COVID-19

SMALL BUSINESS ECONOMIC STIMULUS PACKAGES SUMMARY

Benefit NameSource of BenefitCommence DatePayment DateBenefit DetailsElegibility Criteria and Where to Apply
PAYG Cashflow Stimulus   ATO

 

March BAS

 

01/03/2020

 

12/03/2020

 

28/04/2020Min $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 ATO30/03/20201st wk May$1,500/fn/eligible employeeTurnover 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 RefundsATOVary March Instalments to NILCan vary PAYG March Instalments to zero and claim refunds for Dec & Sept Qtrs

Done in March IAS/BAS return.

Individuals and business

Business Support FundVic Govt30/03/202001/06/2020  $10,000 grantEmploy 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 RefundVic GovtPayroll 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.