COVID-19 Resources

Summary For Businesses

  • Victorian Government Assistance:

    • Tourism Accommodation Support Program | Financial support of $225 per booking per night to support tourism operators
    • Local Lockdowns Business Support Program | A $5,000 grant is available to help businesses affected by the COVID-19 lockdowns (as announced on 30 June)
    • Payroll Tax refunds | Payroll tax is a state tax payable by employers whose payroll (the total of gross wages, super, fringe benefits and some contractor payments) is more than $650,000. Businesses with wages of less than $3 million will have their payroll tax for the 2019-20 year waived.
    • Waiving of liquor licensing fees for 2020 for affected venues and small businesses.
    • Deferring of 2020 land tax payments for landowners who have at least one taxable non-residential property and total taxable landholdings below $1m.
  • Federal Government Assistance:

    • Increase in the instant asset write off threshold | The Federal Government is increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 31 December 2020. From 1 July 2020 a 50% deduction of the cost of new eligible assets.
    • Payments to employers | A cash flow boost for employers up to $100,000 and minimum $20,000 over the next six months.
    • Support for employers with apprentices or trainees | Eligible employers can apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage for up to 9 months from 1 January 2020 to 30 September 2020 with a maximum of $7,000 per apprentice or trainee per quarter, for three quarters.
    • Support for sectors, regions and communities affected by the Coronavirus | $1 billion to support those sectors, regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education.

    JobKeeper Payments

    • The payment of $1,500 per eligible employee will be made to businesses for 6 months, including those run by sole traders and self-employed people, which have been significantly impacted by the Coronavirus.

     

  • From the Banks

    The big banks are providing some assistance to their small and medium business customers and individuals. The assistance your business may receive will depend on the bank you’re with, but some of the offers put forward by the banks include:

    • A reduction in business loan interest rates
    • Deferring loan repayments on some business loans and overdrafts ranging from 3-6 months.
    • Waiving merchant fees for impacted customers (those with the bank’s payment terminal)
    • Waiving of fees and excess interest on some of their products

Further information: Articles, Links and Guides


About Asparq’s adjusted operations during the COVID-19 outbreak

Our offices will be closed to the public until further notice and our team will be working from home.

  • All client events will unfortunately cancelled until further notice, however we will be streaming these online where-ever possible.
  • Whilst our Reception phone (03 9861 6100) will still be operated offsite, it may be quicker to contact staff directly. All staff contact details will be listed on staff profiles here. If you have any issues with this please contact reception@asparq.com.au or fill in the enquiry form on our website.
  • You can contact our Melbourne Insurance Broking team directly via this phone number: 1300 648 141
  • We will arrange for any meetings during our close-down period to be over the phone or via Zoom video conference.

For more information please visit our FAQ here.


COVID-19 Specific Content – Additional Information to Keep In Mind
Please note all information that refers to support measures bought in by the State and Federal Government has been prepared by consulting Government Fact Sheets and Media Releases (or other official sources where applicable). These are to the best of our knowledge, correct at the time of producing the content. Due to the rapidly evolving situation we have all found ourselves in, please contact us directly for the most up to date information or alternatively visit the government websites (or other relevant party such as your bank) directly. This is all to be taken as general information only and is not intended to be relied upon nor is it a substitute for appropriate professional advice.

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