Search
  • Business Support

Summary of Government Assistance for Businesses


Commonwealth Government assistance for businesses in response to coronavirus (COVID-19)

$320 billion economic response package

JobKeeper Payment

Under the JobKeeper program, businesses will be able to access a wages subsidy to continue paying their employees: a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum of six months. More information.

Boosting cash flow for employers

Up to $100,000 will be available for eligible small and medium sized businesses (SMEs) and not-for- profits (NFPs) that employ people, with a minimum payment of $20,000. More information.

Temporary relief for financially distressed businesses

The Commonwealth Government is temporarily increasing the threshold at which creditors can issue a statutory demand on a company. The Australian Taxation Office (ATO) will tailor solutions for owners or directors of business that are currently struggling due to coronavirus. More information.

Supporting the flow of credit - SME Guarantee Scheme

SMEs with a turnover of up to $50 million will be eligible to receive a guarantee of 50 per cent to SME lenders to support new short-term unsecured loans to be used for working capital. The Scheme will guarantee up to $40 billion of new lending. More information.

Increasing the instant asset write-off

The instant asset write-off (IAWO) 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) until 30 June 2020. More information.

Backing Business Investment (BBI)

BBI is a time limited 15-month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term by accelerating depreciation deductions. 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’s cost. More information.

Supporting apprentices and trainees

Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage for9 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 that employs that apprentice. More information.

Assistance for affected regions, communities and industries

The Commonwealth Government is providing $1 billion to support regions, communities and industries most significantly affected by the coronavirus outbreak. A major relief package of up to $715 million is also available to support the airline industry. More information.

For further information visit the Treasury website and business.gov.au.

Victorian Government assistance for businesses in response to coronavirus (COVID-19)

$1.7 billion economic survival and jobs package

Business Support Fund

The $500 million Business Support Fund will support Small and Medium Enterprises (SMEs) within the hardest hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail. Eligible businesses can apply for a one-off $10,000 grant which can be used towards costs such as utilities, rent and salaries, and activities to support business continuity planning. Apply now.

Working for Victoria Fund

Under the $500 million Working for Victoria Fund, displaced workers will be eligible to apply for different types of work. This presents opportunities for paid work and a chance to contribute to Victoria’s abilityto manage this event and support the community. Register your interest.

Payroll Tax Refund

Businesses with annual taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived, giving $550 million back to businesses who need it. Eligible businesses must continue to lodge returns but do not need to make further payments for this financial year. These businesses can also defer paying payroll tax for the first quarter of the 2020-21 financial year. More information.

Liquor licence fees waived

Renewable liquor licence fees for 2020 will be waived. Businesses who have already paid will be reimbursed. More information.

Land tax deferral

Landowners who have at least one non-residential property and total taxable landholdings below $1 million have the option of deferring their 2020 land tax payment until after 31 December 2020. More information.

Fast tracking outstanding supplier invoices

The Victorian Government will pay all outstanding supplier invoices within five business days - releasing up to $750 million into the economy earlier.

Rent relief for commercial tenants in government buildings

The Victorian Government will work directly with commercial tenants in government buildings who can apply for rent relief. Private landlords are also being encouraged to provide rent relief or holidays to help businesses.

For further information about the Victorian Government assistance for businesses in response to coronavirus (COVID-19) call the Business Victoria hotline on 13 22 15 or visit the website.

Assistance for exporters in response to coronavirus (COVID-19)

Increase in Export Market Development Grants

The Commonwealth Government has increased funding for the Export Market Development Grant (EMDG). Funding for the scheme will increase by $49.8 million in the 2019-20 financial year, allowing exporters and tourism businesses to get additional reimbursements for costs incurred in marketing their products and services around the world.

This increase supplements the additional $60 million already committed by the Government and brings EMDG funding to its highest level in more than 20 years at $207.7 million for the 2019-20 financial year. More information.

International Freight Assistance Mechanism

The new $110 million International Freight Assistance Mechanism will assist Australia’s agricultural andfisheries sector by helping them export their high-quality produce into key overseas markets, with return flights bringing back vital medical supplies, medicines and equipment.

Exporters wishing to access the mechanism can register their interest or call the Department of Agriculture, Water and the Environment on (02) 6272 2444.


38 views

HAINES CONSULTING GROUP

1 Alfred Place

South Melbourne, Melbourne

VIC 3205

Powered By - Haines Media

  • Black Facebook Icon
  • Black LinkedIn Icon
  • Black Instagram Icon
  • Black Twitter Icon

© 2020 Haines Consulting Group