Summary:

In this video, we have Luis from LA Partners explaining some of the Government Assistance for Businesses.

Resources & Links:

Luis Aleixo | LA Partners Information:
Phone: + 61 7 3010 9285
Mobile: 0419 781 713
Email:  Luis@lapartners.com.au | LinkedIn | Web: www.lapartnersaccountants.com.au

1. PAYG Withholdings Tax waiver: $100,000 

Government assistance to Australian Businesses – Cash Flow Assistance See Federal Government announcement  (#coronavirus )
Provided by a waiver of PAYG Withholdings Tax in two tranches via Business Activity Statements (BAS/IAS) or refund if no wages are paid: – $50,000 (1/1/2020 to 30/6/2020) waiver or a minimum of $10,000 refund (if no wages are paid); – $50,000 (1/7/2020 to 31/10/2020) waiver or a minimum of $10,000 refund (if no wages are paid).
Link to full details: https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Cash_flow_assistance_for_businesses_0.pdf

2. Apprentice & Trainees Support – $21,000 

Apprentice & Trainees Support – Government Support Package (Coronavirus )

Some links for further info:

– https://business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/supporting-apprentices-and-trainees

– https://www.australianapprenticeships.gov.au/search-aasn

3. Capital Write Off –  Up to $150,000 

Instant asset writer off for businesses – Government Business assistance 

See the summary snapshots below.

See link below for detailed information:

https://business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/instant-asset-write-off

4. Business Loans  up to $250,000 

secured by the Government Business Loans for working capital for up to $250,000 to assist businesses from April 2020 to September 2020.

Unsecured Business Loans through the banking system backed by the Federal Government (50% Guarantees).

Overview points:

– The Coronavirus SME Guarantee Scheme will provide small and medium-sized businesses with timely access to working capital to help them get through the impact of the Coronavirus.

– The Government will provide eligible lenders with a guarantee for loans with the following terms:

* SMEs, including sole traders, with a turnover of up to $50 million

* Maximum total size of loans of $250,000 per borrower

* Loans will be up to three years, with an initial six month repayment holiday

* Unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan

Approach your finance broker to find out more information on how to apply.

See link for full details: https://treasury.gov.au/coronavirus/sme-guarantee-scheme

5.  JobKeeper  – Wages Subsidy – $750 per week per employee 

This assistance will help businesses to keep people in their jobs and re-start when the crisis is over. For employees, this means they can keep their job and earn an income – even if their hours have been cut.

The JobKeeper Payment will also be available to the self-employed.

The Government will provide $1,500 per fortnight per employee for up to 6 months.

Payments will be made to the employer monthly in arrears by the ATO.

Initially, employers can [register their interest](https://www.ato.gov.au/general/gen/JobKeeper-payment/) in applying for the JobKeeper Payment via The Australian Taxation Office (ATO) from 30 March 2020.

See link to register: https://www.ato.gov.au/general/gen/JobKeeper-payment/

See link for full JobKeeper Payment details and eligibility:

https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/jobkeeper-payment

6. Up to $250,000 Interest-Free Loans from Qld Government – Queensland COVID-19 Jobs Support Loans

The Queensland Government announced on Tuesday, 17 March a new $500 million loan facility, interest-free for the first 12 months, to support Queensland businesses impacted by COVID-19 retain employees and maintain their operations.

The $500 million concessional loan facility will comprise low-interest loans of up to $250,000 for carrying on finance with an initial 12-month interest-free period for businesses to retain staff.

See link to Expressions of Interest below: Queensland COVID-19 Jobs Support Loans

http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme