Support For Business Today

FEDERAL GOVERNMENT SUPPORT

Boosting Cash Flow for Employers

The Boosting Cash Flow for Employers measure will deliver up to $25,000 tax free back to small and medium businesses with an annual turnover under $50 million that employ staff, providing temporary cash flow support. The payment will be delivered by the ATO as a credit in the activity statement system?from 28 April 2020?when statements are lodged.?Read more?

Enhancing the Instant Asset Write-Off

The Instant Asset Write-Off threshold has been increased from $30,000 to $150,000 and expanded to include businesses with an annual turnover of less than $500 million (up from $50 million). Once the legislative changes take effect, this will apply to new or second-hand assets first used or installed?between 12 March 2020 and 30 June 2020.?Read more

Supporting Apprentices and Trainees

The Federal Government is helping small businesses retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage paid during the nine 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.?Read more

ATO SUPPORT

To assist businesses experiencing financial difficulty as a result of COVID-19, the ATO is implementing a series of relief options, including those outlined below.

Note that these relief options will not be automatically applied. You need to contact the ATO to discuss your eligibility. To contact the ATO:

• Email?[email protected]
• Phone the ATO Emergency Support Infoline on?1800 806 218

Payment Deferrals

If you or your business has been impacted by COVID-19, the ATO can work with you to defer some payments and vary instalments that are due by up to four months. These payments may include income tax, activity statements (including PAYG instalments), Fringe Benefit Tax and excise payments.?Read more

Monthly GST Credits

If you are currently on a quarterly reporting GST cycle, you may elect to change your reporting to monthly. This way, your business can obtain quicker access to the GST refunds to which you are entitled. However, keep in mind that you can only change your reporting cycle at the start of a quarter; a change now will take effect?from 1 April 2020.?Read more

Release From Your Tax Debt

In certain circumstances, the Australian Taxation Office (ATO) can remove some or all of an your tax debt. This is called a 'release' from payment of particular tax liabilities and may be available to some individuals in light of the outbreak of COVID-19. The ATO will only undertake an assessment where you are experiencing serious hardship.?Read more?

Supporting Your Wellbeing

If you’re feeling overwhelmed or getting behind with your tax and super obligations, the ATO is encouraging Australian businesses to contact them as early as possible so they can work with you to find a solution. It’s never too late to ask for help. Phone the ATO on: 13 28 61 for individuals, or 13 28 66 for small businesses.?Read more

STATE GOVERNMENT SUPPORT

Many of the state governments have announced local support measures and stimulus packages, including:

• New South Wales: A $2.3 billion health boost and economic stimulus package to protect the community and help protect jobs in the face of the COVID-19 outbreak over the next six months. This includes $1.6 billion in tax cuts to support jobs.?
• Queensland: A $27.25 million package will provide immediate assistance to help Queensland manage the impacts of COVID-19, including $500 million for loans of up to $250,000 with a 12-month interest free period to help businesses to retain staff.
• South Australia: A $350 million stimulus package that includes current infrastructure projects being brought forward, as well as new projects around road maintenance, housing, tourism and health.
• Tasmania: A $420 million support package and targeted assistance to businesses to keep Tasmanians in jobs, including interest free loans to businesses, waiving of payroll tax, and grants for businesses that employee apprentices or trainees.?
• Western Australia: A $607 million stimulus package, including $114 million in measures to support Western Australian small and medium businesses, including measures to reduce payroll tax.

Follow Michael on Twitter @MrMichaelSharpe

Michael Sharpe is the National Director for Industry at the?Advanced Manufacturing Growth Centre, a Director of the?Sharpe Family Office?and Founder of the?Nuclear Skills Forum.