This is a difficult time for most businesses across Australia, including the far west of NSW, with the health crisis that is unfolding across the globe being unpredictable. RDA Far West wants to continue to support our great local and regional businesses and their employees to ensure continued operation and future growth.
Business hotline: 13 28 46. Open 7 am to 11pm. 7 Days per week.
1. Temporary cash flow support
Employers will receive a payment equal to 100 per cent of their salary and wages withheld (up from 50 per cent), with the maximum payment being increased from $25,000 to $50,000 and the minimum payment increased from $2,000 to $10,000. Learn more about Boosting cash flow for employers.
2. Assistance to help pay the wages of apprentices or 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. Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter). Read more about the assistance to help pay for the wages of your apprentices or trainees.
3. Casual employees
If you employ a casual employee and they can’t work because they become sick or need to self-isolate, or their income has been otherwise impacted by the economic downturn caused by the coronavirus, they may be eligible for income support payments. Information on income support is available on the Services Australia website.
Federal Government Support for Sole Traders / Small Business
If you are a sole trader without employees, the following support measures are available:
1. 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. Read more about the assistance for affected regions, communities and industries.
2. Backing Business Investment (BBI)
A time-limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Learn more about Backing Business Investment.
3. 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. These changes will apply for the next six months. Find out about the increased and accelerated income support.
4. SME Guarantee Scheme
Businesses with a turnover of up to $50 million will be eligible to receive these loans. Learn more about the Coronavirus SME Guarantee Scheme.
5. Tax support
The Australian Tax Office (ATO) is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis. Contact the ATO’s Emergency Support Infoline for businesses on 1800 806 218 for more information or to request this help.
Business Australia (formally the NSW Business Chamber) have some guides
Employer Guide – https://www.businessaustralia.com/how-we-help/be-a-better-employer/getting-legal-advice/employer-guide-to-coronavirus
Coronavirus – Employer Obligations (17 March) – https://www.ablawyers.com.au/Resources/Coronavirus-Employer-Update
Coronavirus and contractual consequences – https://www.ablawyers.com.au/Resources/Coronavirus-and-contractual-consequence
Landlord/Tenancy letter – https://www.businessaustralia.com/how-we-help/be-a-better-employer/getting-legal-advice/employer-guide-to-coronavirus/letter-to-your-landlord–downloadable-template
Latest Information Updates:
Federal Government: https://www.health.gov.au
State Government information https://preview.nsw.gov.au/covid-19
Biosecurity update https://www.agriculture.gov.au
NSW business support https://www.nsw.gov.au/services/services-by-need/small-business/financial-support/
Some grants and assistance….
Infrastructure Grants Disaster Readiness and Community Infrastructure
Description: Funds the development and enhancement of emergency relief facilities across New South Wales.
1000 Jobs Package Grant Funding Round
Closing: 30 April 2020
Value: Up to $56,000
Description: Supports the creation of 1,000 new jobs for Community Development Program (CDP) participants across remote Australia. Employers will be eligible to receive financial support of up to $56,000 over two years, including retention bonuses to help them hire new staff in ongoing positions.