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.
The State Government has decided to extend the emergency period under the Commercial Tenancies (COVID-19 Response) Act 2020 (WA) until 28 March 2021. This means that the existing laws, including the moratorium on evictions, freeze on rent increases and WA Code of Conduct (WA Code) will apply until this date. In line with the Commonwealth Government’s modified JobKeeper program, the protections will be targeted to apply only to those tenants who experience financial hardship as a consequence of the COVID-19 coronavirus pandemic.
For more information, visit www.commerce.wa.gov.au/consumer-protection/commercial-tenancies-covid-19-response