Whilst the packages put together by the States and Banks are broad, I have only focused on those that may relate directly to clients. You need to consider your position individually as there may be further qualifying criteria. This is just so we can get you thinking of what might be available to you and you should speak directly to your advisor or accountant to further explore these opportunities.
NSW Government
- Payroll Tax Waiver for April to June 2020 for businesses with payrolls less than $10 million.
- Waiver of a range of fees and charges for small businesses including bars, cafes, restaurants and tradies. They’ll be notified at time of renewal if the waiver relates to them.
QLD Government
- Concessional loans to eligible businesses with 12-months interest free;
- Payroll Tax deferral with taxable wages of less than $6.5 million with an automatic extension until 31 July 2020.
ACT Government
- $750 rebate to small businesses through their next electricity bill;
- Deferral of payroll tax for 12 months;
- Affected industries will receive a one-off six month waiver on their payroll tax. They have not designated these industries yet;
- Food and Liquor license fees waived.
SA Government
- Focusing on delivering $350 million package heavily aimed at infrastructure and construction to ensure employment opportunities and supply chain needs.
Other States
We don’t currently have clients with operations or are located in WA, Vic or NT. Should this be incorrect please advise ASAP.
Banking Industry
The banking industry have, in coordination with the RBA and the Australian Government are in the process of creating a broad range of assistance to business clients including:
- Deferral of repayments for up to six months on business loans for those affected by the outbreak;
- Interest rate cuts – eg CBA have cut some of their business lending rates by 1%
- RBA has released:
- up to $90 billion to the banks for small and medium business lending; and
- $15 billion to smaller lenders for small and medium business lending.
Each bank has a different package at the moment but they are working to harmonise the offerings amongst them to ensure all Australian businesses get a fair go.