navigate their way through them.
"The new Victorian scheme empowers businesses to take control of their future. The grant will assist business to work with an accountant to develop a tailored business strategy or a digital transformation plan or undertake detailed scenario mapping, for example.
"The advice options are wide-ranging, but the outcome is a greater likelihood the business will survive and prosper."
