Valid as at Monday 31st March 2020 Last updated Thursday 25th September 2020
We will be updating this post regularly as new information comes to light. Please continue to check back on this page for the latest information.
You may be eligible to receive assistance in paying your employees if your business is affected by COVID-19.
Originally due to run until September 27 2020, the JobKeeper payment will now continue until March 28 2021. From September 28 2020, the payment rate of $1500 per fortnight (per employee) will reduce to $1,200, reducing further for $1,000 per fortnight (per employee) on January 4th 2021.
More information on the extension changes here.
More general information here.
JobKeeper changes to the Fair Work Act information.
You must make a business monthly declaration each month to:
**After May: If you are enrolling and identifying your employees and business participant for the first time after May, you must complete Steps 1 and 2 in the month you wish to claim for.
For more information on key dates click here.
To apply for future month’s click here.
We recommend you review the relevant ATO and/or Federal Treasury websites for the current situation.
Preying on applicants, scammers are targeting the public by pretending to call on behalf of the ATO and ask for bank details over the phone. The ATO has announced that is definitely a scam.
The ATO does not need individual employee bank account details for the JobKeeper payment.
Stimulus payment tied to PAYG Withholding and Activity Statement Lodgements. Entitlements may be between $20,000 to $100,000 over the relevant period depending on your circumstances.
Boosting cashflow overview Treasury Support for Businesses Assistance Fact Sheet.
You do not need to apply for this – but it is based on your Activity Statement lodgements. Therefore timely and correct lodgement of your Activity Statements are crucial to receiving your entitlement.
The cash flow boosts will be made from the Government’s announced date of 28 April 2020. If you lodge early, you will not receive the cash flow boost before this date.
The government will pay some of the wages of your qualifying Apprentices/Trainees.
Support Fact Sheet (page 5)
You need to apply for this. It is best to discuss this with your contact through whom you complete the Apprenticeship paperwork etc.
If you stand down employees on no pay – please be aware some awards may require Annual and/or Sick Leave to continue accruing.
Banks may provide some unsecured loans to eligible businesses. Each bank’s offering may vary. Banks were still developing (yet to announce) their policies and offerings at time of writing this guide.
The Government will provide eligible lenders with a guarantee for loans with the following terms: * Maximum total size of loans of $250,000 per borrower * The loans will be up to three years, with an initial six month repayment holiday * The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan
Each bank will have its own support measures. Many are offering repayment holiday periods for example. Don’t dig your head in the sand – speak to your Business Banking Manager – they are there to help.
Links to the big four Bank sites: Commonwealth Bank of Australia Ltd Westpac Group National Australia Bank Ltd ANZ
Business assets only. Was $30,000 and is now $150,000. (We believe that Motor Vehicles may be limited to $57,581 but are awaiting advice from the ATO on this). Only applies to Capital Purchases contracted to purchase and take possession of between the 12th March 2020 and 30th June 2020. The Federal Government has decided to extend the period up to, and including, the 31st December 2020 (pending parliamentary approval). Provides an instant deduction for eligible Capital Purchases for eligible businesses (rather than depreciating/claiming Tax Deductions over their effective life).
Support Fact Sheet ATO information Extensions details.
Other depreciation incentives may apply to 30th June 2021.
The ATO will work with businesses that have been severely affected. You can contact the ATO to discuss whether you are entitled to have your Debt put on hold up until the 12th of September 2020. The ATO may also consider other items such as remitting or reducing the interest charged etc.
Businesses can temporarily change their Activity Statement reporting cycle from Quarterly to Monthly where you may be entitled to a refund.
Eligible businesses will not be required to pay any Payroll Tax for the 1st July 2019 to 30th June 2020. Eligible businesses can apply on the SRO PTX system to have any any Payroll Tax paid to date, refunded. **Please note that you are still required to furnish all required lodgements as normal.
Eligible Landowners can defer their 31st December 2019 Land Tax Assessment payment.
**Applications are now open for the further support grants
If you submitted an application before 11.59pm, 1st June, 2020 and require any further assistance please call Business Victoria on 13 22 15 or email info@business.vic.gov.au.
Expansion Fund Grant Details:
Eligible businesses will receive grants of $10,000, $15,000 or $20,000, depending on the business’ annual payroll.
Applications are now open and close at 11.59pm on 23rdNovember, 2020 or when funds are exhausted.
See our blog for more information here. More Information Expansion Program Fact Sheet Support Fund FAQs.
Please note this link is only for the Victorian State Government Business Support Fund Grant. If you are located outside of Victoria please check your State Government website for any similar grants available in your home state.
The $3 billion put forward is to help Victoria businesses feeling the ongoing effects of Covid-19 restrictions, move to Covid-normal operating levels.
$5,000 will be available to Outdoor Eating and Entertainment venues $30,000 will be available to Licensed Hospitality Venues $3,000 will be available to Sole Traders
See our blog here for more information Business Resilience Package information.
The State and Federal Governments have started making announcements on this topic. Please familiarise yourself with the current state of play as we expect further announcements and changes post production of this guide.
There is a temporary hold on evictions plus a mandatory code of conduct for commercial tenancies to support small and medium sized enterprises (SMEs) affected by coronavirus.
We will be updating this post regularly as new information comes to light. Please continue to check back on this page for the latest information.
If you would like to discuss any of these matters – please feel free to contact one of the members of The Hrkac Group on 03 5224 2366 or accounting@hrkacgroup.com.au.
