The Federal Government has announced multiple initiatives to provide financial assistance for businesses to assist with managing the disruption caused by COVID-19.
Some of these initiatives include:
- JobKeeper Payment – The JobKeeper payment is open to eligible employers to enable them to pay their eligible employee’s salary or wages of at least $1,500 (before tax) per fortnight
Boosting cash flow for employers – Through the Australian Taxation Office (ATO), the Government will provide tax-free cash flow boosts of between $20,000 and $100,000 to eligible businesses, delivered through credits in the activity statement system, when eligible businesses lodge their activity statements.
- Assistance to help pay the wages of apprentices or trainees – Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage paid during the 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer
- Increasing the instant asset write-off – Under instant asset write-off eligible businesses can immediately write off the cost of each asset that cost less than the threshold.
- Backing business investment – Businesses with an aggregated turnover of less than $500 million are able to accelerate their depreciation deductions on the purchase of certain new depreciable assets
Commercial Tenancies – The Government has announced a range of measures to help renters. This includes a temporary hold on evictions and a mandatory code of conduct for commercial tenancies to support small and medium sized enterprises (SMEs) affected by coronavirus.
*Eligibility Criteria Apply
For more information about the support available for businesses please visit the ATO and Business.gov.au websites. Other assistance is available from the respective State Governments and can be viewed through each State government websites.
The Sarina Russo Group is here to help and when you are ready to start recruitment again CONTACT US and we will be ready to support you with our no-cost recruitment & apprenticeship/ traineeship service. We can also connect your business with wage subsidy eligible candidates up to $10,000 over 6 months (eligibility criteria apply).