Things are hard for Australian small businesses at the moment. We’ve had bushfires, floods and the new coronavirus disease, COVID-19, and things will probably be difficult for some time to come. But there is small business support out there to help you get through this tough time. Here’s what you need to know.
Contents
Tax help
If you’re struggling to meet your tax obligations, call the ATO’s emergency support info line on 1800 806 218 or 12 14 50 if you want their translating and interpreting service for non-English languages. There’s also a separate line on 13 10 30 for Aboriginal and Torres Strait Islander peoples or the National Relay Service for those with difficulty hearing or speaking.
Tax breaks
Instant asset write-off (IAWO)
If you’re buying business assets, you should soon be able to instantly write-off assets worth up to $150,000 (the threshold was $30,000) if your aggregated annual turnover is less than $500 million (the threshold was $50 million). Once the legislation is approved, you’ll be able to claim items purchased between 12 March until 30 June this year.
Depreciation
Until 30 June 2021, businesses with an aggregated turnover of less than $500 million will be able to claim an initial deduction of 50% for eligible assets on installation and then standard depreciation rules will apply to the balance of the cost.
Grants
PAYG
Small and medium businesses with an aggregated annual turnover of less than $50 million that have employees, will be eligible for tax-free payments of between $2000 and $25,000 to help keep people employed.
Wage subsidy for apprentices and trainees
If you have one or more apprentices and/or trainees and less than 20 full-time employees, you may be eligible for up to $21,000 to keep your apprentices and trainees on board.
Severely affected regions
If you operate in a region that’s heavily impacted by COVID-19, you may be eligible for special funding support.
Self-isolation or infection
If you contract COVID-19, or you have to self-isolate, you may be eligible for payments from Services Australia.
State-specific support for small businesses
The Queensland Government has introduced several relief measures for small businesses affected by COVID-19. Support from other governments will be listed on that page too when available.
Advice
Small business advice
If you’re not sure what your obligations are or you need help in relation to managing employee leave, refunds etc. on cancelled events and delayed orders, here’s where you can find professional advice.
Small business marketing strategy
If you’re wondering how you’re going to market your products and services while everyone’s in lockdown, this free strategy service is for you.
