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All levels of government have announced a raft of measures of the last 2-3 weeks. Below we outline in brief the measures we consider will be most applicable and how to apply:

 

Federal Government

JobKeeper Payment

A fortnightly payment to business which will subsidise each eligible employee $1,500 in order for the employer to keep them on there staff.

Eligibility:

Business

• Turnover reduced by 30% or more from comparative period last year (March 2019 compared to March 2020). If you don’t pass in March then you may pass in April.
• Been in an employment relationship with eligible employees as at 1 March 2020

Employee

• Currently employed by the employer
• Were employed by the employer at 1 March 2020
• Are full-time, part-time or long term casuals (longer than 12 months)
• Are over 16 years of age

 

Sole traders and the self employed (work through trust, partnership, company) are also eligible

 

 

How

 

If you believe you qualify, the first step is to register your interest by using the following link: DO I QUALIFY?

 

PAYG Withholding Credits

• 100% refund of PAYG withholding up to a maximum of $100,000 with a minimum of $20,000

How

The ATO will calculate your credit after your March BAS is lodged.

 

March PAYG Instalment

You are able to vary the March PAYG Instalment to nil. If you take this option you can also choose to request a credit for September & December Instalments paid.

Note, income tax will still need to be paid on lodgement of your 2020 year income tax return if your business has positive taxable income.

How

 

Variations are to be done on the March 2020 BAS.

 

Apprentice Wage Subsidy

A 50% wage subsidy for the period 1 January 2020 to 30 September 2020 for eligible apprentices or trainees. The maximum subsidy per employee is $21,000 ($7,000 per quarter).

The subsidy will be available to small businesses employing fewer than 20 employees who retain an apprentice or trainee.

How

To apply contact your Australian Apprentice Support Network (AASN) provider

 

Access to working Capital

The government announced a Coronavirus SME guarantee scheme that will guarantee 50% of new loans to Small Medium Enterprises (Less than $50m turnover). These loans are short term (maximum of 3 years) unsecured loans.  The loans are subject to lenders credit assessments.

How

Contact your financial institution

Deferring of Loan Payments

The ability to receive a loan holiday of up to 6 months for loan re-payments. In most cases interest will still be charged and be added to the loan.

How

Contact your financial institution

 

JobSeeker and Coronavirus Supplement 

Increased access to jobseeker (unemployment benefits) and the $550 coronavirus supplement.

For individuals and sole traders unable to access JobKeeper payments, application for jobseeker and the coronavirus supplement should be made through your MyGov account.

 

 

State Government

 

Payroll tax refund

Businesses with annual Victorian taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived. These businesses may also defer paying payroll tax for the first quarter of the 2020-21 year.

 

Eligible businesses must continue to lodge returns but do not need to make further payments for this financial year.

 

How

 

The State Revenue Office will directly contact eligible businesses in relation to reimbursement for payroll tax already paid in the financial year.

 

Business Support Fund

Potential grant of $10,000 per business

Eligibility

Small businesses are eligible if they:

• employ staff
• have been subject to closure or are highly impacted by Victoria’s Non-Essential Activity Directions issued by the Deputy Chief Officer to-date
• have a turnover of more than $75,000
• have payroll of less than $650,000

 

How

Go to the following link and press the ‘Apply Now’ button at the bottom.

APPLY NOW