The health of small and medium businesses is crucial if we’re going to make it through the coronavirus standing on our two feet. If your business is struggling, you’re not alone. Government incentives may provide some relief when used as part of a wider strategy for managing financial hardship.
We’ve put together a list of state and federal government incentives, support packages and schemes that you may be eligible for.
JobKeeper has been extended until March 2021. This means you can still access financial support for eligible employees and business participants. However, there are some changes to the rates and reporting requirements.
You may be eligible for rent reductions if you:
The reduction is based on your turnover decline, and the burden is shared equally between you and your landlord. Your landlord can’t terminate your lease and you can’t break your lease terms except for the amended rent reductions.
The WA State Government has extended the commercial tenancy laws until 28 March 2021.
Until the end of 2020 you can claim an immediate deduction for any assets you buy that are under $150,000. Businesses with a turnover of less than $500 million are eligible.
If your business employs an apprentice or trainee the government may cover 50 per cent of their wages until 31 March 2021.
If you re-engage an apprentice or trainee who has lost their employment with an eligible business, you might be eligible for the subsidy too.
The Government has a number of regulations in place to provide relief if your business is experiencing insolvency.
Temporary relief regulations are in place until 31 December 2020 and include:
More information: https://www.afsa.gov.au/debtrelief
The WA Government has announced a number of stimulus and support packages to support businesses in the following industries:
Since the 1 July 2020, businesses with annual taxable wages of less than $1 million do not have to pay payroll tax.
A number of business licence fees have been waived in WA . This includes liquor licence renewal fees for 2020. If you have already paid, refunds are being made.
With government strategies changing regularly and confusing jargon being thrown around, it can be hard to know what applies to you. If you’re not sure how to navigate the different incentives and support available, we’re here for you. Give us a call and let’s chat about your options.
This article is general information only. It does not give business, accounting, taxation, financial planning or other professional advice or service. It does not consider your specific situation, objectives or needs and if personal advice is required, a detailed analysis of your particular circumstances would need to be sought. Please see our Privacy and Disclaimers page for further information.