There are new measures day by day to assist business and we will keep you updated.
Measures Announced by NSW State Government
NSW State Government Business Assistance
- Waiver of payroll tax for business for 3 months with payroll up to $10 million
- Payroll tax threshold to increase to $1million from 1st July 2020
- A waive of a range of fees and charges for small businesses including bars, cafes and restaurants, no detail as yet
Measures Announced by QLD State Government
QLD State Government Business Assistance
- Payroll tax deferral, February to June lodgements due at this stage 3rd August 2020
- Low interest loan of $250,000 with an initial 12 month interest free period to retain staff
To register interest email: contact_us@qrida.qld.gov.au subject COVID-19 retain employees and maintain their operations
Measures Announced by the Australian Taxation Office
The ATO has said it will provide tax relief to affected businesses in the form of payment deferrals and faster access to GST tax refunds
- Four month deferrals for payments due through business activity statements including BAS, income tax assessments, FBT and excise
- Businesses may be permitted to vary PAYG instalment amounts to zero for March 2020 quarter and maybe eligible to claim refund for the September and December quarters
- The ATO may remit penalties and interest and allow businesses to enter low interest loans
- Employers must still meet super guarantee obligations for employees during this time
Please call any of our team to discuss these latest measures or any of your concerns and possible opportunities
Other news.