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Government Economic Stimulus

Backing Business Investment

Summary

A time limited 15 month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deductions. This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021. Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset cost. Eligible businesses Businesses with aggregated turnover below $500 million Eligible assets New assets that can be depreciated under Division 40 of the Income Tax Assessment Act 1997 (i.e. plant, equipment and specified intangible assets, such as patents) acquired after announcement and first used or installed by 30 June 2021. Does not apply to second‑hand Division 40 assets, or buildings and other capital works depreciable under Division 43 Timing Applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.
A time limited 15 month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deductions.

This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.

Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset cost.

Eligible businesses
  • Businesses with aggregated turnover below $500 million
Eligible assets
  • New assets that can be depreciated under Division 40 of the Income Tax Assessment Act 1997 (i.e. plant, equipment and specified intangible assets, such as patents) acquired after announcement and first used or installed by 30 June 2021.
  • Does not apply to second‑hand Division 40 assets, or buildings and other capital works depreciable under Division 43 Timing
  • Applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.
Examples of how this incentive can help your business
Joan and Bruce own a company, NC Transport Solutions Pty Ltd, through which they operate a haulage business on the North Coast of New South Wales. NC Transport Solutions Pty Ltd has an aggregated annual turnover of $8 million for the 2019‑20 income year.

On 1 May 2020, Joan and Bruce purchase a new truck for $260,000 exclusive of GST, for use in their business. Under existing tax arrangements, NC Transport Solutions Pty Ltd would depreciate the truck using their small business simplified depreciation pool.

Under the pooling rules, NC Transport Solutions Pty Ltd would deduct 15 per cent of the asset’s value upon entry to the pool, leading to a tax deduction of $39,000 for the 2019-20 income year. Under the new BBI, NC Transport Solutions Pty Ltd would instead claim an up-front deduction of 50 per cent of the truck’s value ($130,000) before placing the asset in their small business simplified depreciation pool.

Joan and Bruce would then claim a further 15 per cent deduction on the depreciated value of the truck ($19,500).

As a result of the two deductions, Joan and Bruce are able to claim a deduction totalling $149,500 in the 2019-20 income year, $110,500 more than under existing arrangements.

At the company tax rate of 27.5 per cent, Joan and Bruce will pay $30,387.50 less tax in the 2019-20 income year. This will improve NC Transport Solutions Pty Ltd’s cash flow and help Joan and Bruce’s business withstand and recover from the economic impact of the coronavirus.
Backing Business Investment Backing Business Investment A time limited 15 month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deductions.<br /><br />This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.<br /><br />Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset cost.<br /><br /><strong>Eligible businesses </strong><ul><li>Businesses with aggregated turnover below $500 million</li></ul><strong>Eligible assets</strong><ul><li>New assets that can be depreciated under Division 40 of the Income Tax Assessment Act 1997 (i.e. plant, equipment and specified intangible assets, such as patents) acquired after announcement and first used or installed by 30 June 2021.</li><li>Does not apply to second‑hand Division 40 assets, or buildings and other capital works depreciable under Division 43 Timing</li><li>Applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.</li></ul> P424 https://www.savvysme.com.au/marketplace/images/detailed/1/blob_p4wq-ut.png
ACT: Commercial general rates rebate <p> Commercial property owners with an Average Unimproved Value of $2 million or less on their property are eligible for a rebate on their commercial rates fixed charge. </p> <p> Commercial rate payers will receive a credit of $2,622 (equivalent to the annual fixed charge) to their 2019-20 general rates, in quarter four. This will be applied automatically. </p> <p> Commercial property owners will also not receive an increase on their 2020-21 Fire and Emergency Services Levy. </p> P440 0 2020-09-27
ACT: Electricity rebates Small business owners with electricity usage below 100 megawatts per year will see rebates of $750 automatically applied to their next electricity bill in around June or July 2020.<br /><br />The rebate will apply regardless of whether customers are on standing or market offers. P436 0 2020-09-27
ACT: Payroll tax deferral All ACT businesses with Group Australia-wide wages of up to $10 million can defer their 2020-21 payroll tax, interest free until 1 July 2022.<br /><br />Businesses will need to complete a simple online application form (which will be available soon on the ACT Revenue Office website at: www.revenue.act.gov.au) to confirm their eligibility.<br /><br />For those who lodge their payroll tax assessment monthly, deferral can commence for their July 2020 payroll tax liability, which is usually payable by 7 August.<br /><br />For those who lodge their payroll tax assessment annually, they can defer payment of their full 2020-21 payroll tax liability, which is usually payable in July 2021. P439 0 2020-09-27
ACT: Payroll tax waiver Hospitality (cafes, pubs, hotels, clubs and restaurants), creative arts and entertainment industries will receive a six-month waiver of payroll tax from March to August  2020.<br /><br />For those who lodge their payroll tax return monthly, the first waiver will be applied to the March payroll tax return, which is usually payable by 7 April.<br /><br />For those who lodge their payroll tax return annually, the waiver will be applied to their account when their return is received at the end of the 2019-20 financial year. P438 0 2020-09-27
ACT: Waiver of food business registration, outdoor dining and liquor licensing fees <p> Licenced venues will receive a 12-month waiver of their food business registration and on-licence liquor licencing fees from 1 April 2020 and outdoor dining fees for 2020-2021 will be waived. </p> <p> In cases where food business registration has been prepaid for more than one year in advance, an additional 12 months will be added to the license. </p> P435 0 2020-09-27
ACT: Waiver of rideshare and taxi vehicle license fees The Rideshare vehicle licence fee will be waived for 12 months for rideshare operators from 1 April 2020 as part of the normal licencing processes.<br /><br />In cases where licences have already been prepaid 12 months in advance, an additional 12 months credit will be added to the license at the next due date.<br /><br />The ACT Government will also waive all government leased taxi plate fees, including wheelchair accessible taxis to help support this vital service.<br /><br />This initiative will help to keep taxis on the road. P437 0 2020-09-27
Boosting Cash Flow for Employers (up to $100,000) <p> Eligible small and medium-sized businesses and not-for-profits (including charities) that employ people, will receive at least $20,000, amd up to a total of $100,000, under both payments. </p> <p> <span style="background-color: initial;">T</span><span style="background-color: initial;">hese payments will help employers to retain staff and helping entities to keep operating.</span> </p> <p> The cash flow boost provides a tax free payment to employers and is automatically calculated by the Australian Taxation Office (ATO). There are no new forms required. </p> <p> <strong>Are you eligible?</strong> </p> <ul> <li>Small and medium business entities with aggregated annual turnover under $50 million and that employ workers will be eligible.</li> <li>Eligibility will generally be based on prior year turnover.</li> </ul> <p> <strong>When and how will you receive the payments?</strong> </p> <ul> <li>The ATO will deliver the payment as a credit to your business upon lodgement of your activity statements. Where this places the business in a refund position, the ATO will deliver the refund within 14 days.</li> <li>Quarterly lodgers will be eligible to receive the payment for the quarters ending March 2020 and June 2020, and the additional payment for the quarters ending June 2020 and September 2020.</li> <li>Monthly lodgers will be eligible to receive the payment for the March 2020, April 2020, May 2020 and June 2020 lodgements, and the additional payment for the June 2020, July 2020, August 2020 and September 2020 lodgements. </li> </ul> P422 0 2020-09-27
Coronavirus SME Guarantee Scheme (Up to $250,000) Under the Scheme, the Government will provide a guarantee of 50 per cent to small and medium enterprise (SME) lenders for new unsecured loans to be used for working capital.<br /><br />This will enhance these lenders’ willingness and ability to provide credit, which will result in SMEs being able to access additional funding to help support them through the upcoming months.<br /><br />SMEs with a turnover of up to $50 million will be eligible to receive these loans.<br /><br /><strong>The Government will provide eligible lenders with a guarantee for loans with the following terms:</strong><ul><li>Maximum total size of loans of $250,000 per borrower.</li><li>The loans will be up to three years, with an initial six month repayment holiday. </li><li>The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.</li><li>The Scheme will commence by early April 2020 and be available for new loans made by participating lenders until 30 September 2020. </li></ul> P427 0 2020-09-27
Early access to superannuation <p> Individuals affected by the coronavirus can access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. </p> <p> You will be able to apply for early release of your superannuation from mid-April 2020. </p> <p> Eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020. </p> <p> They will also be able to access up to a further $10,000 from 1 July 2020 for approximately three months (exact timing will depend on the passage of the relevant legislation). </p> <p> <strong>Eligibility</strong><br /> To apply for early release you must satisfy any one or more of the following requirements: </p> <ul> <li>you're unemployed</li> <li>you're eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance on or after 1 January 2020</li> <li>you were made redundant</li> <li>your working hours were reduced by 20 per cent or more</li> <li>if you're a sole trader, your business was suspended or there was a reduction in your turnover of 20 per cent or more. </li> </ul> <p> People accessing their superannuation will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments. </p> <p> <strong>How to apply</strong><br /> If you're eligible for this new ground of early release, you can apply directly to the Australian Taxation Office (ATO) through the myGov website. </p> <p> You will need to certify that you meet the above eligibility criteria. </p> <p> After the ATO has processed your application, they will issue you with a determination. The ATO will also provide a copy of this determination to your superannuation fund, which will advise them to release your superannuation payment. Your fund will then make the payment to you, without you needing to apply to them directly. </p> <p> However, to ensure you receive your payment as soon as possible, you should contact your fund to check that they have your correct details, including your current bank account details and proof of identity documents. </p> <p> Separate arrangements will apply if you are a member of a self-managed superannuation fund (SMSF). Further guidance will be available on the ATO website. </p> <p> <strong>Timing</strong><br /> You will be able to apply for early release of your superannuation from mid-April 2020. </p> P426 0 2020-09-27
Increased and accelerated income support (Extra $550) Income support payments and establishing a new, time limited Coronavirus Supplement to be paid at a rate of $550 per fortnight. Payments will commence from 27 April 2020.<br /><br />This Coronavirus Supplement will be paid to both existing and new recipients of the eligible payment categories. These changes will apply for the next six months and will not be income tested.<br /><br />The income support payment categories eligible to receive the Coronavirus Supplement are:<ul><li>Jobseeker Payment (those currently receiving Partner Allowance, Widow Allowance, Sickness Allowance and Wife Pension)</li><li>Youth Allowance Jobseeker Parenting Payment (Partnered and Single)</li><li>Farm Household Allowance</li><li>Special Benefit recipients</li></ul>Anyone who is eligible for the Coronavirus Supplement will receive the full rate of the supplement of $550 per fortnight.<br /><br /><strong>Expanded access</strong><br />For the period of the Coronavirus Supplement, there will be expanded access to the income support payments.<br /><br />Expanded access include:<ul><li>Jobseeker Payment and Youth Allowance</li><li>Jobseeker criteria will provide payment access for permanent employees who are stood down or lose their employment.</li><li>The expanded eligibility applies to:<ul><li>sole traders</li><li>the self‑employed</li><li>casual workers</li><li>contract workers who meet the income tests as a result of the economic downturn due to the coronavirus.</li><li>Also includes a person required to care for someone who is affected by the coronavirus.</li></ul></li></ul><strong>How to Apply</strong><br />If you’re already getting one of the eligible payments, you don’t need to do anything. You will be automatically paid from 27 April 2020 and will continue to receive the supplement each fortnight if you’re eligible for up to 6 months.<br /><br />If you’re not already getting one of eligible payments, you'll need to apply to Services Australia. P425 0 2020-09-27
Instant Asset Write Off (Up to $150,000) The instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million).<br /><br />The threshold applies on a per asset basis, so eligible businesses can immediately write‑off multiple assets.<br /><br />This applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this timeframe.<br /><br />The IAWO is due to revert to $1,000 for small businesses (turnover less than $10 million) from 1 July 2020. P423 0 2020-09-27
JobKeeper Payment ($1,500 per employee) <p> Under the JobKeeper Payment, businesses impacted by Covid-19 will be able to access a subsidy from the Government to continue paying their employees. </p> <p> 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. </p> <p> <strong>To receive the JobKeeper Payment, employers must: </strong> </p> <ul> <li>Register an intention to apply on the ATO website and assess that they have or will experience the required turnover decline</li> <li>Provide information to the ATO on eligible employees. This includes information on the number of eligible employees engaged as at 1 March 2020 and those currently employed by the business (including those stood down or rehired). For most businesses, the ATO will use Single Touch Payroll data to pre-populate the employee details for the business.</li> <li>Ensure that each eligible employee receives at least $1,500 per fortnight (before tax). For employees that were already receiving this amount from the employer, they will continue to receive their regular income according to their prevailing workplace arrangements. For employees that have been receiving less than this amount, the employer will need to top up the payment to the employee up to $1,500 per fortnight, before tax. And for those employees earning more than this amount, the employer is able to provide them with a top-up.</li> <li>Notify all eligible employees that they are receiving the JobKeeper Payment.</li> <li>Continue to provide information to the ATO on a monthly basis, including the number of eligible employees employed by the business.</li> </ul> <p> <strong>Eligibility </strong> </p> <p> <strong></strong>Employers will be eligible for the subsidy if they pass the basic turnover test: </p> <ul> <li>their business has a turnover of less than $1 billion and their turnover has fallen by more than 30% (of at least a month); or</li> <li>their business has a turnover of $1 billion or more and their turnover has fallen by more than 50% (of at least a month); and</li> <li>the business is not subject to the Major Bank Levy.</li> </ul> <p> However, if your business doesn't pass the test, you may still be eligible for the JobKeeper payment based on an alternative test, which is explained in detail on the <a href="https://www.ato.gov.au/General/JobKeeper-Payment/In-detail/JobKeeper-tests/Applying-the-turnover-test/?page=4">ATO website</a>. </p> P451 0 2020-09-27
NSW: Accelerating Growth Loans (up to $500,000) Accelerating Growth Loans are direct loans from Jobs for NSW for emerging fast-growth SMEs that are scaling quickly and creating jobs in NSW, but face barriers in accessing finance from traditional lenders.<br /><br /><strong>Funding available </strong><br />Direct loans ranging from $200,000 to $500,000 are available to eligible businesses at a fixed interest rate of 9.2% for the term of the loan. Jobs for NSW does not require the loan to be secured by personal assets such as residential property.<br /><br />As part of the standard terms and conditions, Jobs for NSW will place a general security over the current and future assets of the business.<br /><br /><strong>Who is eligible </strong><br />To apply for an Accelerating Growth Loan, your business must:<ul><li>have a registered ABN and be an incorporated company have a minimum of 5 employees (full-time, part-time or casual)</li><li>be creating a minimum of 10 additional FTE jobs within 2 years in metropolitan NSW (Sydney, Newcastle and Wollongong)</li><li>have been trading for a minimum of one year</li><li>be able to demonstrate future growth for at least one year, evidenced by secured future pipeline or contracts</li><li>be unable to obtain commercial finance.</li></ul><strong>Why choose an Accelerating Growth Loan? </strong><br />With an Accelerating Growth Loan: your business has access to funding when traditional lenders are unable to assist your business can continue to grow with additional capital without requiring personal assets as security there are no penalties for early repayment there are no establishment fees. P454 0 2020-09-27
NSW: Payroll Tax Relief <p> <strong>What is payroll tax relief?</strong> </p> <p> Payroll tax customers whose total grouped Australian wages for the 2019/20 financial year are no more than $10 million will have their annual tax liability reduced by 25% when they lodge their annual reconciliation (due on 28 July). </p> <p> For those customers who lodge and pay monthly and whose total Australian wages will be no more than $10 million for the current financial year, payment for the months of March, April or May 2020 will not be required. </p> <p> When lodging your annual reconciliation, you will still need to provide wage details paid in these months and will receive the benefit of a 25% reduction in the amount of tax you would have had to pay for 2019-20. </p> P441 0 2020-09-27
NSW: Regional Growth Loans (up to $500,000) <p> Regional Growth Loans are direct, interest-free loans for emerging and fast-growth SMEs in regional NSW. The loans are scaling quickly and creating jobs, but face barriers in accessing finance from traditional lenders. </p> <p> Regional Growth Loans are for businesses who are creating jobs specifically in areas outside of Sydney, Newcastle and Wollongong. </p> <p> <strong>What funding is available?</strong> </p> <p> <strong></strong>Direct loans ranging from $200,000 to $500,000 are available to businesses with no interest payable over the term of the loan. </p> <p> Jobs for NSW does not require the loan to be secured by personal assets such as residential property. </p> <p> As part of the standard terms and conditions, Jobs for NSW will place general security over the current and future assets of the business. </p> <p> <strong>Who is eligible?</strong> </p> <p> <strong></strong>To apply for a NSW Regional Growth Loan, your business must: </p> <ul> <li>Have a registered ABN and be an incorporated company have a minimum of 5 employees (full-time, part-time or casual)</li> <li>Be creating a minimum of 10 additional FTE within two years outside of metropolitan NSW (Sydney, Newcastle and Wollongong)</li> <li>Have been trading for a minimum of one year demonstrate future growth for at least one year evidenced by secured pipeline or contracts demonstrate that they have been unable to obtain commercial finance.</li> </ul> <p> <strong>Why choose a Regional Growth Loan? </strong> </p> <p> <strong></strong>With a Regional Growth Loan: </p> <ul> <li>Your business will have access to funding when traditional lenders are unable to help</li> <li>There is no interest payable for the life of the loan</li> <li>There are no penalties for early repayment</li> <li>There are no establishment fees</li> <li>Your business can continue to grow through additional capital.</li> </ul> P452 0 2020-09-27
NT: Business Improvement Grant (Up to $20,000) All Territory businesses will be able to access a $10,000 grant, followed by an additional $10,000 grant if they contribute $10,000 of their own.<br /><br />Each business is only eligible to receive one grant, and it can be used to complete one or two different jobs on their premises.<br /><br />The grant can be used to purchase goods and services to make permanent physical improvements to a business (land and / or building) that help improve its operations and customer experience.<br /><br />Solar PV panels and solar PV install are excluded.<br /><br /><strong>Eligibility</strong><br />This grant is available to businesses and they must be a Territory enterprise, which:<ul><li>is a legal entity and holds a valid Australian Business Number (ABN) as of the date the program is open, and</li><li>is operating in the Northern Territory (NT) in either owned or leased premises, and</li><li>has a significant permanent presence in the NT, and</li><li>employs NT residents (this can be you if you are a sole trader).</li></ul> P443 0 2020-09-27
NT: Home Improvement Scheme (Up to $6,000) <p> The scheme will help fast track around 5,000 screwdriver-ready projects in Territory homes. This means that projects are physical improvements to land and/or buildings, and repairs and maintenance services. </p> <p> Solar PV panels and solar PV install are excluded. </p> <p> The scheme operates on a voucher system, with homeowners receiving either: a voucher worth $4,000 if they contribute at least $1,000 of their own money, or a voucher worth $6,000 if they contribute at least $2,000 of their own money. </p> <p> <strong>Eligibility</strong> </p> <p> <strong></strong><strong>For homeowners</strong> </p> <ul> <li>Northern Territory (NT) homeowners are eligible to apply for one property. This includes owner-occupiers and investors. Owners of multiple properties can carry out improvement works to one home only. If a property has more than one owner, only one can apply under the scheme.</li> <li>Each voucher is valid for a period of three months and can be used to complete one or two jobs.</li> <li>All applicants must be residents of the NT.</li> <li>This scheme only applies to homeowners under a free-hold tenure or long term lease-hold, which is treated as though it were free-hold.</li> <li>The full terms and conditions will be available online on 30 March 2020.</li> </ul> <p> <strong>For tradies</strong> </p> <ul> <li>All work must be completed by a local businesses. This means tradies must be a Territory enterprise, which:is a legal entity and holds a valid Australian Business Number (ABN) as of the date the program is open, and</li> <li>is operating in the NT in either owned or leased premises, and</li> <li>has a significant permanent presence in the NT, and</li> <li>employs NT residents (this can be you if you are a sole trader).</li> </ul> P442 0 2020-09-27
NT: Immediate Work Grant (Up to $100,000) <p> Grants of up to $100,000 will be given to Territory not-for-profit and community organisations to engage local businesses to do repairs, renovations and upgrades to their property and facilities (permanent physical improvements to land and/or buildings).<br /> </p> <ul> <li>Solar power installation projects are not eligible.</li> <li>The first $50,000 will be paid as a grant with no co-contribution required.</li> <li>The Northern Territory (NT) Government will also match any renovation costs that exceed $50,000 on a dollar-for-dollar basis up to a maximum of $100,000 total.</li> <li>Each organisation can apply once to the program and will be able to complete up to three jobs under the one application.</li> </ul> <p> <strong>Eligibility</strong> </p> <ul> <li>Only not-for-profit and community organisations operating in the NT in either owned or leased premises can apply.</li> <li>Schools and local government bodies are not eligible to apply.</li> <li>All works must be completed by a local business. This means they must be a Territory enterprise, which: <ul> <li>is a legal entity and holds a valid Australian Business Number (ABN) as of the date the program is open, and</li> <li>is operating in the NT in either owned or leased premises, and</li> <li>has a significant permanent presence in the NT, and</li> <li>employs NT residents (this can be you if you are a sole trader).</li> </ul> </li> </ul> P444 0 2020-09-27
NT: Small Business Survival Fund Grant <p> As part of the Northern Territory government's plan to rescue jobs and help businesses recover, there is a $50 million Small Business Survival Fund that will hand out cash payment to eligible businesses. </p> <p> The grant starts from $2,000 and up to $50,000 for businesses that have been severely impacted by the social distancing and shutdown rules. </p> <p> The fund's objective is to financially assist NT businesses to make it through the pandemic, improve or start online, delivery and takeway services and upgrade skillsets and premises. </p> P486 0 2020-09-27
QLD: $500 Electricity Bill Rebate <p> The Queensland government is helping businesses by offering rebates on their electricity bills to assist with operation costs. </p> <p> Sole traders, small and medium sized businesses that use less than 100,000 KW hours are eligible for a $500 rebate on their electricity bill. You don't have to apply for this rebate as it will be applied automatically on your bill. </p> P483 0 2020-09-27
QLD: Coronavirus payroll tax relief <p> You may be eligible for one or more of a range of payroll tax relief measures as a result of the impacts of coronavirus (COVID-19). </p> <p> These include: </p> <ul> <li>refunds of payroll tax for 2 months</li> <li>a payroll tax holiday for 3 months</li> <li>deferral of paying payroll tax for the 2020 calendar year.</li> </ul> <p> <strong>Eligibility:</strong><br /> If you are an employer (or part of a group of employers) who pays $6.5 million or less in Australian taxable wages, you may receive an email about a: </p> <ul> <li>refund of your payroll tax for 2 months</li> <li>payroll tax holiday (i.e. no payroll tax to be paid) for 3 months.</li> <li>You can also apply for a deferral of payroll tax for the 2020 calendar year. (If you have already applied for a deferral, you do not need not reapply – it will be extended.) If you do not receive an email, or you are unsure about your eligibility, complete the refund/holiday application form.</li> </ul> <p> If you are an employer (or part of a group of employers) who pays more than $6.5 million in Australian taxable wages and have been negatively affected (directly or indirectly) by coronavirus, you can apply for a: </p> <ul> <li>Deferral of payroll tax for the 2020 calendar year (If you have already applied for a deferral, you do not need not reapply – it will be extended.)</li> <li>Refund of your payroll tax for 2 months.</li> <li>A business is directly or indirectly affected by coronavirus if their current turnover, profit, customers, bookings, retail sales, supply contracts or other factors are negatively affected compared with normal operating conditions.</li> </ul> P432 0 2020-09-27
QLD: COVID-19 Jobs Support Loans (Up to $250,000) <p> The Queensland Government announced on Tuesday, 17 March a new $500 million loan facility, interest free for the first 12 months, to support Queensland businesses impacted by COVID-19 retain employees and maintain their operations. </p> <p> The $500 million concessional loan facility will comprise low interest loans of up to $250,000 for carry on finance with an initial 12-month interest free period for businesses to retain staff. </p> <p> The Queensland Rural and Industry Development Authority (QRIDA) is responsible for the administration of these concessional loans and is currently taking expressions of interest in the lead up to rolling these loans out as soon as possible. </p> P428 0 2020-09-27
QLD: Equipment purchase grants for agriculture, food and fishing exporters and supply chain partners (Up to $7,500) Equipment purchase grants of up to $7,500 (excluding GST) are available to support new equipment purchases up to a maximum cost of $10,000 (excluding GST).<br /><br />Applicants must contribute 25% of the total cost of the new equipment.<br /><br />The Market diversification and resilience grants (MDRG) program will provide the remaining 75% of total costs.<br /><br />For example, if the total equipment cost is $10,000 (excluding GST), the applicant will pay $2,500 and the MDRG program will pay $7,500 (excluding GST).<br /><br /><strong>Examples of eligible equipment purchases include, but are not limited to:</strong><ul><li>freezers</li><li>refrigerators</li><li>vacuum packaging machines</li><li>storage equipment</li><li>filleting machines.</li></ul> P433 0 2020-09-27
QLD: Project grants for agriculture, food and fishing exporters and supply chain partners (Up to $50,000) Project grants of up to $50,000 (excluding GST) will be available to support project activities including, but not limited to:<ul><li>market evaluation studies</li><li>market visits</li><li>staff training</li><li>new equipment such as refrigeration</li><li>boat modifications necessary to meet market requirements.</li></ul>Applicants must co-invest 50% of the total cost of their project activities or equipment purchases and should provide evidence of their contributions both in-kind (e.g. reasonable salary costs for key personnel, freight costs) and cash.<br /><br />Cash contributions must be at least 25% of total project costs. P434 0 2020-09-27
SA: $10,000 Emergency Cash Grant <p> If your business is based in South Australia, you may be eligible for a $10,000 grant to cushion the impact of the Covid-19 pandemic. </p> <p> This grant is open to small businesses and non-profit entities (that employ South Australian citizens) who have been hugely impacted by the social restrictions put in place to prevent the spread of Covid-19. </p> <p> This grant is part of the South Australian Government's $650 million Jobs Rescue package to keep people employed. </p> P487 0 2020-09-27
SA: Payroll tax waiver <p> The South Australian government announced that businesses with annual grouped wages of up to $4 million will get a 6-month payroll tax waiver to help survive the Covid-19 crisis. If you qualify, you won't have to pay payroll tax from April to September 2020. <span style="background-color: initial;">However, you must still lodge your payroll tax return but no payment is required. </span> </p> <p> For businesses with more than $4 million in annual grouped wages, you may qualify for a 6-month payroll tax deferral. You can apply for this when lodging your payroll tax return. </p> <p> Furthermore, the SA government also made legal amendments for JobKeeper payments to employees to be exempt from payroll tax. </p> P488 0 2020-09-27
Stay Safe with the CovidSafe App <p> The CovidSafe app by the Australian government makes contact tracing simpler and easier, keeping you and your loved ones safe. </p> <p> It is highly likely Covid-19 will be here to stay until a vaccine is found. The CovidSafe app helps people to slowly return to a normal life without restrictive lockdowns, while still keeping themselves and other Australians safe. It aids in contact tracing, to prevent outbreaks in the community and slow down the transmission of the disease. </p> <p> <strong>How does it work?</strong> </p> <p> Using the Bluetooth on your smartphone, it will alert you if you come in contact with someone who has been tested positive for Covid-19. Currently, contact tracing is done manually where healthcare workers have to trace all the people who came in contact with a person recently tested positive for Coronavirus. </p> <p> Those people will need to be alerted and asked to get tested or self-isolate in case they have also contracted the virus. This app will simplify and automate the process. </p> P491 0 2020-09-27
Supporting apprentices and trainees (Up to $21,000) 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.<br /><br />You can register for the subsidy from early April 2020.<br /><br />The Government is supporting small business to retain their apprentices and trainees.<ul><li>Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage paid during the 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer. </li><li>Employers will be reimbursed up to a maximum of $21,000, per eligible apprentice or trainee ($7,000 per quarter).</li></ul>Support will also be provided to the National Apprentice Employment Network, who are responsible for coordinating the re‑employment of displaced apprentices and trainees throughout their network of host employers across Australia.<br /><br /><strong>Eligibility</strong><br />The subsidy will be available to small businesses employing fewer than 20 full‑time employees who retain an apprentice or trainee. Employers of any size and Group Training Organisations that re‑engage an eligible out‑of‑trade apprentice or trainee will be eligible for the subsidy. The apprentice or trainee must have been in training with a small business as at 1 March 2020.<br /><br />Employers will be able to access the subsidy after an eligibility assessment is undertaken by an Australian Apprenticeship Support Network (AASN) provider. <br /><br />This measure will support up to 70,000 small businesses, employing around 117,000 apprentices.<br /><br /><strong>Timing</strong><br />Employers can register for the subsidy from early April 2020. Final claims for payment must be lodged by 31 December 2020.<br /><br />For further information on how to apply for the subsidy, including information on eligibility, contact an Australian Apprenticeship Support Network (AASN) provider. P429 0 2020-09-27
TAS: Interest-Free Business Loans <p> The Tasmanian Government has allocated $20 million in interest-free loans to small businesses in the hospitality, tourism, seafood production, exports sectors, and other businesses that have been severely affected by the Covid-19 pandemic. </p> <p> The loans will be available to businesses with a turnover of less than $10 million for business continuity, equipment purchase, improving online shopping and distribution channels, and other sustainability and viability measures. </p> <p> The loan amount starts from $20,000 up to a maximum of $250,000, and is interest free for the first 3 years. </p> P445 0 2020-09-27
TAS: Payroll Tax Waiver <p> <strong>Employers in the Hospitality, Tourism, and Seafood industries will not be required to lodge payroll tax returns for March, April and May 2020.</strong> </p> <p> The Annual Adjustment Return (AAR) for 2019-20 is still required to be lodged by 21 July 2020. For that AAR, the State Government’s recently-announced waiver of payroll tax for relevant wages for the months of March, April, May and June will apply. </p> <p> <strong>Employers (individual/groups) with Australian Group Wages of up to $5.0 million annually</strong> </p> <ul> <li>Approved applicants (who demonstrate that their business is affected by Coronavirus) will not be required to lodge payroll tax returns for March, April and May 2020.</li> <li>The Annual Adjustment Return (AAR) for 2019-20 is still required to be lodged by 21 July 2020. For that AAR, the State Government’s recently-announced waiver of payroll tax for relevant wages for the months of March, April and May will apply.</li> <li>One-year rebate for employers who pay payroll tax and employ new youth employees aged 24 years and under.</li> <li>The Commissioner of State Revenue will administer the Rebate Scheme recently announced by the State Government.</li> <li>The Commissioner will issue more details directly to employers, including eligibility criteria and the application process, in due course.</li> </ul> P446 0 2020-09-27
TAS: Targeted Small Business Grants Program for Apprenticeships and Traineeships (Up to $5,000) <p> This grant provides subsidies to small businesses in building, construction, tourism, hospitality and manufacturing if they hire a new apprentice or trainee. </p> <p> Subsidies of up to $5,000 are provided for each apprentice or trainee employed on a full-time basis, and $2,500 for each apprentice or trainee employed on a part-time basis. </p> <p> Subsidies are provided in two equal payments 6 months and 12 months after the commencement of the training contract of the new apprentice or trainee. </p> <p> <strong>To be eligible, you must:</strong> </p> <ul> <li>undertake activity in one of the nominated target industries as your main business activity</li> <li>not be liable to pay Payroll Tax to the Commissioner of State Revenue for the individual apprentice or trainee within the financial year that the application is lodged</li> <li>employ the apprentice or trainee in a workplace physically located in Tasmania</li> </ul> P447 0 2020-09-27
Temporary Relief for Financially Distressed Businesses <p> There is a temporary increase to the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive. </p> <p> This includes temporary relief for directors from any personal liability for trading while insolvent, and providing temporary flexibility in the Corporations Act 2001 to provide temporary and targeted relief from provisions of the Act. </p> <p> <strong>What are the elements of the temporary relief package?</strong> </p> <ul> <li>A temporary increase in the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive.<br /> </li> <li>A temporary increase in the threshold for a creditor to initiate bankruptcy proceedings, an increase in the time period for debtors to respond to a bankruptcy notice, and extending the period of protection a debtor receives after making a declaration of intention to present a debtor’s petition.<br /> </li> <li>Temporary relief for directors from any personal liability for trading while insolvent, providing temporary flexibility in the Corporations Act 2001 to provide targeted relief for companies from provisions of the Act to deal with unforeseen events that arise as a result of the coronavirus health crisis.<br /> </li> <li>The Australian Taxation Office (ATO) will tailor solutions for owners or directors of businesses that are currently struggling due to the coronavirus, including temporary reduction of payments or deferrals, or withholding enforcement actions including Director Penalty Notices and wind-ups.<br /> </li> <li>Temporary higher thresholds and more time to respond to demands from creditors.<br /> </li> <li>A creditor issuing a statutory demand on a company is a common way for a company to enter liquidation. The Government is temporarily increasing the current minimum threshold for creditors issuing a statutory demand on a company under the Corporations Act 2001 from $2,000 to $20,000. This will apply for 6 months.<br /> </li> <li>Not responding to a demand within the specified time creates a presumption that the company is insolvent. The statutory time frame for a company to respond to a statutory demand will be extended temporarily from 21 days to 6 months. This will apply for 6 months.<br /> </li> <li>To assist individuals, the Government will make a number of changes to the personal insolvency system regulated by the Bankruptcy Act 1966. The threshold for the minimum amount of debt required for a creditor to initiate bankruptcy proceedings against a debtor will temporarily increase from its current level of $5,000 to $20,000. This will apply for 6 months.<br /> </li> <li>Failure to respond to a bankruptcy notice is the most common act of bankruptcy. The time a debtor has to respond to a bankruptcy notice will be temporarily increased from 21 days to 6 months. The extension will give a debtor more time to consider repayment arrangements before they could be forced into bankruptcy. This will apply for 6 months. When a debtor declares an intention to enter voluntary bankruptcy by making a declaration of intention to present a debtor’s petition there is a period of protection when unsecured creditors cannot take further action to recover debts. This period will be temporarily extended from 21 days to 6 months. This will give debtors more time to consider the options that are best for them. This will apply for 6 months. Creditors, many of whom are themselves small businesses, will still have the right to enforce the debt against companies or individuals through the courts.<br /> </li> <li>Temporary relief from directors’ personal liability for trading while insolvent.<br /> </li> <li>Directors are personally liable if a company trades while insolvent. This can lead to boards of directors feeling under pressure to make quick decisions to enter into an insolvency process if there is any risk that the company will experience periods where it will be trading while insolvent. To make sure that companies have confidence to continue to trade through the coronavirus health crisis with the aim of returning to viability when the crisis has passed, directors will be temporarily relieved of their duty to prevent insolvent trading with respect to any debts incurred in the ordinary course of the company’s business. This will relieve the director of personal liability that would otherwise be associated with insolvent trading. It will apply for six months. <br /> </li> <li>Temporary relief from personal liability for insolvent trading will apply with respect to debts incurred in the ordinary course of the company’s business. Egregious cases of dishonesty and fraud will still be subject to criminal penalties. Any debts incurred by the company will still be payable by the company.</li> </ul> P430 0 2020-09-27
VIC: $10,000 Business Support Fund <p> As part of the Victorian Government's $500 million Business Support Fund, businesses severely impacted by the Covid-19 lockdown can receive a $10,000 cash grant to help with running expenses, hiring professional help, marketing and to keep the business afloat. </p> <p> This grant is for businesses that employ staff and are in industries such as: </p> <ul> <li>Accommodation</li> <li>Food services (restaurant, cafe, caterers,etc.)</li> <li>Health and beauty services (hairdressers, spa, therapists)</li> <li>Sports and recreation services (gym, pool, etc.)</li> <li>Tourism</li> <li>Retail (except for supermarket, groceries, pharmacies, etc.)</li> <li>Other services </li> </ul> P481 0 2020-09-27
VIC: Economic Survival and Jobs Package <p> As part of a $1.7 billion economic survival package, the Victorian Government has allocated $500 million to establish a Business Support Fund to assist small to medium businesses most impacted by COVID-19. </p> <p> The Victorian Government will work with the Victorian Chamber, Australian Hotels Association and Ai Group to administer the funds to help businesses survive and keep people in work. </p> P431 0 2020-09-27
VIC: Payroll Tax Waiver <p> Victorian businesses with a yearly taxable salaries of $3 million max will have their payroll tax waived for the financial year 2019/2020. </p> <p> If you have paid your payroll tax, you can claim a reimbursement from the State Revenue Office of Victoria. </p> <p> These businesses can also defer paying payroll tax for the first quarter of the 2020-21 financial year. </p> P482 0 2020-09-27
WA: One-off grants to small and medium businesses ($17,500) Small and medium businesses whose annual Australian Taxable Wages are between $1 million and $4 million will receive a one-off grant of $17,500 to assist them to manage the impacts of COVID-19.<br /><br />It is expected 6,200 WA businesses will benefit from the grant.<br /><br />If you were not previously registered for payroll tax, your 2019-20 Australian taxable wages will be used to determine your eligibility for the grant. <br /><br />Your grant will automatically be paid by cheque at the completion of the annual reconciliation process.   <br /><br />For a group of employers, a single grant will be payable to the designated group employer.<br /><br /><strong>Details</strong><ul><li>No applications are required.</li><li>Grants will automatically be paid from July 2020, but there may be delays for taxpayers whose tax status changed during the 2018-19 assessment period or who commenced as new employers in 2018-19 and 2019-20.</li></ul> P449 0 2020-09-27
WA: Payroll tax waiver Payroll tax will be waived from March to June 2020 for employers, or groups of employers, whose Australian taxable wages are less than $7.5 million at 30 June 2020.<br /><br />Employers must retain evidence of their Australian taxable wages at 29 February 2020 showing their entitlement to claim the waiver.<br /><br />For group employers, the designated group employer (DGE) is responsible for determining the group’s Australian taxable wages and for notifying group members if the group is eligible for the waiver.<br /><br />Group members must retain evidence to show the DGE notified them of their eligibility to claim the waiver.<br /><br />The Treasurer encourages eligible businesses not negatively affected by COVID-19 to keep paying tax as normal so the funds allocated to this initiative can be used to assist other businesses that are not so fortunate. P450 0 2020-09-27
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