State and Federal Government assistance is still available for those businesses who have been significantly affected by the COVID-19 pandemic.
Below we outline the main assistance packages that may be of interest and benefit to you.
Qld Government Adaption Grant
The Qld Government announced Round 2 of the Adaption Grant, and approximately 25% of the funding is still available for regional businesses. This grant offers funding of up to $10,000 and can be used towards professional advice and coaching to support business sustainability and diversification, assisting to meet operational costs, marketing, digital technology development and many other areas to help businesses to adapt and sustain their operations throughout this period.
Further information can be found at:
https://www.business.qld.gov.au/starting-business/advice-support/grants/adaption
Qld Payroll Tax Relief
Earlier this week, the Queensland State Government extended the payroll tax relief previously available up to June 2020 to include July 2020 and August 2020. To be eligible for this relief you need be an employer (or part of a group of employers) who pays $6.5 million or less in Australian taxable wages in a financial year.
To apply for relief or claim your refund employers need to log into their online payroll tax account.
Deferrals for 2020 payroll tax liabilities are also available.
More information can be found at:
https://www.business.qld.gov.au/running-business/employing/payroll-tax/lodging/coronavirus-tax-relief
JobKeeper 2.0
The Federal Government have also announced an extension to the JobKeeper Payment until March 2021. There are additional eligibility requirements that need to be met in order to qualify for the extension. Changes have also been made in regards to which employees are eligible and the amount of the payment.
Detailed information can be found at:
https://www.ato.gov.au/general/jobkeeper-payment/
Bank Loan Deferrals
Many businesses and households took advantage of a 6 month payment deferral for bank loans in March this year. Most of these deferrals are coming to an end in September.
We recommend that you talk with your bank and accountant as soon as possible, if you require additional deferrals beyond your current arrangements. We expect banks will require much more detailed information to process further loan deferrals.
If you would like help with assessing your eligibility or applying for any of the COVID-19 Government assistance packages, please Darren, Shaun or one of the Halpin Partners Team.
