We have been receiving many calls in relation to the new stimulus packages announced by the Government to assist businesses in this tough time. We have included a summary below:
The ATO is offering deferral relief for payments if you have been affected by Covid-19 (who hasn't?)
This is not automatic and you still need to contact the ATO on 1800 806 218 to discuss payment terms.
Boosting Cash Flow for Employers measure
This will be an automatic credit applied to your ATO Integrated Client Account after 28 April when you lodge your March, April, May and June BAS.
The amount is calculated at 50% of the PAYG Withholding amount up to a maximum of $25,000.
Eligible businesses that pay salary and wages will receive a minimum payment of $2,000, even if they are not required to withhold tax.
Enhancing the instant asset write-off
The government is increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000
This proposal applies from 12 March 2020 until 30 June 2020, for new or second-hand assets first used, or installed ready for use in this timeframe
Queensland Payroll Tax
All affected businesses may defer lodgement of Payroll Tax returns to 31 July 2020.
Payment is still due by 3rd August 2020
Queensland COVID-19 Jobs Support Loans
The Queensland Government announced on Tuesday, 17 March a new $500 million loan facility, interest free for the first 12 months, to support Queensland businesses impacted by COVID-19 retain employees and maintain their operations.
The $500 million concessional loan facility will comprise low interest loans of up to $250,000 for carry on finance with an initial 12-month interest free period for businesses to retain staff.
The Queensland Rural and Industry Development Authority (QRIDA) is responsible for the administration of these concessional loans and is currently taking expressions of interest in the lead up to rolling these loans out as soon as possible.
We will provide an update when more information is available on how to apply for this loan.
Detailed information is available on the ATO and State Revenue websites.
Please don't hesitate to contact our office should you require further assistance or information.