COVID-19

The Coronavirus (COVID-19) outbreak and level 3 lock down measures have effected a number of businesses in a number of different ways. While the Government has released a number stimulus packages – we as businesses owners are trying to keep up with what they exactly are and how they can help us. 

Here at JTRB, we have decoded some of the most important measure that will help your business survive the pandemic. 

COVID-19

The Coronavirus (COVID-19) outbreak and level 3 lock down measures have effected a number of businesses in a number of different ways. While the Government has released a number stimulus packages – JTRB is here to decoded them for you. 

Job Keeper Payment

What is it?

The Jobkeeper Payment is an wage subsidy created by the Morrison government. The $130bn support package will pay employers $1,500 per fortnight per employee. This payment will reduce wage costs for businesses affected by the pandemic and keep Australian’s employed.   

Am I Eligible?

If you carried on business after 1st of March, employed at least 1 employee on March 1st and have faced a 30% fall in turnover you may be eligible for the Job Keeper Payment. 

 

Click for Full Eligibility Requirements 

How will it work?

You will need to enroll and apply for this payment after checking you are eligible. You will then get a nomination notice that you will complete and return to claim the payments. 

 

You can find the detail process here. 

Economic Survival and Jobs Package

What is it?

The Victoria Government has announced a $500m Business Support Fund to assist small and medium business who are significantly impacted by the pandamic. 

Am I Eligible?

Your business must; have been severely impact by the restricted activities directions and meet the financial benchmarks. 

Click for Full Eligibility Requirements 

How will it work?

Your business can apply here for a grant of up to $10,000 of financial support. 

Increasing the Instant Asset Write-Off (IAWO)

What is it?

The Government is increasing the IAWO threshold and expanding access to more businesses until 30th June 2020.

Am I Eligible?

If your business’s annual turnover is less that $500 million you could be eligible for the expanded IAWO. 

How will it work?

It will work the same as the current IAWO process. 

Find more information here. 

Support for Apprentices and Trainees

What is it?

Starting at the beginning of April, employers can register for a 50% subsidy for wages paid to apprentices during the 9 months from 1st of January to the 30th September. 

Am I Eligible?

You maybe eligible for the subsidy if your business employs fewer than 20 people and the apprentice or trainee was working with your organisation on the 1st of March. 

How will it work?

To apply, you will need to contact your apprenticeship provider and they will be able to help you with any questions you have. 

Boosting cash flow for employers

What is it?

Eligible businesses and not-for-profit (NFP) organisations can receive a cash flow boost amounts by lodging all their activity statements up to the month or quarter of September 2020.

Am I Eligible?

You are eligible if you; are a small to medium business, hold an ABN, made payments to employees and have lodged a income tax return or activity statement before early March 2020. 

Detailed eligibility requirements can be found here. 

How will it work?

For most businesses, the cash flow boost will automatically be credited to your account when you lodge your activity statement. The first credit will occur on or after 28 April 2020

Find more information here. 

Additional Information

There are a number of resources out there for you to find out more information. 

Make sure you are getting your information from a credible source such as the Australian Tax Office and other relevant Government Departments websites. 

And Please #STOPTHESPREAD

Social Distancing

Social distancing in public means; staying at home and only going out when absolutely essential, keeping 1.5m away from others and avoiding physical greetings.

Wash Your Hands

Washing your hands is one of the most effective ways of reducing the spread of COVID-19. Please washing your hands after sneezing, blowing your nose and coughing.

Self Isolate

If you have recently traveled overseas or have been in contact with a confirmed case, please ensure you self isolate for 14 days only leaving for emergencies and medial attention.