Business guide to Coronavirus

Financial support for businesses

In trying times for small business owners, access to government funding support is critical and often tricky to navigate and access. Here is a simple guide to the support on offer to assist eligible businesses. 

For sole traders without employees

Funding option 1

What: The instant asset write-off threshold has been increased from $30,000 to $150,000.

Who: There’s expanded access to include businesses with an aggregated annual turnover of less than $500 million (up from $50 million). 

When: This applies from 12 March 2020 until 30 June 2021, providing the asset has been purchased by 31 December 2020.  

Temporary full expensing: For assets, you start to hold or use for the first time from 7:30pm 6 October 2020 to 30 June 2022, you can deduct the business portion of the asset's cost under temporary full expensing.

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Funding option 2

What: A time limited 15-month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deductions. 

Who: Businesses with a turnover of less than $500 million can deduct 50% of the cost of an eligible asset in the income year the asset is installed or first used, with existing depreciation rules applying to the balance of the asset cost.

When: This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.

How this can help: This can help improve business cashflow by lowering the after-tax cost of eligible assets (e.g. equipment) purchased by the business.

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Funding option 3

What: The Australian Tax Office (ATO) is providing relief for some tax obligations.

Who: For businesses affected by the Coronavirus outbreak, on a case-by-case basis.

When: Immediately.

How this can help: If businesses are experiencing difficulties with tax obligations because of COVID-19, they may be eligible for help tailored to their circumstances.

Get started: Contact the ATO’s Emergency Support Infoline for businesses on 1800 806 218 for more information or to request this help.

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For business with employees

Funding option 1

What: Boosting cash flow for employers' payment provides tax-free boosts between $20,000 and $100,000 delivered through credits in the activity statement system. 

Who: Small and medium business entities with aggregated annual turnover under $50 million and that employ workers may be eligible. Eligibility will generally be based on prior year turnover.  See eligiblity rules.

When: Initial cash flow boosts will be delivered as credits on activity statements lodged for each monthly or quarter period from March to June 2020.  Additional cash flow boosts may still be delivered on activity statements for each monthly or quarterly period from June to September 2020. The amounts will be delivered in either two or four instalments. 

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Funding option 2

What: The Boosting Apprenticeship Commencements wage subsidy has been expanded for new apprentices and trainees signed up before 30 September 2021. The subsidy covers 50% of the new apprentice or trainee’s gross wages paid between 5 October 2020 and 30 September 2021, up to a maximum of $7,000 per quarter.

Who: Eligible small businesses or Group Training Organisations engaging in an apprentice or trainee between 5 October 2020 and 30 September 2021. 

When: Final claims for payment must be lodged by 31 December 2021.

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

How can this help: This can help financially support businesses to employ apprentices and trainees. 

Get started: For help and support, call Apprenticeship Support Australia on 1300 363 831  Monday to Friday 8:30am – 5:00pm (AEST). Apprenticeship Support Australia is an Australian Apprenticeship Support Network (AASN) provider.

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