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Stimulus Measures for Queensland Business

The Australian and Queensland Government has announced various stimulus measures to assist Queensland Business Owners.

Queensland Government

  1. Covid-19 Jobs Support Loans
  2. Applying for a relief package to defer paying payroll tax returns until 31 July 2020.

Australian Government
Boosting cash flow for employers
Supporting apprentices and trainees

COVID-19 Jobs Support Loans

What funding is available?

The $500 million concessional loan facility will comprise low interest loans of up to $250,000 for carry on finance with an initial 12-month interest free period for businesses to retain staff.

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.

How to register your expressions of interest

Email to contact_us@qrida.qld.gov.au with your full name, phone number and preferred email address or
Free-call 1800 623 946

QRIDA will contact you when the scheme is open to applications shortly.

http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme

If you require assistance with completing the application documentation when it is available, please contact us on 07 3245 9966.

Deferring Payroll Tax Returns

If your business has been affected by the coronavirus (COVID-19), you may be able to apply for a relief package to defer paying payroll tax returns until 31 July 2020.

How to apply

You can apply at any time the relief package is available. If approved, your deferral will begin from the next return that is due.

Please follow the link below to complete the online payroll tax deferral application form.
https://qldtreasury.syd1.qualtrics.com/jfe/form/SV_9Eu9CxhAOX5dIhf

The website initial screen is as below. To apply click on the blue arrow in the bottom right hand corner and follow the prompts.

 

What happens next

We will send an email to confirm if your application is approved and you will not need to pay payroll tax returns before 31 July 2020.

You must continue to lodge returns in OSRconnect – without paying them – during this time.

You can resume paying returns at any time during the deferral period.

March return period – 7 April 2020 (normal due date) – 3 August 2020 (deferred due date)

January-March quarter return period – 7 April 2020 (normal due date) – 3 August 2020 (deferred due date)

April return period – 7 April 2020 (normal due date) – 3 August 2020 (deferred due date)

May return period – 8 June 2020 (normal due date) – 3 August 2020 (deferred due date)

2019-20 annual return period – 21 July 2020 (normal due date) – 3 August 2020 (deferred due date)

 

https://www.business.qld.gov.au/running-business/employing/payroll-tax/lodging/coronavirus-tax-reliefhttps://www.business.qld.gov.au/running-business/employing/payroll-tax/lodging/coronavirus-tax-relief

Boosting Cash Flow for Employers

The Boosting Cash Flow for Employers measure will provide up to $25,000 back to business, with a minimum payment of $2,000 for eligible businesses. The payment will provide temporary cash flow support to small and medium businesses that employ staff. The payment will be tax free.

Eligibility

Small and medium business entities with aggregated annual turnover under $50 million and that employ workers will be eligible.

Eligibility will generally be based on prior year turnover.

  • The payment will be delivered by the Australian Taxation Office (ATO) as a credit in the activity statement system from 28 April 2020 upon businesses lodging eligible upcoming activity statements.
  • Eligible businesses that withhold tax to the ATO on their employees’ salary and wages will receive a payment equal to 50 per cent of the amount withheld, up to a maximum payment of $25,000.
  • Eligible businesses that pay salary and wages will receive a minimum payment of $2,000, even if they are not required to withhold tax.

This measure will benefit around 690,000 businesses employing around 7.8 million people.

Timing

The Boosting Cash Flow for Employers measure will be applied for a limited number of activity statement lodgments. The ATO will deliver the payment as a credit to the business upon lodgment of their activity statements. Where this places the business in a refund position, the ATO will deliver the refund within 14 days.

Quarterly lodgers will be eligible to receive the payment for the quarters ending March 2020 and June 2020. Monthly lodgers will be eligible to receive the payment for the March 2020, April 2020, May 2020 and June 2020 lodgments.

To provide a similar treatment to quarterly lodgers, the payment for monthly lodgers will be calculated at three times the rate (150 per cent) in the March 2020 activity statement.

The minimum payment will be applied to the business’ first lodgment.

This measure is estimated to cost $6.7 billion over the forward estimates period.

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Assistance_for_businesses.pdf

Supporting apprentices and trainees

Summary

The Government is supporting small business to retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50 per cent of the 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).

Support will also be provided to the National Apprentice Employment Network, the peak national body representing Group Training Organisations, to co-ordinate the re-employment of displaced apprentices and trainees throughout their network of host employers across Australia.

Eligibility

The subsidy will be available to small businesses employing fewer than 20 full-time employees who retain an apprentice or trainee. The apprentice or trainee must have been in training with a small business as at 1 March 2020.

Employers of any size and Group Training Organisations that re-engage an eligible out-of-trade apprentice or trainee will be eligible for the subsidy.

Employers will be able to access the subsidy after an eligibility assessment is undertaken by an Australian Apprenticeship Support Network (AASN) provider.

This measure will support up to 70,000 small businesses, employing around 117,000 apprentices.

Timing

Employers can register for the subsidy from early-April 2020. Final claims for payment must be lodged by 31 December 2020.

Further information is available at:

For further information on how to apply for the subsidy, including information on eligibility, contact an Australian Apprenticeship Support Network (AASN) provider.

This measure is expected to cost $1.3 billion across 2019-20 and 2020-21.

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Assistance_for_businesses.pdf

Announcements are being made daily regarding assistance for your business and we will continue to update you as further details are released.

If you have any questions in relation to the above, please do not hesitate to contact our office on 07 3245 9966.

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