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31, March 2020

JobKeeper… 

What is it?

  • The $130 billion JobKeeper program provides wage subsidies to assist businesses in retaining staff (and supports staff without work). Register now and the ATO will contact you.
  • Fortnightly payments of $1,500 per eligible employee (employed as of 1 March 2020), which will be made by the ATO for a maximum period of 6 months.
  • Simply put, the first $1500 of each employee’s salary will be paid by the Government. If they earn less, they still get the full amount and if they earn more the business pays the difference.

Which businesses can apply?

  • Not-for-profit entities and self-employed individuals (sole traders) that meet the turnover criteria are eligible to apply.
  • A turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago; or
  • A turnover of over $1 billion and their turnover will be reduced by more than 50 per cent relative to a comparable period a year ago.

This means many of you will be able to retain your dedicated and passionate staff to kick-start the recovery process on the other side of this crisis. These funds are backdated, so the initial financial hit can be recouped once the payments begin.

Useful links:

Payroll Tax Refunds for this financial year and relief for 2020/21…

What is it?

  • The Victorian State Government is providing full payroll tax refunds to small and medium-sized enterprises with payroll less than $3 million. Payments will commence within the fortnight.
  • These same businesses will also be able to defer any payroll tax for the first three months of the 2020/21 financial year until 1 January 2020.
  • Simply put, this is the Government giving you back some money you’ve paid already, with no future financial implications. This support is a refund, not a loan.

Useful Links:

Consider this option as the most immediate opportunity to access much needed funds, as the program will be making payments within a couple of weeks. More updates will be coming over the next few days & can be found here.

The Business Support Fund…

 What is it?

  • As part of the Victorian State Government’s $1.7 billion Economic Survival Package, applications have now opened for the $500 million Business Support Fund.
  • This fund provides grants of $10,000 per small employing business with a turnover of more than $75,000 and payroll of less than $650,000.
  • Funds can be used for a range of business costs, including rent, salaries, marketing planning or legal advice.

Which businesses can apply?

  • Have been subject to closure or are highly impacted by Victoria’s Non-Essential Activity Directions.
  • Have a turnover of more than $75,000.
  • Have payroll of less than $650,000.

Useful Links:

Want more information…

  • Get updates from the Australian Government directly via the COVID-19 WhatsApp.
    Download WhatsApp from the App Store, then visit aus.gov.au/whatsapp and follow the prompts.
  • Download the new Australian Government Coronavirus app by visiting your App Store and search Coronavirus Australia.
  • Sign up for the latest news and industry updates from Tourism Greater Geelong & The Bellarine here
  • Keep a regular eye on the COVID-19 Resource Centre, that we’re updating regularly

 

 

 

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