COVID-19 – Business Financial Assistance - Federal and Qld Governments

The key business focused support packages available are summarised below, please click on the headings to navigate to the most appropriate assistance for your business.

While all care was taken to include all major initiatives the landscape is changing daily and from time to time items on this list may change – remember we are only a phone call away.

To read a summary of relief measures available for individuals, please click here.

Available Measures

Click on the buttons below to learn more about the relevant measures.

Australian Apprenticeships

Reserve Bank of Australia and APRA

Temporary relief for financially distressed businesses

Queensland State Government Initiatives

Business Subsidies

JobKeeper Payment (Round 3 stimulus - announced 30 March 2020)

The JobKeeper payment is intended to provide wage subsidies to businesses that are significantly affected by COVID-19. The Government has announced its intention to pass additional legislation to introduce this new measure. If legislation is enacted, support will be directed to employers to pass on to employees. (Source: ATO)

Here's an outline of the newly announced measure.

$130 billion over next 6 months - $1,500 per fortnight per employee JobKeeper Payment.

Available to those employees from 1 March 2020 (or stood down since 1 March 2020):

Full and part-time employees
Sole traders
Casuals who have been with employer for longer than 12 months

Eligible employers

Eligible employers turnover decreased by 30% for business making < $1 billion
Eligible employers turnover decreased by 50% for business making > $1 billion

Additional information

$320+ billion of federal support so far - 16.4% GDP
Cash flow mid may – backdated to now.
Estimated to protect 6 million jobs.

More information: https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet_Info_for_Employers_0.pdf

https://treasury.gov.au/sites/default/files/2020-04/JobKeeper_frequently_asked_questions.pdf

https://treasury.gov.au/sites/default/files/2020-04/Fact_sheet_supporting_businesses_0.pdf

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Australian Tax Office

Instant asset write-off increased

12 March 2020 to 30 June 2020
Business with turnover below $500 million (grouped)
Asset costing up to $150,000 exclusive of GST

More info: https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/

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Backing business incentive – 50% immediate deduction for all new assets

12 March 2020 to 30 June 2021
Business with turnover below $500 million (grouped)
Asset costing any amount; cannot be used in conjunction with Instant Asset Write-Off

More info: https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Backing-business-investment---accelerated-depreciation/

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Boosting cash flow for employers - tax free credit or refund against PAYG withheld from wages and salaries

Pay As You Go Withholding Credits/Refunds - March quarterly and monthly lodgements to September Quarterly and Monthly lodgements
Business that was an employer as at 12^th March 2020
Business with turnover below $50 million (grouped)
Tax Free
$20,000 to $100,000 split into two periods capped at $50,000 each
ATO has today announced they will pursue those who “artificially” change their payroll to access the boost or to increase their entitlement

More info: https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Boosting-cash-flow-for-employers/

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Administrative ATO relief for all businesses

Payment deferrals
Changing GST reporting cycle
Vary pay as you income tax instalments
Remitting interest and penalties
Low interest payment plans

More info: https://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/COVID-19/?page=2#We_will_work_with_you