4323 1735

Home >  Blog >  Business Support Information provided by Lucy Wicks MP, Federal Member for Robertson

Business Support Information provided by Lucy Wicks MP, Federal Member for Robertson

Posted by Lucy Wicks MP, Federal Member for Robertson on 7 April 2020


Dear GEBC Members

We want to help businesses keep going as best they can, and for as long as they can, or to pause instead of winding up their business.

Our focus is on cushioning the blow and providing hope to every Australian that we will get through this and come out the other side together.

Below we have outlined what help may be available to small businesses, sole traders and tradies. We have also outlined the difference between the JobKeeper and JobSeeker payments and their eligibilities.

If you are unsure of what is applicable to your business please visit https://treasury.gov.au/coronavirus or call the dedicated Business Hotline on 13 28 46 where specialist advisors are available to assist you in understanding what your business may be entitled to.

 

What's available for small business?

If you employ staff and/or you run a company, you may be eligible for:

  • Up to $100,000 for eligible businesses and NFP's that employ people to assist in boosting cash flow. The payment is tax free and will flow automatically through the ATO from 28 April 2020. This measure will benefit around 24,200 small businesses here on the Central Coast
  • The Coronavirus SME Guarantee Scheme supporting SMEs to get access to working capital by guaranteeing 50% of new loans
  • The Government is temporarily increasing the threshold at which creditors can issue a statutory demand on a company and the time companies must respond to statutory demands they receive
  • New instant asset write off measures from $30,000 to $150,000 for assets that are either installed or ready for first use by 30 June 2020
  • Accelerated depreciation deductions for businesses with a turnover of less than $500 million being able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset's cost
  • Salary assistance to support apprentices and trainees
  • The JobKeeper payment to assist with paying and retaining staff (more below)
  • The ATO is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis. Contact the ATO's Emergency Support Infoline for businesses on 1800 806 218 for more information or to request this help


What is available for sole-traders?

If you're a sole trader and do not employ any staff, you may be eligible for:

  • Up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21. You will be able to apply for early release of your superannuation from mid-April 2020
  • The increased instant asset write-off from $30,000 to $150,000 for assets that are either installed or ready for first use by 30 June 2020
  • Income support payments through the JobSeeker payment with a $550 Coronavirus Supplement. This starts from the 27th of April and will be paid to both existing and new recipients of the eligible payment categories (more below)
  • Sole traders may be eligible to receive the JobKeeper Payment if their turnover has reduced (more below)
  • The Coronavirus SME Guarantee Scheme supporting SMEs to get access to working capital with the Government guaranteeing 50% of new loans
  • Accelerated depreciation deductions for businesses with a turnover of less than $500 million. These businesses will be able to deduct 50 per cent of the cost of an eligible asset on installation
  • The ATO is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis. Contact the ATO's Emergency Support Infoline for businesses on 1800 806 218 for more information or to request this help


What is available for tradies?

If you employ staff and/or you run a company, you may be eligible for:

  • Up to $100,000 for eligible businesses and NFP's that employ people to assist in boosting cash flow. The payment is tax free and will flow automatically through the ATO from 28 April 2020. This measure will benefit around 24,200 small businesses here on the Central Coast
  • The Coronavirus SME Guarantee Scheme supporting SMEs to get access to working capital by guaranteeing 50% of new loans
  • The Government is temporarily increasing the threshold at which creditors can issue a statutory demand on a company and the time companies must respond to statutory demands they receive
  • New instant asset write off measures from $30,000 to $150,000 for assets that are either installed or ready for first use by 30 June 2020.
  • Accelerated depreciation deductions for businesses with a turnover of less than $500 million being able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset's cost.
  • Salary assistance to support apprentices and trainees (more below)
  • The JobKeeper payment to assist with paying and retaining staff (more below)
  • The ATO is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis. Contact the ATO's Emergency Support Infoline for businesses on 1800 806 218 for more information or to request this help

 


The JobKeeper Payment

We announced our $130 billion JobKeeper plan to help businesses keep Australians in jobs. We're providing a lifeline to around 6 million Australian workers with a wage subsidy of $1500 a fortnight, paid through their employer.

The JobKeeper payment is for eligible businesses that have been hit hard by this health and economic crisis.

It is available to:

  • Full time and part time employees, including stood down employees
  • Sole traders/self-employed individuals
  • Casual employees where they have been with their employer for at least the previous 12 months
  • Not for profit entities, including charities

Businesses can register here: www.ato.gov.au/general/gen/JobKeeper-payment/

More information for businesses is here: treasury.gov.au/coronavirus/businesses

More information for employees is here: www.ato.gov.au/general/gen/JobKeeper-payment/

 

 

 

Salary assistance for Apprentices

Eligible employers can apply for a wage subsidy of 50 per cent of their apprentice's or trainee's wage paid during the 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer.

Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter).

Read more about the assistance to help pay for the wages of your apprentices or trainees.

An employer will not be eligible to claim Supporting Apprentices and Trainees for any period where they choose to claim the JobKeeper Payment for the same Australian apprentice.

Where an employer is eligible for both Supporting Apprentices and Trainees AND the JobKeeper Payment for an Australian Apprentice, the employer will need to choose which payment best supports their circumstances.

Employers of apprentices and trainees should contact their Australian Apprenticeship Support Network provider for assistance.

 


 

 The JobSeeker Payment

The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight.

This supplement will be paid to both existing and new recipients of the eligible payment categories. These changes will apply for the next six months.

This payment is designed for individuals that have found themselves out of work due to impact of the coronavirus.

Those receiving the JobSeeker Payment have an obligation to actively look for work or build their skills, but the Government is making sure this can be done flexibly and safely.

The income support payment categories eligible to receive the Coronavirus supplement are:
  • Jobseeker Payment (and all payments progressively transitioning to JobSeeker Payment; those currently receiving Partner Allowance, Widow Allowance, Sickness Allowance and Wife Pension)
  • Youth Allowance
  • Parenting Payment (Partnered and Single)
  • Austudy
  • ABSTUDY (Living Allowance)
  • Farm Household Allowance
  • Special Benefit recipients
To access this payment, log in to your MyGov account, click on the 'Intent to claim' button. Centrelink will call you back to sort the claim. This may take a few days.

 


 

By keeping employers and workers together, we can help our economy bounce back.

We know Australia's more than 3 million small and medium businesses are the engine room of our economy. When they hurt, we all hurt.

For information and updates in regards to coronavirus, please go to www.australia.gov.au

Kind regards,



Lucy Wicks MP
Federal Member for Robertson

 

Written and authorised by Lucy Wicks MP, Liberal Party of Australia,

69 Central Coast Highway, West Gosford NSW 2250.

Lucy Wicks MP, Federal Member for RobertsonAuthor: Lucy Wicks MP, Federal Member for Robertson
Tags: Gosford Erina Business Chamber News Gosford Community

Sign Up for our Newsletter

Your Details
Verification
 

Sponsors

Platinum, Gold & Silver Sponsors

  •  
  • Media Partner

    107.7 2GO - Media Partner SEA FM - Media Partner
  • Community Partner

    Central Coast MARINERS - Community Partner
  • Digital Marketing Partner

    Bloomtools Website & Online Marketing - Technology Partner

 

Follow Us

PrintTell a FriendBookmark Site