Business Support Information for Covid-19

With the rapidly changing environment surrounding the Coronavirus COVID-19 and the amount of information being supplied by both Federal and State Governments,  there is a wealth of information and support for businesses to digest. 

To assist our clients in finding information about financial assistance, eligibility and timing for government support we’ve created a number of summary documents and resources below. 

We’ll be updating this page as new information is available. 

If you need more tailored advice or have questions in relation to your specific business please ensure that you speak with one of our Directors.   

Australian Federal Government Assistance

JobKeeper Extension Starts 28 September

The original JobKeeper Payment scheme ends on 27 September 2020. Those needing further support will need to reassess their eligibility and prove an actual decline in turnover to be eligible for the JobKeeper Extension.

Click here for the full article.

Insolvency and Bankruptcy protections extended

On 7 September 2020, the Federal Government announced that the temporary changes to the creditors’ statutory demand and insolvent trading laws have been extended to 31 December 2020.

Click here for the full article.

JobKeeper: Nomination Notice Required by 22 August

If you are already enrolled for the JobKeeper payment scheme and you have additional employees that become eligible on or after 3 August 2020 using the 1 July test, you must provide a JobKeeper Employee Nomination Notice (1 July employees only) to your new eligible employees by 22 August 2020.

For further information on the JobKeeper payment scheme updates that were legislated on the 14th August, click here.

JobKeeper Extension Rules Relaxed

On the 7th August, the Government announced that the tougher eligibility rules that were due to be in place for the second phase of the JobKeeper payment scheme (from 28 September 2020) would be relaxed.

Click here for the full article.

JobKeeper, JobSeeker & Coronavirus SME Guarantee Scheme Updates

On Tuesday 21 July 2020, the Government announced its plan to extend the JobKeeper and JobSeeker payment schemes.  Our latest article covers all the key updates to scheme including payment rates and eligibility requirements.

The Coronavirus Small and Medium Enterprises (SME) Guarantee Scheme was introduced to encourage lenders to provide support to SMEs suffering from the impacts of the Coronavirus.

Click here for the full article.

JobKeeper Update –  Monthly Reporting & Payroll Tax Exemptions

 The ATO has released additional monthly reporting requirements to access JobKeeper payments. 

QLD Gov has also announced JobKeeper payments will not be liable for QLD payroll tax.

Click here for full article.

JobKeeper Update – Alternative Tests & Extended Deadline

The ATO announces a number of additional tests to determine an employer’s eligibility for the JobKeeper Scheme, along with extended deadlines for the initial JobKeeper periods.

The new ‘alternative tests’ apply for classes of entities where there is not an appropriate relevant comparison period for determining a decline in GST turnover.

Click here for full article.

Click here for ATOs Legislative Instrument
Click here for the ATOs Explanatory Statement

JobKeeper Payment Requirements – What you need to know & do

the Treasurer released the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020 which sets out the rules for administrating the JobKeeper scheme. You need to act now, as you must lodge before 26th April 2020 to claim the first two fortnightly payments!

Click here for eligibility requirements, application process, payment details and more. 

Click here to access the ATO’s 8 step application guide.

Mandatory Code of Conduct for Commercial Leasing

On Tuesday 7 April 2020 the National Cabinet released a mandatory code of conduct containing “good faith leasing principles”, which will apply to all commercial tenancies.  The leasing principles established include a “proportionate reduction” in the rent payable, in the form of waivers and deferrals, in line with the reduction in turnover.

Click here for a summary of the key elements of the code.

Click here to view the full code of conduct.

Australia Changes Foreign Investment Review Threshold

The Australian government has temporarily reduced the foreign investment threshold to $nil effective from 30 March 2020. Key take outs:

  • All foreign investments regardless of value in Australian assets including businesses and property must make application to FIRB. There is no carve out for treaty countries such as the USA and China
  • The review response timeframe has been increased from 30 days to up to 6 months
  • A proposal must receive a statement of no objection to proceed
  • Urgent foreign investments applications for investments that protect and support Australian business and Australian jobs will be given priority.

Find out more here.

New working from home expenses rules for individuals

The Australian Tax Office has announced special arrangements for individuals claiming working from home expenses due to the Coronavirus crisis.

The special new arrangement will allow people to claim a rate of 80 cents per hour for all their running expenses, instead of calculating costs for specific running expenses as taxpayers would under normal circumstances. The shortcut method applies to expenses incurred after March 1 2020.

Click here to access the ATO and find out more.

Government Announces New JobKeeper Payment

The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus.

Click here for the full article.

Treasury Website with JobKeeper FAQs – Updated 5 April

Temporary amendments to Australian Insolvency and Corporations Law

The Coronavirus Economic Package Omnibus Act 2020 (Cth) took effect on 25 March 2020. It makes temporary amendments to Australian Insolvency and Corporations Law that are intended to provide a safety net to otherwise profitable and viable businesses which face financial distress as a result of the economic impact of coronavirus and health measures to prevent its spread.

Click here for the full article.

ATO Announces Approach to SMSF Rent Relief

Click here for the full article.

Second Stimulus Package: 

On 22 March 2020, the Federal Government announced its second stimulus package to protect the Australian economy from the economic impact of the Coronavirus.

1. Boosting cash flow for employers

2. Temporary relief for financially distressed businesses

3. Support for immediate cash flow needs for SMEs

4. Income support for individuals

5. Payments to support households

6. Temporary early release of superannuation

7. Temporarily reducing superannuation minimum drawdown rates

8. Reducing social security deeming rates

Click here for the full article.

First Stimulus Package Announcement

In this article we summarise the key points from the Federal Government’s first stimulus package announcement:

1. Instant asset write off extension & accelerated depreciation

2. Cash payments for small businesses

3. Apprentice & trainee support

4. Welfare extensions

5. Healthcare boost

ATO Support

Click here for the full article.

Queensland Government Support

$10k Small Business Grants – Round 2 Opens 1 July 2020
 
In May, the Queensland Government released the $10k Small Business Adaptation Grants to support small businesses affected by Covid-19 shutdown restrictions to get back on their feet. The grants were in such high demand, that the $100m in funding was exhausted within the first five days. The Government has now announced that on 1 July 2020 round 2 of the program will open.
 
$10k Small Business Grants – APPLICATIONS CLOSED
 
Due to an overwhelming number of applications the QLD Gov have now closed the Small Business COVID-19 Adaption Grant for new applications.
 
If you have submitted an application they are currently processing them and will be in contact as soon as possible.
 
Find out about a range of other small business support options here.
QLD Land Tax Relief
 

The Qld Government has announced further relief for affected property owners dealing with the impacts of Coronavirus.

Eligible Queensland property owners may be able to receive the following land tax relief:

  • a land tax rebate reducing land tax liabilities by 25% for eligible properties for the 2019-20 assessment year;
  • a waiver of the 2% land tax foreign surcharge for foreign entities for the 2019-20 assessment year;
  • a 3-month deferral of land tax liabilities for the 2020-21 assessment year.

Click here for the full article.

QLD COVID-19 Jobs Support Loans – APPLICATIONS CLOSED

Due to overwhelming demand, the Queensland Government’s $500 million COVID-19 Jobs Support Loan scheme has now closed to new applications. QRIDA is continuing to process the large number of applications submitted as quickly as possible until scheme funding is exhausted. A wide range of other government assistance remains available for Queensland businesses impacted by COVID-19, please visit www.business.qld.gov.au for more information.

Queensland Government Payroll Tax Relief – Second Announcement

Employers who pay $6.5 million or less in taxable wages may be eligible for the following payroll tax relief measures:

  • Refunds of payroll tax for 2 months
  • A payroll tax holiday for 3 months
  • Deferral of paying payroll tax for the 2020 calendar year

Click here for the full article.

Queensland Government Support for Business – First Announcement

Two key announcements:
  1. Deferred payroll tax payments
  2. Immediate Industry Recovery Package

Click here for the full article.

Government premises rent relief

Six months relief for businesses renting government premises.

Click here for the full article.

Victorian Government Support

Third round of Business Support Fund Grants

The Victorian Government has pledged an additional $3 billion economic stimulus in cash grants and tax relief to support Victorian businesses as they navigate through hard lockdown and on to COVID Normal business conditions for sometime after 23 November 2020.

Click here for the full article.

Binding Orders on Rent Relief coming for Victorian Landlords

The Victorian Government has released the COVID-19 Commercial and Residential Tenancies Legislation Amendment (extension) Bill 2020. The Bill introduces greater powers for regulations to be made to deal with rent relief disputes.

Find out more here.

Land tax relief for Victorian landlords

Landlords of residential and commercial properties who provide a 50% or more outright rent waiver of at least 3 months’ rent to eligible tenants can claim a 50% waiver of the property’s 2020 land tax and defer payment of the remaining tax to 31 March 2021.

Owner-occupiers of commercial properties can obtain a 25% waiver of the property’s 2020 land tax and payment of the remaining tax can be deferred to 31 March 2021.

Find out more here.

Support Package for Victorian businesses

Further detail on the packages outlined 10 July is now available. We cover the Regional Tourism Business Grant, CBD Small Hospitality Business Grant and Hospitality Business Grant in our edited July Business Update. Please note businesses that have received funding under the Victorian Live Music Venues Program and/or the Business Support Fund – Expansion program are not eligible for funding through this program.

Click here for the full article.

New Economic Restrictions on Victorian businesses

Stage 4 restrictions are in place in Victoria. With these restrictions come a series of directions on the operation of businesses in certain industries until mid-September unless advised otherwise by the Victorian government. The Business Support Fund will be expanded in recognition of spending longer under restrictions:

  • Businesses in Melbourne and Mitchell Shire may apply for support up to $10,000.
  • Businesses in regional Victoria may apply for a $5,000 grant.

Previous eligibility criteria applies. 

Click here for more information.

Victorian Government announces a further $534M  business support package

On 10 July 2020, the Victorian Government announced a further $534 million Business Support Package for  businesses impacted by the coronavirus lockdown.

Below is a summary of the $534 million Business Support Package for clients operating in Victoria. If you are a  usiness operating in Victoria, you should review these measures  and contact your local Hall Chadwick advisor if you require assistance with applying for support.

Click here for the full article.

Victorian Government responds to second Covid19 outbreak

The Premier of Victoria has issued a statement advising a return to Stage 3 lockdown protocols for ten Melbourne postcodes affecting 36 suburbs. These postcodes will remain at Stage 3 Restrictions at least until 29 July. Local businesses in these postcodes who were previously eligible for a Business Support Fund grant or a payroll tax refund will receive $5,000 from the Victorian Government.

Statement from Premier.

Register your interest.

The Victorian Government has established an economic survival package to support Victorian businesses and workers through the devastating impacts of the COVID-19 pandemic. The package includes:

  • Payroll tax relief & relief for those who don’t normally pay payroll tax
  • Liquour licence fees waived
  • Land tax deferral
  • Commercial tenants in government buildings
  • Business Support Fund

Click here for the full article.

Click here to access Business Victoria Website.

New South Wales Government Support

NSW Land Tax Relief

The NSW government has introduced measures to provide relief to commercial and residential landowners, who provide a reduction in rent to a tenant who is experiencing financial distress as a result of COVID-19.

Click here for the full article.

The New South Wales Government has established an economic survival package to support businesses impacted by COVID-19.  The package includes:

  • Relief Grants for NSW Small Business
  • Payment for current government suppliers in advance
  • Payroll tax relief
  • Waiver of fees and charges
  • Deferral of rents on government-owned properties

Click here for the full article.

Click here to access Service NSW website.

Australian Capital Territory Government Support

The ACT Government is delivering an economic survival package to support the ACT community through the public health emergency caused by the COVID-19 pandemic.

  • Payroll Tax Relief
  • Rideshare & taxi vehicle licence fees
  • Electricity rebates
  • Licencing fees for hospitality industry
  • Commercial general rates rebate
  • Household benefits rate rebate

Click here for more information about the ACT support for businesses.

Western Australia Government Support

Support for businesses in WA include:

  • Payroll tax relief
  • Relief on utilities for small business
  • Rent relief for small businesses and not-for-profits
  • Duties, fees & licence relief

Click here to access the website for Western Australia Small Business Development Corporation.

South Australia Government Support

To help drive the economy, secure jobs and support industry through COVID-19, the South Australian Government’s stimulus package will inject a total of $1 billion into the economy.

The stimulus package aims to save South Australian jobs, safeguard the state’s economy and minimise the economic impacts of the COVID-19 global crisis.

  • Fast tracking infrastructure projects
  • Payroll tax relief
  • Land tax
  • Job accelerator grants

Click here to access SA Gov Business support website.

Northern Territory Government Support

The Territory administration will deliver a $65 million Jobs Rescue & Recovery Plan to protect employers and their workers from the deep economic impacts of the coronavirus.

Click here for the full article.

Tasmanian Government Support

The Tasmanian Government is providing a substantial stimulus package to support Tasmania as we tackle the impact of the COVID-19 pandemic. Key highlights are: 

  • Payroll tax relief
  • Liquor licencing fees discount
  • Interest free loans for hospitality, tourism, seafood and export sectors.
  • Apprentice or trainee incentives.
  • Fisheries fee waiver
  • Household benefit relief payment

Click here for TAS business support website.

Other resources

What happens when the taps are turned off?

2020 has certainly been a challenging year for many businesses, but along the way we have been thrown many lifelines from the Government. Our latest newsletter looks to explain what businesses should be considering as we start to see some of these economic support initiatives scale back.

Click here for the full article.

In Focus – Holding DOCA

Given the uncertainties associated with the economic implications of the coronavirus outbreak, the mechanism of a “holding” deed of company arrangement “(DOCA)” may be an appropriate vehicle for certain companies which are insolvent or likely to become insolvent and have entered voluntary administration.

Click here for full article.

In Focus – Informal Workouts Safe Harbour

If action is taken early, an informal workout may be able to be effected, without the stigma of a formal appointment, which could reduce the value of the assets of a company or lead to the loss of confidence of investors and/or customers. Furthermore, generally a formal appointment will involve additional costs, adverse publicity and result in an independent practitioner controlling the company’s business, property and affairs.

Click here for the full article.

Financial Solutions for Restructuring a Business

Many businesses are facing challenges that were inconceivable a month ago.   The many options available to a business  in the area of reconstruction can be overwhelming  for people, particularly those that have had no exposure to it before. We have developed a simple guide outlining the restructuring options available, both formal and informal.

Click here for the full article.

State by State Guide to Payroll Tax Relief

State and Territory Governments have announced several payroll tax relief measures to encourage employers to retain staff.

Click here for the full article

Preparing for Business Disruption

Find out more about how your business can strategically prepare for business disruption.

Click here for the full article.

Australian Government
https://treasury.gov.au/coronavirus

State Governments
Queensland
https://www.business.qld.gov.au/starting-business/advice-support/support/novel-coronavirus

New South Wales
https://www.nsw.gov.au/news-and-events/news/health-boost-and-economic-stimulus

Canberra
https://www.accesscanberra.act.gov.au/app/answers/detail/a_id/28/~/business-advice%2C-grants-and-assistance

Victoria
https://www.business.vic.gov.au/disputes-disasters-and-succession-planning/illness-and-business-management-plan/coronavirus-business-support

Tasmania
https://www.business.tas.gov.au/coronavirus_information

Western Australia
https://www.smallbusiness.wa.gov.au/blog/coronavirus-stimulus-package-small-business

Northern Territory
https://coronavirus.nt.gov.au/community-advice/business

Finance Industry

Westpac
https://www.westpac.com.au/help/disaster-relief/coronavirus

Commonwealth Bank
https://www.commbank.com.au/latest/coronavirus.html

ANZ
https://www.anz.com.au/promo/covid-19

NAB
https://www.nab.com.au/personal/customer-support/covid19-help

St George
https://www.stgeorge.com.au/about/sustainability-and-community/disaster-relief/covid-19?pid=iac:br:COVID_2003::hpg_a

Suncorp
https://www.suncorp.com.au/insurance/covid19-information.html

Macquarie Bank
https://www.macquarie.com/au/personal/coronavirus

Real Estate Industry Bodies
REIQ
https://www.reiq.com/

REINSW
https://www.reinsw.com.au

REIACT
https://www.reiact.com.au/?fbclid=IwAR1Xr_tLV8zCLbW2VVgZqyADXDNlf0C83_DBwjAu9wAvMLLdhK-Nw0Efg3g

REIV
https://reiv.com.au

REINT
https://www.reint.com.au

REITAS
https://www.reitas.sg

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