We’ve put together this state by state guide to give you uide to In this blog we look at how Australia’s State governments will pitch in to ease the impacts of Coronavirus.
Along with a raft of measures introduced by the Federal government, the state and territory governments around the country are injecting more money to reduce the economic impacts of the coronavirus.
If you would like more information or a consultation with our Certified Practicing Accountant please contact us today on 0428 887 104.
In Queensland businesses may be eligible for payroll tax relief, including a payroll tax holiday of 3 months, refunds of payroll tax for 2 months, or deferring payroll tax payments for the 2020 calendar year.
In addition, power bill rebates of $500 will be received by eligible small and medium businesses.
Eligible businesses may also be able to receive low interest jobs support loans ofup to $250,000,with an initial 12-month interest free period,to help them to continue operating and retain staff.
More information from the Queensland Government can be found here.
New South Wales
NSW Wales announced a 2.3 billion dollar economic and health boost last week, which included $1.6 billion in tax cuts to support jobs and $700 million in extra funding to NSW Health.
Businesses with payrolls of up to $10million for three months (the rest of the 2019/20 financial year) may be eligible for a payroll tax waiver.
A variety of fees and charges will be waived for impacted businesses, including tradies, restaurants and bars.
The Victorian State Government announced a $1.7 billion economic survival and jobs package on March 21.
Small to medium businesses with a payroll of less than $3 million are set to receive a full payroll tax refund for the 2019-20 financial year.
These businesses may also be able to defer any payroll tax for the first quarter of the 2020/21 financial year.
Businesses and venues in the hospitality industry which have been impacted by coronavirus will have their liquor licensing fees waived.
The $607 million stimulus package announced by the WA State Government will help soften the impact of the virus for businesses, pensioners and households.
It includes a one-off grant of $17,500 to help payroll tax paying businesses which have a payroll of between $1 and $4million.
Applications can also be made by impacted small and medium businesses to defer the payment of their 2019-20 payroll tax until July 21.
Individuals are set to benefit from a freeze on household charges and bills, such as water and electricity.
Last week the Tasmanian government announced $420 million support package to support local jobs and the economy.
Payroll tax liabilities for the last 4 months of the 19/20 financial year will be waived for some impacted businesses in tourism, seafood and hospitality industries.
There will be one-off $5,000 grants for eligible businesses who hire a trainee or apprentice under the Federal Government’s apprenticeship package.
The ACT is set to provide a range of help for households with its first stage of its economic survival package.
It will help with cashflow for households with rebates of residential rates of $150. A number of government fees and charges will also be frozen to help households.
Eligible small to medium sized businesses may also be able to access interest free deferrals of payroll tax.
South Australia is set to inject $350 million into the state’s economy to support jobs and industries.
Their package includes new tourism infrastructure and hospital and road upgrades.
As part of their response to Coronavirus, the Northern Territory announced a $65 million Jobs Rescue and Recovery plan.
It includes a home improvement scheme to fast track about 5,000 “screwdriver-ready” projects, with homeowners receiving vouchers to help complete work.
The NT’s plan also includes a business improvement grant, which means the state’s businesses may be able to receive a $10,000 grant. They can also receive an additional $10,000 if they contribute the same amount of their own money.
State by State Guide: How State Governments are helping ease the financial impact of Coronavirus
This information was correct as of 24 March 2020.
Stellar Accounts has been offering 100% online accounting and tax services for more than a year now, meaning we can help businesses and individuals no matter where you are based in Australia.
Each state has put in place further measures to help soften the blow of Coronavirus, so if you’d like more information or advice please contact Stellar Accounts today on 0428 887 104.
Stellar Accounts is Brisbane’s leading small and new business accounting firm. We have a reputation for simplifying your accounting, tax and bookkeeping needs so you don’t need to stress or worry.
With more than 20 years’ experience across a wide array of industries – our clients (typically small and medium sized businesses) – gain a distinct advantage over their competitors because we keep them in the loop of the latest information and regulatory requirements. Call us on 0428 887 104.
Check out our blog for the latest news – including tips and tricks for better managing your business or personal financials.