29 March 2020
The following summarises information available as at 29 March 2020.
More information can be found via the following links:
AUSTRALIAN GOVERNMENT: – click here / VICTORIAN STATE GOVERNMENT: – click here
Read a BioMelbourne Network communication of this information here.
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AUSTRALIAN GOVERNMENT
Support for companies employing staff
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If you employ staff, you may be eligible for:
Temporary cash flow support
Employers will receive a payment equal to 100% of their salary and wages withheld (up from 50%), with the maximum payment being increased from $25,000 to $50,000 and the minimum payment increased from $2,000 to $10,000.
An additional payment is also being introduced equal to the total of all of the Boosting Cash Flow for Employers payments received. This means that eligible businesses will receive at least $20,000 up to a total of $100,000 under both payments.
Not-for-profit entities will also be eligible.
Learn more about Boosting cash flow for employers.
Assistance to help pay the wages of apprentices or trainees
Eligible employers can apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage paid during the 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer.
Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter).
Read more about the assistance to help pay for the wages of your apprentices or trainees.
Casual employees
If you employ a casual employee and they can’t work because they become sick or need to selfisolate, or their income has been otherwise impacted by the economic downturn caused by the coronavirus, they may be eligible for income support payments.
The Government is making these payments quicker to access by waiving the usual waiting period in certain circumstances.
Information on income support is available on the Services Australia website.
Employer obligations
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Health and safety
As an employer, you’re required to ensure the health and safety of your workers. If an employee is at risk of infection from coronavirus, you should request the employee seek medical clearance from a doctor, work from home or not work during the risk period. You need to provide information and procedures to all employees and contract staff. Inform staff who meet the isolation criteria that they should remain isolated in their home.
Check out the factsheets for employers and downloadable posters for your business for the latest health advice on the coronavirus.
DEPARTMENT OF HEALTH
Learn more about the coronavirus and Australian workplace laws.
FAIR WORK OMBUDSMAN
Find up-to-date information on isolation requirements.
DEPARTMENT OF HEALTH
Check out Safe Work Australia’s COVID-19 advice for employers.
SAFE WORK AUSTRALIA
Find out how to create flexible working arrangement.
CREATING A WORK/LIFE BALANCE
Super guarantee payments
As an employer, you still need to meet your super guarantee obligations for your employees.
Read more information for employers affected by disaster on the Australian Taxation Office (ATO) website.
Support for your company (no employed staff)
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If you run a company and do not employ any staff you are eligible for:
Temporary relief for financially distressed businesses
The Government is temporarily increasing the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive.
For Directors: the package includes temporary relief for Directors from any personal liability for trading while insolvent, and providing temporary flexibility in the Corporations Act 2001 to provide temporary and targeted relief for companies from provisions of the Act to deal with unforeseen events that arise as a result of the Coronavirus health crisis.
Learn more about temporary relief for financially distressed businesses
The increased instant asset write-off
Under normal circumstances, individual assets less than $30,000 are eligible for the instant asset write off. The Government has lifted this threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020.
Read more about the increased instant asset write-off.
Accelerated depreciation deduction arrangements
A time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the
asset’s cost.
Learn more about accelerated depreciation deduction.
Increased and accelerated income support
The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This supplement will be paid to both existing and new recipients of the eligible payment categories. These changes will apply for the next six months.
Read more about the increased and accelerated income support.
Assistance for affected regions, communities and industries
The Government has created an initial $1 billion support fund to provide assistance to industries and regions severely affected by the economic impacts of Coronavirus.
Find out more about the assistance for affected regions, communities and industries.
Tax support
The Australian Tax Office (ATO) is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis.
Contact the ATO’s Emergency Support Infoline for businesses on 1800 806 218 for more information or to request this help.
SME Guarantee Scheme
This will provide businesses with funding to meet immediate cash flow needs, by further enhancing lenders’ willingness and ability to provide credit. Businesses with a turnover of up to $50 million will be eligible to receive these loans.
Read more about the Coronavirus SME Guarantee Scheme
If you are a sole trader without employees
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If you’re a sole trader and do not employ any staff you are eligible for:
The increased instant asset write-off
Under normal circumstances, individual assets less than $30,000 are eligible for the instant asset write off. The Government has lifted this threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020.
Read more about the increased instant asset write-off.
Backing Business Investment (BBI)
A time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.
Learn more about Backing Business Investment.
Increased and accelerated income support
The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This supplement will be paid to both existing and new recipients of the eligible payment categories. These changes will apply for the next six months.
Find out about the increased and accelerated income support.
Assistance for affected regions, communities and industries
The Government has created an initial $1 billion support fund to provide assistance to industries and regions severely affected by the economic impacts of Coronavirus.
Read more about the assistance for affected regions, communities and industries.
SME Guarantee Scheme
This will provide businesses with funding to meet immediate cash flow needs, by further enhancing lenders’ willingness and ability to provide credit. Businesses with a turnover of up to $50 million will be eligible to receive these loans.
Learn more about the Coronavirus SME Guarantee Scheme.
Early access to superannuation
You can access up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21. You will be able to apply for early release of your superannuation from mid-April 2020.
Read more about early access to your superannuation.
Tax support
The Australian Tax Office (ATO) is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis.
Contact the ATO’s Emergency Support Infoline for businesses on 1800 806 218 for more information or to request this help.
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VICTORIAN STATE GOVERNMENT
Economic Survival Package
The Victorian Government has established an economic survival package to support Victorian businesses and workers through the devastating impacts of the COVID-19 pandemic. The $1.7 billion Economic Survival Package complements the work of the Federal Government. The package includes the following key programs:
Payroll Tax Refund
Liquor licence fees waived
Land tax deferral
Fast tracking outstanding supplier invoices
Business Support Fund
Working for Victoria Fund
Rent relief for commercial tenants in government buildings
Click here for full details on these programs
Additional resources available:
• Business Victoria HOTLINE: 13 22 15
• Coronavirus (COVID 19) updates
Mental health and wellbeing during the Coronavirus COVID-19 outbreak:
• Lifeline: 13 11 14 (24 hours/7 days) Text: 0477 13 11 14 (6pm – midnight AEDT, 7 nights) Chat online: lifeline.org.au/crisis-chat (7pm – midnight, 7 nights)
• Beyond Blue: 1300 22 4636 (24 hours/ 7days) Chat online: beyondblue.org.au/get-support/getimmediate-support (3pm – 12am, 7 days) Email: online.beyondblue.org.au/email/
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