On 12 March 2020, the Australian Government announced a $17.6 billion targeted stimulus package to support the Australian economy through the challenges of the coronavirus. The Federal Government has since announced a second stimulus package that offers $66 billion worth of measures for coronavirus-hit businesses.

“The measures that we will be considering tonight means that state premiers and chief ministers may have to take far more draconian measures to enforce social distancing,” Prime Minister Scott Morrison said.

This is on top of the $60 million stimulus package from the Northern Territory Government aimed at business upgrades and home renovations which Chief Minister Michael Gunner says will “keep shop doors open, keep cash flowing, and keep Territorians working”.

So, with all these announcements, we decided to put together the below list of assistance available to businesses during these uncertain times.

The information contained herein is correct at the time of preparation – 22 March 2020. This may not be a complete list. Businesses & individuals should seek independent advice to determine their eligibility for any of the support options listed below.

Federal Government

Stimulus Round 1
https://treasury.gov.au/coronavirus

Instant Asset Write off

Increase from $30,000 to $150,000 for purchases to 30 June 2020

Stimulus Round 2

https://treasury.gov.au/sites/default/files/2020-03/Overview-Economic_Response_to_the_Coronavirus_0.pdf

Rebate of PAYGW

Increase minimum payment to $20,000, maximum increased to $100,000, updated to include NFP’s

Superannuation

Draw down up to $10,000 before & after June 30 2020 for individuals (non taxable)

Cash Flow 

Unsecured loans for up to 15 months
Loans 

Temporary exemption from “Responsible Lending Criteria” to facilitate approvals for cashflow & equipment loans

Australian Taxation Office (ATO)

Media Release / Information Page
https://www.ato.gov.au/Media-centre/Media-releases/Support-measures-to-assist-those-affected-by-COVID-19/

https://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/COVID-19/?page=1#Support_available_for_business

Payment Deferrals 

Contact ATO to discuss

Variation of PAYG Instalments

Can be done on next BAS / IAS

Remission of Penalties & GIC 

Contact ATO to discuss

Low interest payment plan 

Contact ATO to discuss

Super Guarantee

Unable to make any variations to Super responsibilities

Banks

Australian Banking Industry
https://www.ausbanking.org.au/banks-small-business-relief-package/

Loan Payment Deferrals  

Up to 6 months of loan payment deferrals

Cashflow & Equipment Loans

Contact your bank to discuss access to unsecured, government backed, loans for cashflow & equipment purchases

Financial Hardship

All banks have financial hardship departments to discuss payment deferrals & interest rate reviews

Northern Territory Government

Northern Territory Advice for Business

https://coronavirus.nt.gov.au/community-advice/business 

Home Improvement Scheme 

Up to $4000 for home improvements

Business Improvement Grant    

Up to $20,000 to purchase goods or services to improve assets, efficiency or customer service

Immediate Work Grant 

Up to $100k for Non For Profits to do physical works – first $50k as a grant & further $50k matched dollar for dollar

Payroll Tax

Exemption for hiring employees until 30 June 2021

Once again, the information contained herein is correct at the time of preparation – 22 March 2020. This may not be a complete list. Businesses & individuals should seek independent advice to determine their eligibility for any of the support options listed below.

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