Here is a summary of Government support available for businesses. This list was put together by Mawson Group – thanks for sharing!
|1||Boosting Cash Flow for Employers (up to $100k)||Credit in the activity statement system from 28 April 2020. Payment equal to 100 per cent of the amount withheld, up to a maximum payment of $50k. An additional $50k payment is also being introduced in the July – October 2020 period.||ATO||$50m revenue|
|2||Defer Tax Payment||Allowing businesses to vary PAYG instalment amounts to zero for the March 2020 quarter. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters.Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities.Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans.||ATO||All (TBC)|
|3||Payroll Tax Refund||Businesses with annual taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived.Eligible businesses must continue to lodge returns but do not need to make further payments for this financial year.The State Revenue Office will directly contact eligible businesses in relation to reimbursement for payroll tax already paid in the financial year.These businesses can also defer paying payroll tax for the first quarter of the 2020-21 financial year.||SRO||Taxable wages <$3m|
|4||SME bank loan guarantee scheme ($250k)||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.||Banks||$50m turnover|
|5||Instant asset write off & accelerated depreciation||Instant asset write-off for asset investments of up to $150,000. The threshold applies on per asset basis, so businesses can immediately write-off multiple assets.15 month investment incentive by accelerating depreciation deductions.||ATO||$500m turnover|
|6||Supporting apprentices and trainees||If you employ an apprentice or trainee you may be eligible for a wage subsidy of 50 per cent of their wage paid from 1 January 2020 to 30 September 2020. You can register for the subsidy from early April 2020. Employers will be reimbursed up to a maximum of $21,000, per eligible apprentice or trainee ($7,000 per quarter).||AASN||Fewer than 20 full‑time employees who retain an apprentice or trainee.|