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Small business support packages have changed since the COVID-19 response moved to Stage 4 restrictions in Victoria. Here’s our guide to the newest initiatives.
Unpredictability is part and parcel of being a small business owner but in the age of COVID-19 (coronavirus) and it’s constantly shifting restrictions, there’s even more uncertainty about where your business is headed. Both Federal and State governments have implemented a range of business support services to assist with doing business during this stressful time, many of which have been revised since the introduction of Stage 4 business restrictions in response to the COVID surge in Melbourne. Here’s your comprehensive guide to business support services that could be available to you.
The most up-to-date information regarding support for Australian businesses can be found at the Federal Government’s COVID-19 (coronavirus) support page.
Eligible businesses could receive an additional tax-free cash flow boost of an amount between $20,000 and $100,000 when activity statements are lodged for the months of June to September 2020, in addition to those offered in quarters 3 and 4 of last financial year (2019-2020). The payment will be delivered through credits in the activity statement system when business activity statements are lodged, meaning there’s no application process necessary.
An increase to the instant asset write-off threshold to $150,000 is also still available for eligible purchases, up until December 2020.
The JobKeeper payment, originally implemented by the Federal government to assist small business owners (including sole traders, partnerships, trusts, not-for-profits and charities) to keep their current staff employed until September 2020, has now been extended until 28 March 2021. Reassessment for eligibility for JobKeeper will now be necessary after 28 September 2020 and again after 4 January 2021.
The original rate of $1500 per employee per fortnight will be lowered to $1200 per fortnight from 28 September 2020, then again to $1000 per fortnight from 4 January 2021. Also beginning 28 September 2020, lower payment rates will be implemented for employees who work less than 20 hours a week.
The apprentice wage subsidy, which can account for 50% of a trainee employee’s wage, has also been extended until March 2021.
Initial additional support services for businesses struggling to pay energy bills have now been extended until 31 October 2020. Also, if your business is part of the agriculture and seafood export industry, help for the transport of your produce through the International Freight Assistance Mechanism has been extended until the end of the year.
Small businesses and SMEs affected by COVID-19 should check out the Federal government’s relief for commercial tenants initiative in which the government introduced a mandatory code of conduct for small to medium sized commercial tenancies (including retail, office and industrial) that are eligible for JobKeeper. At the time of publishing, it is expected that these measures will remain in place due to the rise of coronavirus cases in Melbourne.
See VIC eligibility requirements and more information.
See NSW eligibility requirements and more information.
See QLD eligibility requirements and more information.
See ACT eligibility requirements and more information.
See WA eligibility requirements and more information.
See SA eligibility requirements and more information.
See TAS eligibility requirements and more information.
See NT eligibility requirements and more information.