There is no doubt that the current times are unprecedented and Australia is going through a very difficult time at the moment with the lockdowns taking effect throughout a lot of the country.
Although we have managed to avoid a lock down in South Australia we have watched the effect of the lockdowns taking place in many regions. We were in Sydney only a mere few days prior to the Bondi cluster taking hold, visiting some of our valued clients in the Bondi area, having spent 4 days in Sydney and suburbs. We have watched closely and seen that we were fortunately not in any of the hotspots at any of the relevant times.
Throughout the Covid-19 period, we have given many updates to our clients and followers to let them know of any information that we are aware of that may help them get through these times a bit easier with either resources or information about funding and relief packages that the governments may release at any given time.
At this stage we are aware of the following relief packages:
Commonwealth Relief
Pandemic Leave disaster payment – A $1,500 payment for every 14 day period you have been told to self isolate or quarantine or are caring for someone who has Covid-19. Information – https://www.servicesaustralia.gov.au/individuals/services/centrelink/pandemic-leave-disaster-payment
Covid-19 Disaster Payment – A one off payment to help you when Covid 19 restrictions last for more than 7 days. If you lost less than 20 hours work you will get $325 for each relevant lockdown period. If you lost more than 20 hours of work then you will get a $500 payment for each relevant period of lockdown.
NSW Relief
NSW Covid Business Relief – The NSW government has announced grants for small businesses, sole traders and not-for-profits that have:
- A turnover of more than $75,000 but below the payroll tax threshold of $1,200,000
- Fewer than 20 full-time employees
- An accountant statement that confirms a loss in revenue for the time period compared to the same time in July 2019
For the tourism and hospitality sector, eligible businsses will need to hav:
- A turnover of more than $75,000 and an annual wages bill of below $10 million
- An accountant statement that confirms a loss in revenue for the time period compared to the same time in July 2019
The grant will be $10,000 for businesses that have lost 70% of revenue, $7000 for businesses that have lost 50% of revenue and 30% for businesses that have lost 30% of revenue.
NSW Payroll Tax Deferrals – available to all businesses
Dine and Discover Vouchers – will now be valid until the end of August. Hopefully these vouchers will assist with reigniting the economy in NSW once these lock downs have concluded.
At this stage we haven’t seen the other state’s announce any new relief packages, but we will be keeping a close eye on things.
ATO changes
STP Finalisation extensions – Whilst the finalisation date for businesses with less than 20 employees is 14th July, the ATO have recognised that due to the effect of Covid-19 that businesses may need additional time to complete the finalisation and have given up to 31st July. See https://www.ato.gov.au/Business/Single-Touch-Payroll/Start-reporting/End-of-year-finalisation-through-STP/ for the ATO’s official wording on this. Please note : Extensions of STP finalisation will mean that some Income Tax Returns (ITR’s) may be delayed in being processed. Some appointments may be required to be delayed.