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 of 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.
Job Keeper Payment
What is it?
The Jobkeeper Payment is a 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.
How will it work?
You will need to enrol 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.
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 pandemic.
Am I Eligible?
Your business must; have been severely impact by the restricted activities directions and meet the financial benchmarks.
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 than $500 million, you could be eligible for the expanded IAWO.
How will it work?
It will work the same as the current IAWO process.
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 30th September.
Am I Eligible?
You are 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 an income tax return or activity statement before early March 2020.
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.
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 1.5 m 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 wash your hands after sneezing, blowing your nose and coughing.
Self Isolate
If you have recently travelled 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.
