Since 12 March 2020, the Australian Government has announced several stimulus and relief packages, designed to sustain small businesses through the COVID-19 pandemic and keep employees in work.
Some of the measures include but are not limited to:
- New JobKeeper Payment
- Moratorium on evictions
- Expanded eligibility for job seeker payment for sole traders
- Early access to superannuation
- Additional payments for employers to retain staff
- Greater leniency for insolvency and bankruptcy
- Cash flow payment for employers
- SME Guarantee Scheme
- Wage subsidy for apprentices and trainees
- Increase in the instant asset write-off threshold
- Accelerated depreciation for investments
For more information visit www.smallbusiness.wa.gov.au/blog/coronavirus-stimulus-package-small-business
The WA Government announced $114 million to support businesses, particularly those with a payroll between $1 million and $4 million.
- $114 million in measures committed to bringing relief to small and medium businesses.
- A one-off grant of $17,500 is available to businesses with a payroll between $1 million to $4 million.
- Changes to the payroll tax exemption have been brought forward to 1 July 2020, and the threshold raised to $1 million.
- Businesses that pay less than $7.5 million in taxable wages each year can defer payroll tax payments until 21 July 2020.
For more information visit www.smallbusiness.wa.gov.au/blog/wa-coronavirus-relief-package
The WA Small Business Assistance Centre
The Small Business Development Corporation has refocused its efforts to become WA's Small Business Assistance Centre throughout this crisis. WA small business owners can access the assistance centre for advice and guidance on managing the impacts of COVID-19.
The SBDC also has a dedicated dealing with coronavirus page on its website covering the impact of the COVID-19 pandemic on the small business community. The information provided is practical and updated regularly.
See their range of free and tailored resources to specifically deal with the impact of COVID-19.
This includes information on:
To access the service, contact 133 140 on weekdays or visit www.smallbusiness.wa.gov.au
Australian Taxation Office
The Australian Taxation Office (ATO) has set up a dedicated Emergency Support Infoline on 1800 806 218 to provide advice with anyone having difficulties with tax obligations because of COVID-19.
A dedicated ATO web page offers advice, FAQs and further support for businesses.
States and territories will implement a mandatory Code of Conduct (the Code), including via legislation or regulation as appropriate, to implement the principles agreed on Friday 3 April. The Code builds on the draft codes submitted by landlord and tenant representative bodies in the commercial property sector.
The purpose of the Code is to impose a set of good faith leasing principles for application to commercial tenancies (including retail, office and industrial) between owners/operators/other landlords and tenants, in circumstances where the tenant is a small-medium sized business (annual turnover of up to $50 million) and is an eligible business for the purpose of the Commonwealth Government’s JobKeeper programme.
National Cabinet agreed that there would be a proportionality to rent reductions based on the tenant’s decline in turnover to ensure that the burden is shared between landlords and tenants. The Code provides a proportionate and measured burden share between the two parties while still allowing tenants and landlords to agree to tailored, bespoke and appropriate temporary arrangements that take account of their particular circumstances.
The Rent Relief Policy will include a mutual obligation requirement on the small and medium sized enterprises and not-for-profit tenants to continue to engage their employees through the JobKeeper initiative where eligible, and if applicable, provide rent relief to their subtenants.
National Cabinet Mandatory Code of Conduct - SME Commercial Leasing Principles during COVID-19