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Stimulus Package Update March 23rd 2020

This information below has change twice over the weekend. So please rest assure I am keeping up with the information as it comes through. But as the last part says:

The Government is moving quickly to implement this package. To that end, a package of Bills is being introduced into Parliament on 23 March 2020 for urgent consideration. Subject to passage of the Bills through Parliament, the Government will then move to immediately make, and register, supporting instruments.

Please read the document from the Treasury HERE all the way to the end as it contains estimated dates on these packages.

I will keep you updated and I am always here to help.

Amanda Howard

BAS Agent #25753702

Office Phone       0432 743 308

Australian & State Governments Stimulus Packages

Prepared: 22 March, 2020

The information contained herein is correct at the time of preparation. This may not be a complete list.
Businesses & individuals should seek independent advice to determine their eligibility for any of the support options listed below.

Stimulus Round 1

https://treasury.gov.au/coronavirus

Instant Asset Write off Increase from $30,000 to $150,000 for purchases to 30 June 2020
Rebate of PAYGW – 50% of PAYGW March & June BAS Quarters. Minimum of $2000, up to $25,000
Apprentices & Trainees Grant to pay for 50% of wages paid from 1 Jan – 30 Sept, up to $21,000 per employee

Stimulus Round 2

https://treasury.gov.au/sites/default/files/2020-03/Overview-Economic_Response_to_the_Coronavirus_0.pdf

Rebate of PAYGW Increase minimum payment to $20,000, maximum increased to $100,000, updated to include NFP’s
Superannuation Draw down up to $10,000 before & after June 30 2020 for individuals (non taxable)
Cash Flow Unsecured loans for up to 15 months
Loans Temporary exemption from “Responsible Lending Criteria” to facilitate approvals for cashflow & equipment loans
Households – A range of stimulus is offered, but this is a business related summary, so not covered here.

Payment Deferrals Contact ATO to discuss
Variation of PAYG Instalments Can be done on next BAS / IAS
Remission of Penalties & GIC Contact ATO to discuss
Low interest payment plan Contact ATO to discuss
Super Guarantee Unable to make any variations to Super responsibilities

Australian Banking Industry

Click Here to Read More
Loan Payment Deferrals Up to 6 months of loan payment deferrals
Cashflow & Equipment Loans Contact your bank to discuss access to unsecured, government backed, loans for cashflow & equipment purchases
Financial Hardship All banks have financial hardship departments to discuss payment deferrals & interest rate reviews.

Economic Survival & Jobs Packages

Victoria

Click Here to Read More

Businesses in Victoria can register for updates when further details are released.

Payroll Tax Refunds 2019-20 payments
Defer Payroll Tax to January 2021
Invoices Paid within 5 days
Business Support Fund $500M for Hospitality & Tourism
Working In Victoria $500M for workers to find new jobs

NSW

Click Here to Read More
Payroll Tax Waived until 30 June 2020
Hospitality Waiving of a range of fees & licences

Queensland

Click Here to Read More
Payroll Tax Deferral of lodgement and payment until 31 July 2020
Tourism Waiving of a range of fees & licences
Fisheries Market Diversification & Resilience Grants – up to $50,000

QRIDA – 1800 623 946 http://www.qrida.qld.gov.au/current-programs

Jobs Support Loans Up to $250,000 interest free for 12 months

Trade & Investment QLD – 1300 654 687 https://www.tiq.qld.gov.au/export/how-we-help-exporters/market-ready/

Marketing support International Business Advisory Programs
Digital Commerce Accelerator Program Tourism industry support Go Global Export Program

WA

Click Here to Read More
Payroll Tax $17,500 rebate for businesses with $1-$4M payroll
Increase threshold to $1M from 1 July, Deferal of Payroll Tax to 21 July 2020

Northern Territory

Click Here to Read More
Home Improvement Scheme Up to $4000 for home improvements
Business Improvement Grant Up to $20,000 to purchase goods or services to improve assets, efficiency or customer service
Immediate Work Grant Up to $100k for NFP’s to do physical works – first $50k as a grant & further $50k matched $ for $
Payroll Tax Exemption for hiring employees until 30 June 2021

Tasmania

Click Here to Read More
Loans Interest free for 3 years for equipment or restructuring business operations
Payroll Tax Waived for last four months of 2020 FY for Tourism, hospitality & seafood industries
Apprentices & Trainees $5000 for businesses that take on apprentices

South Australia

Click Here to Read More
Infrastructure projects & local council projects

Australian Capital Territory

Click Here to Read More
Food & liquor industries Waive some registration & licence fees
Training Increased subsidies for Apprenticeships & Traineeships
Community Clubs $3.3M to keep staff employed
Electricity Rebates $750 for business owners automatically applied to next bill
Payroll Tax – Waiver Hospitality, creative arts & entertainment businesses to receive a 6 month waiver to Sept 2020
Payroll Tax – Deferral All businesses up to $10M of wages defer payment to 1 July 2022
Commercial Rates Credit of $2622 applied to all commercial rates, to be refunded if already paid in advance
Arts Programs Up to $10,000 grant for arts projects over the next 6 months

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