JobKeeper Payment
You may be eligible to receive the JobKeeper Payment if your turnover has been reduced because of the coronavirus. Following registration by the eligible business, the Government will provide $1,500 per fortnight per eligible employee until 27 September 2020.
The JobKeeper Payment is available to eligible employers, businesses including companies, partnerships, trusts and sole traders, not-for-profits and charities.
The intent of the JobKeeper Payment is to enable any eligible self-employed person get a wage subsidy regardless of what business structure they use, where:
- the business operates through a sole trader structure – one owner can be nominated to receive the JobKeeper Payment
- the business operates through a partnership – one partner can be nominated to receive the JobKeeper Payment
- the business operates through a company – one director can be nominated to receive the JobKeeper Payment
- the business has shareholders who provide labour to the company and receive dividends in lieu of wages – one such shareholder can be nominated to receive the JobKeeper Payment
- the business operates through a trust – one individual beneficiary (that is, not a corporate beneficiary) can be nominated to receive the JobKeeper Payment
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JobSeeker Payment
The Government is also temporarily expanding the eligibility criteria for the JobSeeker Payment to support sole traders if their income is negatively affected by the economic impact of the coronavirus.
For example, as a member of a couple you could receive up to $1060.80 per fortnight through the JobSeeker Payment and Coronavirus supplement, although the precise amount will depend on the amount of income you and your partner continue to earn.
Receiving the JobSeeker Payment may also make you eligible for other Government payments like Rent Assistance and the Energy Supplement.
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The increased instant asset write-off
Under normal circumstances, individual assets less than $30,000 are eligible for the instant asset write-off. The Government has lifted this threshold to $150,000 for assets that are either installed or ready for use by 30 June 2020.
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Backing Business Investment (BBI) / Accelerated depreciation deduction arrangements
For a time-limited 15-month period investment incentives are now in place to support business investment, by allowing accelerated depreciation deductions.
Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of an eligible asset on installation, with existing depreciation rules applying to the balance of asset’s cost.
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Increased and accelerated income support
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.
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Assistance for affected regions, communities and industries
The Government has created an initial $1 billion support fund to provide assistance to industries and regions severely affected by the economic impacts of Coronavirus.
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Small to Medium Enterprise Guarantee Scheme
This scheme will provide businesses with funding to meet immediate cash flow needs, but further enhancing lenders’ willingness and ability to provide credit. Businesses with a turnover of up to $50 million will be eligible to receive these loans.
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Early access to superannuation
You can access 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.
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Tax support
The Australian Tax Office is providing relief for some tax obligations for businesses affected by the outbreak, on a case by case basis.
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Banking institutions
The Australian Banking Association has announced that Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months.
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Temporary relief or financially distressed businesses
The Australian Government will make a number of changes to the Bankruptcy Act 1966. The threshold for the minimum amount of debt required for a creditor to initiate bankruptcy proceedings against a debtor will temporarily increase from its current level of $5,000 to $20,000. This will apply for 6 months.
Failure to respond to a bankruptcy notice is the most common act of bankruptcy. The time a debtor has to respond to a bankruptcy notice will be temporarily increased from 21 days to 6 months. The extension will give a debtor more time to consider repayment arrangements before they could be forced into bankruptcy. This will apply for 6 months.
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