NOTE: Details on all governement assistance is changing rapidly.
We will be updating this page as new information comes to hand.
COVID-19 BUSINESS PACKAGES/SUPPORT
Click on row for more details
Federal Goverment – Boosting Cash Flow for Employers
Tax free payments of between $20,000 and up to $100,000 to eligible businesses and not-for-profits (inluding charities) that employ people, to provide temporary cash flow support to businesses that employ staff.
- Eligible businesses that withhold tax to the ATO on their employees’ salary and wages will receive a payment equal to 100 per cent of the amount withheld, up to a maximum payment of $50,000.
- Eligible businesses that pay salary and wages will receive a minimum payment of $10,000, even if they are not required to withhold tax.
You do not need to apply, the cash flow boost is a tax free payment to employers and is automatically calculated by the ATO. No forms required
Federal Goverment – Backing Business Investment (BBI)
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.
Federal Goverment – Temporary relief for financially distressed businesses
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.
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.
Federal Goverment – Coronavirus SME Loan Guarantee Scheme
The Coronavirus SME Guarantee Scheme will provide support for these businesses. 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.
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.
Federal Goverment – Apprentice and Trainee wage subsidy
The subsidy will be available to small businesses employing fewer than 20 employees who retain an apprentice or trainee. The apprentice or trainee must have been in-training with a small business as at 1 March 2020
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.
Employers are able to register for the subsidy from early April 2020 with final claims to be lodged by 31 December 2020.
Federal Goverment – Eary access to superannuation
Eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020.
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).
Federal Goverment – Instant Asset Write-Off
From 12 March 2020 until 30 June 2020 under instant asset write-off eligible businesses can:
- immediately write off the cost of each asset that cost less than $150,000 (up from $30,000)
- claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.
Federal Goverment – Centrelink Payment for Employees
You staff do not need to give Centrelink an Employemtn Separation Certification or letter to start getting a payment.
You employees may get a payment in any of the following circumstances. These include if your are:
- not able to work or don’t have work
- in isolation or hospitalissed
- caring for children
Federal Goverment – Increased and accelerated income support
Expanding eligibility to income support payments and establishing a new, time‑limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This 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.
Payments will commence from 27 April 2020