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Australia has multiple different financial assistance options available. Please look over this information and follow up as appropriate.
Financial relief options include
Cash Flow Boost for Employers
Details
- Provide up to $25,000 back to small and medium-sized businesses, with a minimum payment of $2,000 for eligible businesses.
- Payment will provide cash flow support to businesses with a turnover of less than $50 million that employ staff.
- Payment will be tax free.
Links
Taxation Relief Options by the Australian Taxation Office
The Australian Taxation Office is providing several relief options for businesses, including payment deferrals, monthly GST credits, etc.
For more info, visit the link below or call the emergency help hotline 1800 806 218
Links
Support for Apprentices and Trainees
Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice鈥檚 or trainee鈥檚 wage for up to 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 that employs that apprentice.
Instant Asset Write-offs
The government is increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million).
Backing Business Incentives
The government is introducing a time limited 15-month investment incentive to support business investment and economic growth over the short-term, by accelerating depreciation deductions.
A deduction of 50% of the cost of an eligible asset on installation will apply, with existing depreciation rules applying to the balance of the asset鈥檚 cost.
State by State Stimulus Packages & Policies
Some states offer local financial relief for their businesses:
New South Wales State Information
$2.3 billion health boost and economic stimulus: $700 million in extra health funding and $1.6 billion in tax cuts to support jobs
Details:
- $450 million for the waiver of payroll tax for eligible businesses
- $56 million to bring forward the next round of payroll tax cuts by raising the threshold limit to $1 million in 2020-21
- $80 million to waive a range of fees & charges for small businesses
- $250 million to employ additional cleaners of public infrastructure
- More than $250 million to bring forward maintenance on public assets including social housing and crown land fencing
- $500 million to bring forward capital works & maintenance.
Links:
To check if your business is eligible for payroll tax relief, visit: