written by:
Josh McMullen
The 2020 Federal Budget was handed down on Tuesday 6 October. Following is a summary of the headline measures. BUSINESS Extension of the Instant Asset Write-Off – businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022. “Full expensing”…
written by:
Darren Hagarty
The Queensland Government is extending the Small Business COVID-19 Adaption Grant Program. As part of Stage 2 of Queensland’s Economic Recovery Strategy, up to $100 million is being made available to deliver a second round of grants, with half of this funding specifically earmarked for regional small businesses located outside of South East Queensland. Round 2 will open on 1 July 2020. Successful applicants from round 1 of this program cannot apply for funding under…
written by:
Josh McMullen
Late on Friday, explanatory materials were released by Treasury in relation to the JobKeeper payment that has now been passed into law. The explanatory material clarifies many key aspects of the regime. Background On 30 March 2020, the Federal Government unveiled their largest economic response to the Coronavirus, a $130-billion government wage subsidy known as the JobKeeper payment. Under the JobKeeper, businesses impacted by the Coronavirus will be able to access…
written by:
Darren Hagarty
While most of the focus has been on the economic response to Cornavirus at the Federal Government level, it is worth remembering that other relief measures are also being offered at a State Government level. One such example in Queensland is the COVID-19 Job Supports Loan package. This scheme is for Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations. Low interest loans of…
written by:
Josh McMullen
Over the weekend, National Cabinet agreed to a moratorium on evictions for the next six months for commercial and residential tenants in financial distress who are unable to meet their commitments due to the impact of Coronavirus. With regards commercial tenancy arrangements, the government is encouraging tenants, landlords and financial institutions to sit down together (subject to social distancing guidelines) to find a way through to ensure that businesses can…
written by:
Darren Hagarty
Banks are working with their customers to provide support through the COVID-19 pandemic. This is on the back of a range of measures announced by the government as part of their Coronavirus Stimulus Package, including: Loan Repayment Relief Banks will defer loan repayments for six months for small businesses who need assistance because of the impacts of the coronavirus. SME Loan Guarantee Scheme The Government will establish the Coronavirus SME…
