COVID-19: State Government & Other Stimulus Measures

Jun 18, 2021 | COVID 19, General

We usually only send out an update once a month, however, these are unprecedented times. With things changing so quickly and what feels like daily announcements, we want to ensure that we keep you as up to date as possible on relief that may be available to assist your business.

In this email we cover off the announcements made by each of the states, links to FairWork Australia assistance and announcements by the Banking industry.

It is also our understanding that additional Federal measures are anticipated to be announced Sunday/Monday.

Many of the announcements require legislation to be passed and the detail may not be available until such time. However, if you would like more detail on any of the items mentioned below (or in any of our earlier emails) or to understand if it will apply to you please email us at [email protected].

 

Fair Work Australia

To understand your obligations as an employer please visit the FairWork website here.

Alternatively, you can contact FairWork on 13 13 94 and select the prompt for the Coronavirus hotline.

If you need assistance in making people redundant or calculating entitlements please contact us. We have a payroll specialist we can connect with if required.

Bank and Financial Institutions

The following are a list of releases by banks regarding support to their customers as a result of the financial challenges being experienced:

Many banks are offering to defer loan repayments for eligible small businesses for 6 months. Applications are required directly to your bank and each bank has differing eligibility and terms/conditions. The message from the banks is that they are not going to default you without trying to assist you first.

Some banks are also offering assistance on personal mortgages, again you will need to approach your bank to understand if you qualify.

You may also be eligible for a waiver of fees for restructuring of loans or release of funds from term deposits.

Before entering any bank relief ensure you understand the full terms/conditions, for example whether a deferral results in increased loan repayments for the remainder of your loan or impact on your credit history.

Finally, here is a comprehensive list of links to your banks financial hardship teams, from the Australian Banking Association
https://www.ausbanking.org.au/campaigns/financial-hardship/

If you require any assistance with the banks please contact your finance broker or us.

Victorian Measures

  • Payroll tax waived for business with taxable wages up to $3m for the 2019-20 financial year, including a refund of any Payroll tax paid to date. Payroll tax returns must still be lodged, but no payment required.
  • Renewable liquor licence fees waived for 2020 – if you have already paid the fee will be reimbursed
  • Land tax deferral for owners of non-residential property with total taxable landholdings below $1m
  • Commercial tenants in government buildings can apply for rent relief, with private landlords also being encourage to follow this measure
  • Establishment of  $500m Business Support Fund to support the hospitality, tourism, accommodation, arts and entertainment and retail sectors
  • Establihsment of $500m Working for Victoria Fund to help workers who have lost their jobs find new opportunities, including working in Government roles delivering food and cleaning public infrastructure

For details of the VIC Government Stimulus package – Click here

 

City of Melbourne (Local Council)

  • $10 Million local economic package
  • A Virtual Business Support Summit at Melbourne Town Hall
  • Suspending fees for Food Act registrations and street trading permits for 3 months
  • Halving rent for eligible tenants in Council owned buildings for 3 months

Details of City of Melbourne Stimulus Package – Click Here

NSW Measures

  • Waiver of Payroll Tax for businesses with payrolls of up to $10M for three months
  • Bring forward of raised Payroll Tax thresholds for next FY
  • $80M for fees and charges to be waived form small business such as cafes and restuarants, and those in trades

For details of NSW Government Stimulus package – Click here
NSW State Government website – https://www.nsw.gov.au/

Queensland Measures

Immediate Industry Recovery Package
Novel coronavirus small business Support
Queensland Rural and Industry Development Authority – Queensland COVID-19 Jobs Support Loans

  • Worker Transition Scheme and Rapid Response
  • Business and Industry Support
    • Payroll Tax Support
    • Support for tourism operators and hospitality workers
    • Support for Fisheries
    • Support for Exporters
  • Promoting Queensland
  • Counselling and support
  • Queensland COVID-19 jobs support loans
  • Mentoring Sessions
  • Financial Workshops
  • QRIDA – Job Support Loans of up to $250k for carry on finance with an initial 12-month interest free period for businesses to retain staff

Brisbane City Council has also announced a relief package. Please click here if that is relevant for you.

South Australia Measures

  • $25,000 cashflow assistance to small to medium sized businesses, with a minimum payment of $2,000 or eligible businesses
  • 15 month incentive to support business investment and economic growth over the short-term
  • Wage subsidy if you employ and apprentices and trainees
  • $350 million stimulus package for local government to upgrade roads, hospitals, tourism infrastructure and expanded economic and business growth fund

Details of South Australian Stimulus Package – Click Here
Government of South Australia Website – https://www.sa.gov.au/

Western Australia Measures

Relief for businesses and households

  • $607 million stimulus package to support WA households and small businesses in the wake of COVID-19
  • $402 million to freeze household fees and charges until at least July 1, 2021
  • Freeze will apply to entire ‘household basket’, including electricity, water, motor vehicle charges, emergency services levy and public transport fares
  • Energy Assistance Payment (EAP) doubled to support vulnerable Western Australians, including pensioners
  • $114 million in additional measures to support small businesses
  • Small businesses that pay payroll tax will receive a one-off grant of $17,500
  • $1 million payroll tax threshold brought forward by six months to July 1, 2020
  • Businesses impacted by COVID-19 can defer payroll tax payments until July 21, 2020
  • Building on $760 million announced in the past few months to stimulate economy
  • Stimulus measures made possible due to McGowan Government’s responsible financial management and strong budget surplus

For more details of WA Stimulus package – Click Here Western Australian Government Website – https://www.wa.gov.au/

Tasmania Measures

  • Interest free loans available to small businesses in hospitality, tourism, seafood production and export section
  • Businesses with turnover of less than $5 Million will be eligible for loans to purchase equipment or restructuring business operations
  • Payroll tax waiver for businesses with payrolls up to $5 Million
  • Payroll tax deferred for 4 months for businesses in hospitality, tourism and seafood industries
  • Small businesses contracted by the state government to be paid within 14 days instead 30 days
  • $5,000 small business grant to assist in hiring apprentices or trainee in tourism, hospitality, construction or manufacturing industries
  • Fees wavier for certain licenses and leases applicable to small businesses

For more details of Tasmanian Stimulus package – Click Here
Tasmanian State Government Website – http://www.premier.tas.gov.au/

Northern Territory Measures

  • $65 Million Jobs Rescue & Recovery plan for the purpose of keeping businesses open, maintaining cash flow and territorian working
  • Providing all eligible businesses with $10,000
  • If the recipient put in their own fund of $10,000, the government will match that with an additional $10,000- Creating a $30,000 value
  • Freezing government charges – including electricity, water and car registeration until 1st July 2021
  • $6,000 grant for Territory homeowners and landlords who spend $2,000 and, $4,000 grant who spend $1,000 in home improvement

For more details of Northern Territory Government Newsroom – Click Here
Northern Territory Government Website – https://nt.gov.au/