As the impact of the Coronavirus becomes more apparent, governments at both a state and federal level are offering both financial support and administrative concessions to assist businesses through this time.
In this post, we have outlined the support available from the state government for businesses in Queensland that are impacted by the Coronavirus.
If you are an employer who pays $6.5 million or less in Australian taxable wages (including any grouped entities), you will be entitled to:
- a refund of your payroll tax for 2 months – we understand that this will be for amounts paid in the months of November and December 2019.
- a payroll tax ‘holiday’ for 3 months – we understand that this will apply to the months of January, February and March 2020, potentially triggering refunds for these months where these amounts have already been paid.
Beyond this you can also apply for a deferral of payroll tax for the remainder of the 2020 calendar year, deferring payment of these lodgements until 14 January 2021.
If you are an employer who pays more than $6.5 million in Australian taxable wages, and have been negative affected by the coronavirus, you can apply for a:
- refund of your payroll tax for 2 months – we understand that this will be for amounts paid in the months of November and December 2019.
- deferral of payroll tax for the 2020 calendar year until 14 January 2021
To be receive the deferral you must apply to the Office of State Revenue using via an online form.
Loans up to $250,000
The Queensland government will also be offering loans for up to $250,000 to eligible businesses, with a 12-month interest free period.
We expect this to be administered in a similar way to the existing disaster assistance loans provided to businesses affected by natural disasters. This requires a formal application process including the provision of financial statements, tax returns, cash flow forecasts and an assessment of how your business has been affected.
It is then up to the government to assess whether your business is eligible.
Small and medium businesses may be eligible for a $500 rebate off energy bills where they consume less than 100,000 kilowatt hours (kWh). This will be automatically applied on your business electricity bills.
Residential households will also be eligible for a $200 rebate that will automatically be applied through household electricity bills.
The Queensland government is also offering targeted support to businesses in the liquor, tourism, hospitality and fishing industries. If you operate in this industry please contact us for more information.
More information is available at:
If you would like to know more about how you can take advantage of these offers or just don’t know where to start, reach out to us at 1300BDEPOT or email@example.com or directly contact one of our team.