Running a small business can put pressure on your finances and your wellbeing. If you're experiencing financial difficulty, getting help early can make a difference.
The information and resources below can help you understand your finances, manage financial stress and find support when you need it.
Are you experiencing financial difficulty?
If you're struggling with business debt or financial commitments, free and confidential help is available.
The Small Business Debt Helpline provides financial counselling to small business owners experiencing financial difficulty.
Beyond Blue’s NewAccess for Small Business is a free, confidential mental health coaching for small business owners and sole traders manage stress, worry and overwhelm.
You can also find support on our mental health page.
Tips for managing your financial wellbeing
- Check your business finances regularly
Regularly checking your finances can help you identify problems early and make informed decisions.
Keep track of your:
- Income
- expenses
- debts
- cash flow.
Use a cash flow statement to understand the money coming in and going out of your business.
You can also create a business budget to plan your spending and prepare for future costs.
- Review your loans and finance
Regularly review the interest rates, fees and conditions on your business loans. You may be able to reduce your business loan costs by negotiating with your lender or refinancing.
When comparing loans, look at the total cost, including interest rates, fees and other charges.
If you're looking for a lender, use a one that is a member of the Australian Financial Complaints Authority (AFCA). This gives you access to AFCA’s dispute resolution service if you have a complaint you can’t resolve directly with the lender.
- Understand agreements before you sign
Read contracts, loan agreements and other financial documents carefully before signing them.
Make sure you understand:
- interest rates and fees
- repayment requirements
- penalties and other costs
- your rights and responsibilities.
If you're unsure about anything, ask questions or seek professional advice before you agree.
- Keep accurate financial records
Good financial records can help you understand how your business is performing. They can also make it easier to manage cash flow, meet your tax obligations and plan ahead.
Consider using an accounting system that makes it easy to regularly review your income, expenses and debts.
- Ask for help early
You don't have to manage financial difficulties alone. Getting advice early can help you understand your financial position, explore your options and plan your next steps.
Depending on your situation, you could speak to:
- an accountant
- a business or financial adviser
- a registered tax or BAS agent
- your bank or financial institution
- an industry association
- your local chamber of commerce.
If you use a tax practitioner, check they are registered with the Tax Practitioners Board.
- Talk to your lenders, suppliers and creditors
If you're having difficulty making payments, contact your lenders, suppliers or other creditors as early as possible.
Explain your situation and ask what options are available. Depending on your circumstances, you may be able to negotiate a payment arrangement or other support.
If you’re having difficulty paying your commercial rent, contact your landlord as early as possible to discuss your circumstances and the options that may be available.
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. You may also wish to seek advice about your rights and obligations.
- Look after your wellbeing
Financial difficulties can affect your mental health as well as your business.
Talking to someone early can help. Visit our mental health page to find services and resources that can support your wellbeing.
Find financial help and support
Free and low-cost services are available to help small business owners with financial difficulties, debt, tax and other challenges.
Debt and financial hardship
The Small Business Debt Helpline is a free service for small business and family enterprise owners experiencing financial hardship. Qualified financial counsellors can provide support by phone or web chat.
Phone: 1800 413 828
Australian Banking Association
The Australian Banking Association provides 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 provides fair, free and independent dispute resolution for financial complaints.
AFCA can consider complaints relating to financial products and services, including loans, banking, insurance, investments, financial advice and superannuation.
The National Debt Helpline can connect you with a financial counsellor for free help with personalised financial advice.
Tax support
We provide a Tax Concierge Service to help small business navigate tax disputes and review processes through the Administrative Appeals Tribunal.
We can also help you navigate the Compensation for Detriment caused by Defective Administration scheme if you believe you have suffered financial loss due to the action of the Australian Taxation Office (ATO) administration. .
Phone: 1300 650 460
The ATO has several resources to help small business owners resolve tax queries. They can also provide advice about tax legislation, tax law issues and transactions.
Useful resources include:
- Essentials for strengthening your small business
- Record keeping for business
- Manage your business cash flow
- Essentials to strengthen your small business
- Payday Super for employers.
If you’re experiencing financial hardship and are struggling to meet tax or super obligations, contact the ATO as soon as possible.
Phone: 12 28 66 (Business enquiries line) or 1800 806 218 (Emergency support line)
The National Tax Clinic Program is a government funded initiative to provide tax advice and support to eligible individuals, small businesses, not-for-profit organisations and charities may not be able to afford professional advice and representation.
Managing your business finances
Australian Securities Investment Commission (ASIC)
ASIC provides small business information and resources to help small business owners understand their responsibilities and protect their business interests. It also provides helpful tips to help protect your business interests and keep it safe when you deal with other businesses.
The Small business director essentials hub provides practical guidance on becoming a company director, managing your obligations and what to do if you’re experiencing financial difficulty.
Phone: 1300 300 630
Beyond Blue - Money and mental health toolkit
Beyond Blue and Financial Counselling Australia have developed this free resource, providing practical information amount managing money and looking after your mental health.
Business.gov.au provides information, tools and support for Australian businesses.
Useful resources include:
- understanding tax and superannuation
- creating a business budget
- preparing a cash flow statement
- understanding business finance
- reducing your business loan costs
- support if your business is in financial trouble.
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 helps small businesses with free tools, information and guidance, to help you manage your finances and debt.
Small Business Mentoring Service
The Small Business Mentoring Service provides low-cost mentoring to help medium, small and micro business operators and achieve their business goals.
Phone: 1300 816 817
Legal help
Community Legal Centres Australia
Community Legal Centres Australia represents community legal centres that provide free legal assistance to people experiencing disadvantage and hardships
Phone: (02) 9264 9595
Other government support
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.