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COVID-19 Financial Support for Business

 

GSCORE is doing it’s best to stay up to date with information and keeping you informed. We are drawing our information from a range of reliable resources. This page deals with financial support and understanding the stimulus packages announced by the Federal Government.

Help with understanding what the stimulus packages means for your business

Business Great Southern has broken down the Government speak into something that is digestible for those trying to navigate the minefield of meeting your financial commitments not just for your business but to keep your head above the water. Please get in touch with Business Great Southern for support and advice. They are here to help you and your business, don’t hesitate to give them a call on 98418477 or contact them via email on 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.

 

What support is available for EMPLOYERS?

The Government hasn’t finished announcing support and stimulus packages, so the below is what we’re working with right now:

JobKeeper Payment for Employers with Employees

Under the JobKeeper Payment, businesses impacted by the coronavirus will be able to access a subsidy from the Government to continue paying their employees. 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. 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.

Learn more about Boosting cash flow for employers.

Assistance to help pay the wages of apprentices or trainees

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.

Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter). Read more about the assistance to help pay for the wages of your apprentices or trainees.

 

What support is available for SOLE TRADERS?

JobKeeper Payment for Sole Traders

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 for a maximum of 6 months. 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.

 

OTHER SUPPORT FOR BUSINESSES

Increased instant asset write-off 

The Government has lifted it’s threshold from $30,000 to $150,000 for assets that are either installed or ready for first use by June 2020 Read more…

Increased accelerated income support 

The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. Read more…

Tax support

The Australian Tax Office (ATO) is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis. Contact the ATO’s Emergency Support Infoline for businesses on 1800 806 218 for more information or to request this help.

SME Guarantee Scheme

This will provide businesses with funding to meet immediate cash flow needs, by further enhancing lenders’ willingness and ability to provide credit. Businesses with a turnover of up to $50 million will be eligible to receive these loans. Learn more about the Coronavirus SME Guarantee Scheme.

Relief package targets WA small and medium-sized businesses

The WA State Government’s relief package contains targeted assistance in the following areas:

Electricity – A one-off $2,500 credit for Synergy and Horizon Power customers that consume less than 50 megawatt hours (MWh) per annum. The credit is available for current customers (as of March 31, 2020) and will be allocated from May 1, 2020.

Payroll tax – will be waived for a four-month period between March 1, 2020 and June 30, 2020 for businesses with Australia-wide annual wages of less than $7.5 million in 2019-20.

Licence fees – A range of licence fees in impacted industries will be waived for the next 12 months, including licences for tourism businesses operating in national and marine parks and boat registration and mooring fees for tourism operators. Liquor licence renewal fees for 2020 will also be waived and refunds provided for businesses that have already paid.

Payments waived – businesses can apply for an interest-free payment arrangement and for late payment penalties to be waived for payroll tax, transfer duty, landholder duty, vehicle licence duty or land tax.

Power and water – Small businesses will not have their power or water disconnected due to late payments, and no interest will be charged on deferred bill payments. For electricity, this will apply to Synergy and Horizon Power customers who consume 50MWh or less.

Read more in the Premier’s media statement.

 

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