SMALL BUSINESS COVID19 SUPPORT

April 27, 2020 Sharon Purcell

Current: March 2020

SMALL BUSINESS COVID19 SUPPORT

SUPPORTING BUSINESS INVESTMENT
Instant asset write off threshold increase from $30,000 to $150,000.
Ability to deduct an additional 50% of an asset cost in the year of the purchase.
WHO IS ELIGIBLE: BUSINESSES WITH AN AGGREGATED ANNUAL TURNOVER OF $10 MILLION OR MORE BUT LESS THAN $500 MILLION
WHO TO CONTACT: THE AUSTRALIAN TAX OFFICE

JOBKEEPER PAYMENT
COVID-19 affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum period of 6 months.
WHO IS ELIGIBLE: CORONAVIRUS AFFECTED BUSINESSES WITH AN ESTABLISHED REDUCTION IN TURNOVER
WHO TO CONTACT: AUSTRALIAN TAX OFFICE

BOOSTING CASH FLOW FOR EMPLOYERS
Automatic payment to employers equal to 100% of their salary and wages withheld (minimum tax free payment of $20,000, maximum tax free payment of $100,000) to businesses with a turnover of less than $50 million that employs staff between January 1, 2020 and June 30, 2020.
Additional payment from July 28, 2020 to eligible entities equal to the total of all of the Boosting Cash Flow for employers payments received.
Eligible employers can apply for a wage subsidy of 50% of their apprentice’s or trainee’s wage for up to 9 months
WHO IS ELIGIBLE: SMALL AND MEDIUM SIZED BUSINESSES AND NOT-FOR-PROFITS THAT EMPLOY PEOPLE
WHO TO CONTACT: THE AUSTRALIAN TAX OFFICE

SUPPORTING APPRENTICES AND TRAINEESHIPS
If you employ an apprentice or trainee you may be eligible for a wage subsidy of 50 per cent of their wage paid from 1 January 2020 to 30 September 2020. You can register for the subsidy from early April 2020.
WHO IS ELIGIBLE: SMALL AND MEDIUM SIZED BUSINESSES AND NOT-FOR-PROFITS THAT EMPLOY PEOPLE
WHO TO CONTACT: AUSTRALIAN APPRENTICESHIPS

SUPPORTING SECTORS, REGIONS AND COMMUNITIES
Assistance to help businesses identify alternative export markets or supply chains.
A waiver of fees for tourism businesses that operate in the Great Barrier Reef Marine park and Commonwealth National Parks.
Administrative relief for some tax obligations including deferring tax payments for up to four months on a case-by-case basis.
WHO IS ELIGIBLE: THE DEPUTY PRIME MINISTER WILL WORK WITH AFFECTED INDUSTRIES AND COMMUNITIES
WHO TO CONTACT: TO BE ADVISED IN DUE COURSE

CORONAVIRUS BUSINESS GUARANTEE SCHEME
Support for small and medium enterprises (SME’s) to get access to working capital with 50% Government guarantee of new loans
WHO IS ELIGIBLE: SMALL AND MEDIUM SIZED ENTERPRISES WITH A TURNOVER OF UP TO $50 MILLION
WHO TO CONTACT: PARTICIPATING LENDERS

SUPERANNUATION
Access to $20,000 of your superannuation for individuals affected by the Coronavirus. (Available from mid-April 2020)
WHO IS ELIGIBLE: PEOPLE IN FINANCIAL STRESS WHO MEET ELIGIBILITY CRITERIA
WHO TO CONTACT: THE AUSTRALIA TAX OFFICE

MARKET DIVERSIFICATION AND RESILIENCE GRANTS
Businesses impacted by the Coronavirus outbreak can apply for a Market Diversification and Resilience Grant.
The program has 2 components, equipment purchases and projects.
WHO IS ELIGIBLE: QLD AGRICULTURE, FOOD AND FISHING EXPORTERS, THEIR CRITICAL SUPPLY CHAIN PARTNERS AND INDUSTRY ORGANISATIONS WORKING WITH EXPORTERS TO BUILD RESILIENCE BY DIVERSIFYING INTO NEW MARKETS.
WHO TO CONTACT: BUSINESS QUEENSLAND

FOR ASSISTANCE AND SUPPORT WITH THE APPLICATION PROCESS
CONTACT US ON 1300 732 777.