The light at the end of the tunnel brightens day by day, but we still have a way to go with our fight against the Coronavirus. The financial impact of this fight has been felt by many Australian businesses and individuals, and our governments have responded, reaching out with helping hands.
Below is a summary of the state government Coronavirus support packages for New South Wales, Queensland and Victoria.
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New South Wales
Financial stimulus package for small businesses
The NSW government’s small business stimulus package includes:
- Changes to payroll tax with an increase to the tax-free threshold and payroll tax deferrals, as well as the deferral of gaming tax.
- Parking space levies and commercial tenant leases for businesses with less than 20 employees in government-owned properties will receive a 6-month deferral.
- A number of licence, registration and permit fees will be waived for 12-months for licenced venues, tattoo parlours and pyrotechnicians, paintball venues and amusement devices. A number of trade and construction licences have also been included in the 12-month fee waiver. Licences related to gambling are excluded.
The emergency cleaning stimulus package
Small and medium-sized cleaning businesses have been hired by the NSW government to enhance the cleaning of public infrastructure including schools, TAFE and public transport. If you’d like to register your business, visit eTendering.
Small business support grant
A grant of up to $10,000 is available for businesses who:
- Have between 1-19 employees
- A turnover of more than $75,000
- Have payroll below the tax threshold of $900,000
- Have an ABN and employ staff as at 1 March 2020
- Are based in NSW and are highly impacted by social distancing restrictions.
For more details and to apply visit Apply for the small business COVID-19 support grant.
For full details on how the NSW government is supporting businesses and individuals during COVID-19 visit Service NSW.
The QLD and local regional councils have introduced a number of relief measures for businesses impacted by COVID-19. Some of these require an application and some have been applied automatically.
If eligible, businesses may apply for:
- Payroll tax relief package – Refund of payroll tax for 2 months, a payroll tax holiday for 3 months and 2020 payroll tax deferral.
- Land tax rebate – 25% reduction in land tax liabilities for eligible properties for 2019-20, which must be passed on to eligible tenants.
- Tourism lease rent payment waiver and deferral – Those with a lease, licence or permit on state land for tourism may be eligible to a rent waiver or deferral.
- State land rent relief – Those with a lease, licence or permit on state land may be eligible to a rent waiver or deferral.*
- Change of trading hours fee waiver for liquor licensees – Fees on changes to liquor licence trading hours will be waived.
- Change of licensed area fee waiver – Fees waived for changes to licenced area application feed from 1 Feb 2020 – 31 July 2020.
- Border restrictions and entry pass advice for agriculture – Distributors of agricultural goods will be allowed to cross the border despite closures.
- Manufacturer’s supply matching request form – Matching businesses with vital supplies that are difficult to obtain.
- Queensland arts sector support and assistance – Funding boosts, funding extensions, changes to funding application time frames and rent relief for tenants of QLD Government Arts infrastructure.
- Market Ready initiative – Support for exporters with advice to leverage online opportunities, brand development and entering new markets.
- Financial and business planning mentoring – Financial mentoring and business planning from mentors.
- Wage subsidy for apprentices and trainees – 50% wage subsidy of apprentice or trainees wages paid between 1 Jan 2020 and 30 Sept 2020.
- Wage subsidy for employing a displaced apprentice or trainee – Subsidies are available for new employers who employ displaced eligible apprentices from 1 March 2020.
The following measures have been automatically applied to QLD businesses:
- $500 electricity rebate for businesses
- Deferral of land tax liabilities
- Land tax foreign surcharge waiver
- Inbound tour operator fee waiver
- Commercial tour operator fee waiver (Queensland Parks and Wildlife Service managed areas)
- Support for commercial fishers
- Cash flow assistance for employers
- Regulatory relief for companies
- Support for home care providers and organisations
- Commonwealth fishing levy waivers
A number of regional council relief packages are also available for businesses, some upon application and some have been applied automatically. For the full list of available financial support for affected Queensland businesses during COVID-19 click here.
The Victorian government have rolled out their own support packages for communities, businesses and individuals affected by COVID-19, exceeding $3 billion.
The economic survival package includes:
- Relief on Job Keeper payments where businesses participating in the scheme will be exempt from payroll tax and WorkCover premium on payments if staff are currently stood down.
- Payroll tax for 19-20 will be waived for businesses with annual taxable wages of up to $3 million. These businesses can also defer payroll tax for Q1 of 2020-21.
- Liquor licence fees will be waived (or reimbursed) for 2020.
- Eligible businesses in highly affected industries will receive one-off grants of $10,000.
- Under the Working for Victoria Fund, displaced workers are eligible to apply for different types of work, providing opportunities for paid work and contribution to manage this event and support the community.
- Fast-tracking outstanding supplier invoices, paying all outstanding invoices within 10 days.
- Rent relief for tenants in government buildings
- 2020 land tax payment deferral for owners that have at least one non-residential property and total taxable landholdings below $1 million.
- Fees and fines that were due to be increased in July will remain at current collection levels. This includes divers’ licences, traffic infringements, court-imposed penalties and permit fees. The planned landfill levy increase has been deferred.
The Victorian government are also providing support for tenants and landlords including a moratorium on evictions, land tax reductions and reductions and deferrals for landlords, a new dispute resolution process, supported by a $500 million package providing land tax relief for landlords and rent relief for tenants experiencing financial hardship.
For the full list of available support for affected Victorian businesses during COVID-19, click here.
Backed by the state governments, the Australian government has rolled out a number of packages to support all Australian businesses, communities and individuals. JobKeeper payments, SME guarantee scheme, early access to superannuation and instant asset write off to name a few.
For more details on these schemes, read:
Government support – the third round
Update on financial support available during COVID-19 outbreak
How we can help
If you’re facing financial hardship due to the coronavirus download our step by step guide to managing your finances during the Coronavirus Pandemic.
We also have tonnes of resources for renters, landlords, investors and individuals recently published on our blog. Read them here.
If you would like to discuss your financial situation, we are happy to assist. Contact us today.
What you need to know
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.