Visit Our Coronavirus Educational Resources Page – For you and your business
Summary For Businesses
Victorian Government Assistance:
- 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.
- Business support fund for hardest hit sectors | $500 million to establish a Business Support Fund. The fund will support the hardest hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail.
- 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.
- Giving commercial/business tenants in government buildings and opportunity to apply for rent relief.
- Paying what they owe their own suppliers within five business days.
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 30 June 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.
- 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.
- It will help employers to pay their employees and help sole traders and the self-employed to continue earning some income.
- You can apply via the ATO website until 31 May 2020 (recently extended from 30 April 2020). Check out our eligibility chart here.
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
Articles by the Asparq Team
Support for Businesses and Individuals
- Recent Changes to the JobKeeper Scheme – The enrolment deadline has been extended to 31 May 2020
- COVID-19 – Information for Individuals -By Director of Accounting & Advisory, Dean Bassal on April 9 2020
- The JobKeeper Payment Legislation Has Been Passed By The Australian Government – By Senior Associate, Igor Mateski on April 9, 2020
- Federal Government Job Keeper Payment – By Senior Associate, Igor Mateski on March 31, 2020
- Coronavirus Business Support Guide – A Summary of the Information We Have So Far – By Senior Associate, Igor Mateski on March 24, 2020
- Government assistance for Victorian businesses through the Coronavirus Crisis – By Senior Associate, Igor Mateski on March 23, 2020
- Bank Relief Through Covid-19 and Taking Action– By Senior Associate, Igor Mateski on March 20, 2020
- Update on Signing & Witnessing Legal Documents During COVID-19 By Graduate Lawyer, Edward Hart on May 15, 2020
- COVID-19 Rent Relief Regulations – By Asparq Lawyer, Alex Stapleton on May 6, 2020
- Estate Planning & The Coronavirus – By Legal Director, Greg Thomas on April 20, 2020
- Frequently Asked Employment Questions Relating to COVID-19 – By Senior Associate Lawyer, Jessica Hill on April 15 2020
- Becoming Insolvent During the COVID-19 Crisis – By Graduate Lawyer, Edward Hart on March 31, 2020
- COVID-19 and its impact on commercial and retail leases – By Lawyer, Alex Stapleton on March 31, 2020
- Share Market Volatility Amidst Covid-19 – By David Perez on May 7, 2020
Links to more information from external resources
Information about Government Support
- Business Support Fund FAQ
- ATO JobKeeper Page (containing an educational video on how to enrol, details on the enrolment date extension and more information on the update to the rules presented by the Hon Josh Frydenberg MP on 24 April 2020.
- Government Fact Sheets on the JobKeeper Payment
General Insurance Information
- Links to applications for Government Assistance
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 email@example.com 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.
The information contained herein is of a general nature only and is not intended to be relied upon nor is it a substitute for appropriate professional advice. Whilst all care has been taken in the preparation of the material, it is not guaranteed to be accurate. Individual circumstances are different and as such, require specific examination. Asparq cannot accept liability for any loss or damage of any kind arising out of the use of or reliance upon all or any part of this material. Additional information may be made available upon request.