SMALL BUSINESS ECONOMIC STIMULUS PACKAGES SUMMARY
| Benefit Name | Source of Benefit | Commence Date | Payment Date | Benefit Details | Elegibility Criteria and Where to Apply |
|---|---|---|---|---|---|
| PAYG Cashflow Stimulus | ATO
| March BAS
01/03/2020
12/03/2020
| 28/04/2020 | Min $20,000, max $100,000 Apprentice 50% wage subsidy Depreciating Asset Write-off | Employers established as at 12/3/2020. March, June and Sept qtr help Through lodgment of BAS/IAS For wage paid from 1/1/2020 to 30/9/2020. Max subsidy for 9 mths – $21,000 Immediate deduction up to $150,000 to 30/6/2020 – new and second hand 50% deduction for NEW assets to 30/6/2021 – plus usual depreciation |
| JobKeeper Payment | ATO | 30/03/2020 | 1st wk May | $1,500/fn/eligible employee | Turnover reduced by more than 30% over comparable period one year ago Employee currently or was previously employed as at 1 March 2020 Employee is full time, part time or long term casual (>12 months) Includes: self employed, trusts and partnerships with no employees Companies and trusts not paying wages can nominate one director/beneficiary Employers required to notify each employee they have been nominated Register at: https://www.ato.gov.au/general/gen/JobKeeper-payment/ |
| PAYG Instalment Refunds | ATO | Vary March Instalments to NIL | Can vary PAYG March Instalments to zero and claim refunds for Dec & Sept Qtrs Done in March IAS/BAS return. Individuals and business | ||
| Business Support Fund | Vic Govt | 30/03/2020 | 01/06/2020 | $10,000 grant | Employ staff,; subject to closure or are highly impacted Turnover >$75,000; payroll <$650,000; ABN at 16/3/20 Need to certify in writing meet the criteria; subject to audit 4 years Provide copy of most recent BAS https://businessvic.secure.force.com/PublicForm?id=bsf2020#no-back-button |
| Payroll Tax Refund | Vic Govt | Payroll tax refunds for 2019-20
Land Tax deferral for 2020 until after Dec 2020 | SME’s with payroll < $3m Plus, deferral of payroll tax for first 3 months of 2020/21
At least one residentail property. Total taxable landholdings < $1m. SRO will make contact. |
