COVID-19 BUSINESS SUPPORT RESOURCES

This page will be continually updated (last updated 22/3/2020)

Federal Government

https://treasury.gov.au/coronavirus/businesses

  • Boosting cash flow for employers – This measure will provide up to $100,000 back to eligible small and medium sized businesses and Not For Profits that employ people, with a minimum payment of $20,000 to eligible business that employ staff. The payment will be tax free.
  • Temporary relief for financially distressed businesses – Temporary increase to the threshold at which creditors can issue a statutory demand on a company and initiate bankrupt proceedings on and individual, and an increase to the time companies and individuals have to respond to statutory demands that have been received.
  • Increasing the instant asset write-off – Threshold from $30,000 to $150,000 and expanding access to include all businesses with an aggregated turnover of less than $500 million (previously $50 million) for assest acquired before 30 June 2020.
  • Backing business investment – Introducing a time limited 15 month investment incentive to support business investment and economic growth, by accelerating depreciation deductions.
  • Supporting apprentices and trainees – Eligible employers can apply for a wage subsidy of 50% of an apprentice or trainees wage paid during the 9 months from 1 Jan 2020 to 30 Sep 2020

Queensland Government –

https://www.business.qld.gov.au/starting-business/advice-support/support/novel-coronavirus

  • Queensland COVID-19 jobs support loans – Loans of up to $250,000 interest free for up to 12-months to retain staff (must register interest with Qld Government)
  • Payroll tax relief package – If your business has been affected by the coronavirus (COVID-19), you can defer paying payroll tax returns until 31 July 2020.

LEAVE REPLY

Your email address will not be published. Required fields are marked *