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COVID-19 Financial Support for Business

 

GSCORE aims to keep you informed about financial support and stimulus packages being announced by the government.

  • To see the latest announcements from the WA Government, visit here.
  • For information on Federal Government announcements, visit here.

WA Recovery Plan Announced

Information released on Sunday 26 July by the WA Government outlines a WA Recovery Plan, aimed at driving economic and social recovery and jobs creation. The plan includes $5.5 billion aimed at creating jobs in sectors such as construction, manufacturing, tourism and hospitality, renewable energy, education and training, agriculture, mining and conservation.

As part of the plan, $60 million will be spent on ‘shovel-ready’ work on State Government facilities such as train stations, Police stations and  Volunteer Fire and Rescue Service and Career Fire and Rescue Service stations.

The maintenance work is expected to get underway within weeks and will create immediate work for more electricians, painters, plumbers, builders and carpenters.

The WA Recovery Plan also includes a $66.3 million renewable energy technology package to create jobs, reduce costs and improve WA’s renewable energy footprint.

The $5.5 billion Plan includes $2.77 billion of the immediate response already announced.

For full details on the WA Recovery Plan, visit here.

Help with Understanding What Stimulus Packages Mean for Your Business

Business Great Southern can assist in breaking down the various packages and plans, tax breaks and payments that have been announced over recent months. For support and advice, call 9841 8477 or email admin@businessgs.com.au.

The Small Business Development Corporation has established a COVID-19 assistance centre to provide advice and guidance on managing the impacts of COVID-19. The service can be accessed by contacting 133 140 from 8.30am to 4.30pm weekdays or visiting the small business advice website.

 

Updates to Previously Announced Initiatives

JobKeeper Payment for Employers to Pay Employees

The JobKeeper Payment scheme is a temporary subsidy for businesses significantly affected by coronavirus (COVID-19). Eligible employers, sole traders and other entities can apply to receive $1,500 per eligible employee per fortnight.

Extension of the JobKeeper Payment: The Government is extending the JobKeeper Payment to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the coronavirus.  The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules remain unchanged. Find out more about JobKeeper for Employers with employees.

Boosting Cash Flow for Employers

Employers will receive a payment equal to 100 per cent of their salary and wages withheld (up from 50 per cent), with the maximum payment being increased from $25,000 to $50,000 and the minimum payment increased from $2,000 to $10,000.

An additional payment is also being introduced equal to the total of all of the Boosting Cash Flow for Employers payments received. This means that eligible businesses will receive at least $20,000 up to a total of $100,000 under both payments.

An additional cash flow boost will apply when you lodge activity statements from June to September. These credits will be equal to the total boost credits from March to June 2020.

Learn more about Boosting cash flow for employers.

Assistance to Help Pay the Wages of Apprentices or Trainees

The Government is supporting small business to retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice or trainee’s wages paid until 31 March 2021.

In addition to the existing support for small businesses, medium-sized businesses will now be eligible for the subsidy, for wages paid from 1 July 2020 – 31 March 2021. Read more about the assistance to help pay for the wages of your apprentices or trainees.

Additionally, the Australian Government has announced a $2 billion JobTrainer skills package, to reform the Vocational Education and Training sector and keep apprentices in jobs. The package aims to give more Australians access to free, or low cost, training places in areas of identified skills needs through the establishment of a new $1 billion JobTrainer fund. Find out more about JobTrainer here.

JobKeeper Payment for Sole Traders

The JobKeeper Payment, which was originally due to run until 27 September 2020, will now continue to be available to eligible businesses (including the self-employed) and not-for-profits until 28 March 2021. Sole traders may be eligible to receive the JobKeeper Payment if their turnover has reduced. Following registration by the eligible business, the Government will provide $1,500 per fortnight per eligible employee. This will support sole traders to maintain their income and connection with employees. Find out more about JobKeeper for Sole Traders.

Early Access to Superannuation

You can access up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21. You will be able to apply for early release of your superannuation from mid-April 2020. Read more about early access to your superannuation.

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