Small Business updates

 

Visit the business.gov.au whole-of-government website. It is a single entry point for information, services and support to help businesses. Find financial assistance, eligibility and timing for the new government support for Australian businesses. business.gov.au/coronavirus-information-and-support-for-business 

COSBOA provides detailed information about financial assistance for sole operators and small businesses. Updates and links cosboa.org.au/covid-19

The Australian Small Business and Family Enterprise Ombudsman My Business Health website supports small businesses and family enterprises.

They have a dedicated COVID-19 section covering finances and mental health asbfeo.gov.au/my-business-health/categories/covid-19

 

Small Business relief package summary

The Government announced on March 22nd a second stage of measures to keep businesses in business and to keep workers in jobs.

This stage of measures is squarely focused on getting businesses and their workers through to the other side of this crisis.

Updates for business owners:

  • ·business owners and NFP's who employ staff will receive a rebate
  • ·this rebate will be based on the amount of tax reported on activity statements
  • ·the rebate will be 100% of the tax withheld
  • ·maximum payment is $50k across the eligible period (Jan 2020 - June 2020)
  • ·minimum payment is $10k across that same period
  • ·additional payment for the July 2020 - October 2020 period
  • ·that additional payment is based on what has previously been received in the January 2020 - June 2020 period
  • ·there is a maximum payment limit of $100k across the full 10 month period
  • ·to be eligible there are turnover limits of $50 million


Please refer to treasury.gov.au/coronavirus/businesses for the most up to date business relief information

Updates for individuals, sole traders without employees, and households:

  • ·income support payments available including a new Coronoavius supplement
  • ·this is based on those applying for the job seeker allowance
  • ·$750 payments to eligible persons (including those on social security, concession card holders and other income support recipients)
  • ·early access to superannuation (always always always speak to your financial advisor before making any withdrawals from your super fund)
  • ·there are specific rules around who is eligible to access their superannuation early


Please refer to treasury.gov.au/coronavirus/households for the most up to date individual and household relief information.

Other links

Business Council of Australia members support www.bca.com.au/what_our_members_are_doing

Federal government economical response link: treasury.gov.au/coronavirus