In light of current events, the pace of change in relation to Government policy and response by various organisations is unprecedented. We're in uncertain times, which means that there is a lot of information (& mis-information) floating around.
The purpose of this page is to provide a central resource which will be updated as new policies are announced or enacted.
If you have any suggestions about how to improve this page, please send them to: info@gisborneaccounting.com.au
Federal Government's initial support package
On 12 March 2020, the Federal Government announced it's initial support package. This was amended approximately one week later, with the final package receiving Royal Assent on 24 March 2020. We've published a newsletter which can be downloaded here. The newsletter contains information about:
- JobSeeker payment & Coronavirus supplement
- Early access to superannuation benefits
- Reducing minimum drawdown amounts for superannuation pensions
- Reducing social security deeming rates
- Boosting cash flow for employers
- Wages subsidies for apprentices and trainees
- Increasing the instant write-off threshold for business assets
- Accelerating depreciation deductions for new assets
JobKeeper payment
The JobKeeper payment is not yet law, but we have some papers which discuss it's proposed applicability which have been provided by the National Tax Accountant's Association (NTAA). These are available for download here:
Child care and early childhood relief package
This one is not yet law either, but we have a fact sheet from the NTAA available here:
Jobs Hub
For those who have lost their jobs as a result of the pandemic, the Government have set up a new Jobs Hub which can be accessed by clicking here: Department of Education, Skills & Employment - Jobs Hub
Victorian State Government response
The Victorian State Government has put the following measures in place:
- Payroll tax has been waived for the 2020 financial year
- Liquor licence fees have been waived for the 2020 financial year
- Deferment of Land Tax for certain holders of non-residential property
More information about these measures can be found here.
Business Support Fund
Eligible small businesses are able to apply for a cash grant of up to $10,000. The purpose of this grant is to help businesses with:
- "Meeting business costs, including utilities, salaries, rent
- Seeking financial, legal or other advice to support business continuity planning
- Developing the business through marketing and communications activities
- Other supporting activities related to the operation of the business"
More information about the Business Support Fund is available here: Business Support Fund
Working for Victoria
"Under the Working for Victoria Fund, displaced workers will be eligible to apply for different types of work. This presents opportunities for paid work and an opportunity to contribute to Victoria’s ability to manage this event and support the community."
For more information or to apply, click here: Working for Victoria
Workcover Premium Adjustments
If you believe that your business will have a significant reduction in wages due to cuts in staffing or reduced hours, you can ask your Workcover provider for an adjustment to your premium now. You should contact your Workcover provider to discuss this possibility.
Financial Hardship - Australian Banking Association
You may be eligible to apply to your banks and finance companies for deferment of loan and finance payments.
Please see the Australian Banking Association website for more information: Ausbanking - Financial Hardship
What can I claim?
If you would like to discuss your specific situation in relation to any of the above and items you may be eligible to claim, please contact us. We look forward to helping you through this challenging time.
Please do your best to stay safe and we hope to see you soon.