COVID-19 Government Support Update
Today the Prime Minister, Scott Morrison addressed the Federal Parliament on COVID-19.
The Commonwealth Government has imposed restrictions on social gatherings:
and announced a total of $189b injection into the community with strong support for 690,000 small businesses:
Across Australia each State & Territory are providing economic packages in addition to the packages provided by the Commonwealth. AFTA members should look at the links relating to their individual State or Territory to determine the level of support and assistance provided to help businesses stay afloat, with various combinations of tax relief, grants and loans.
The Victorian Government announced a 3 stage support package of A$1.7 billion consisting of $550 million in stage 1 with support for 24,000 SME’s with a payroll of less than A$3 million as a payroll tax refund.
The New South Wales Government announced a $1.6 billion package aimed at economic stimulus measures for businesses including A$450 million allocated to waive payroll tax for businesses with payrolls of up to A$10 million for three months. Further $750 million will be spent on infrastructure projects across the state in an effort to boost economic activity.
The Australian Capital Territory Government announced a $137m package that includes small business support through deferring payroll tax for 12 months and rebates on commercial electricity bills.
The Queensland Government is offering payroll tax relief for eligible businesses that pay less than A$6.5 million in wages. The state government is also offering low-interest loans to help eligible businesses retain employees.
The South Australian Government announced a $350m package focussed on infrastructure.
The Western Australian Government announced more than A$400 million aimed at lowering fees and charges for households, with SME’s with a payroll between A$1 million and A$4 million will receive a one-off grant of A$17,500. The government is also offering payroll tax relief.
The Tasmanian Government announced a $420m package including $20m in interest free loans and payroll tax waivers ($9m) for eligible businesses as well as investment in infrastructure.
The Northern Territory Government is providing a $65m Jobs Rescue & Recovery plan, with $30m for business improvement grants.
and a further $50m for a Small Business Survival Fund