Corona Virus GOvernment Support packages
COVID-19 (Corona Virus) Government Support Packages
There is a series of government support measures to help business and individual deal with economic impacts of the Corona Virus. Below is information on some of the key government programs for individual and small and medium businesses.
You should seek advice from your account, financial adviser or relevant government agency to see if these apply to you or if other programs are available.
Australian Taxation Office (ATO) Administered Programs
Individuals
Early Release of superannuation: access up to $10,000 in 2019-20 and again in 2020-21. You apply through your MyGov account: https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super/?anchor=Compassionategrounds#Compassionategrounds
Temporarily reducing superannuation minimum payment amounts: reduces the minimum annual payment you must take from your superannation. https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?anchor=Minimumannualpaymentsforsuperincomestrea
Business
Cash flow support to small and medium businesses and not for profit organisations: tax-free cash flow boosts of between $20,000 and $100,000 to eligible businesses, delivered through credits in the activity statement system. https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Boosting-cash-flow-for-employers/
Instant asset write-off for eligible businesses:
- immediately write off the cost of each asset that cost less than the threshold
- claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
Accelerated depreciation: for assets purchased or obtained that are over the instant asset write-off thresholds. https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Backing-business-investment---accelerated-depreciation/
Jobkeeper Payment: subsidies for employees where the business has had at least a 30% fall in turnover. https://treasury.gov.au/coronavirus/jobkeeper
Services Australia
Corona Virus Supplement: a temporary fortnightly $550 Corona virus Supplement from 27 April 2020 on top of your income support payment.
$750 Economic Support Payments (two types):
- if you’re getting an eligible payment on any day from 12 March to 13 April 2020.
- a second $750 Economic Support Payment from 13 July 2020. This is if you’re getting an eligible payment or have an eligible concession card on 10 July 2020. You won’t get this payment if you’re getting the Coronavirus Supplement.
Treasury
SME Guarantee Scheme - supporting the flow of credit
The Coronavirus Small and Medium Enterprises (SME) Guarantee Scheme will support up to $40 billion of lending to SMEs. Under the Scheme, the Government will guarantee 50 per cent of new loans issued by eligible lenders to SMEs.
The scheme will be available for new loan made by participant lenders until 30 September 2020. https://treasury.gov.au/coronavirus/sme-guarantee-scheme
ACT Government
The ACT Government has a range of support elements for business and industry:
- Business Liaison Team
- Canberra Business Advice and Support Service
- Food business registration, outdoor dining and liquor licensing fees
- Vocational Education and Training - Skills
- ACT Community Clubs Package
- Electricity rebates
- Rideshare and taxi fees
- Six month waiver of payroll tax
- Payroll tax deferral
- Commercial general rates
- Rental relief to tenants of ACT Government owned properties