With the increase concerns around the coronavirus and information overload from media outlets including the roll out of a number of government stimulus packages, 8 Collective wishes to reassure our clients that we are proactively working through these opportunities to deliver you the best possible service and advice ensuring to assist you and your business during this unprecedented time.
Some of the key stimulus packages which may be relevant to your business and need action immediately are as follows:
- The Federal Government has announced cash payments to employers to assist with the cost of salary and wages. Eligible businesses are those that employ staff and have a turnover of less than $50 million. Such businesses, whether companies, trusts, partnerships or sole traders can receive payments between $2,000 and a maximum of $25,000. The receipt of the amount will be tax-free to the employer.
- The amount of the payment is said to be 50 per cent of the PAYG withheld from salary and wages as reported on the employer’s Business Activity Statement (BAS) or Instalment Activity Statement (IAS) over the 6-month period from 1 January 2020 to 30 June 2020. Smaller employers who may withhold minor amounts or none at all (e.g. employs staff who earn below the tax-free threshold) could still potentially receive the minimum $2,000 payment.
Queensland Jobs Support Loans – Up to $250K
The Queensland Government announced on Tuesday, 17 March a new $500 million loan facility, interest free for the first 12 months, to support Queensland businesses impacted by COVID-19 retain employees and maintain their operations.
The Queensland Rural and Industry Development Authority (QRIDA) is responsible for the administration of these concessional loans and is currently taking expressions of interest in the lead up to rolling these loans out as soon as possible.
Contact us or alternatively register your interest for the QLD Jobs Support Loan.
It’s during these uncertain times, when using a reputable and experienced business advisor is key to unlocking all the benefits on offer to you.
Please feel free to contact us if you have any queries in relation to the Government Stimulus Packages or wish to discuss any concerns you may have with your business.