In addition to the Australian Federal Government economic stimulus package in response to the Coronavirus, State Governments have also issued support packages to businesses which vary State by State.
Payroll Tax Support (QLD)
A payroll tax relief package is now available for all businesses which defers payroll tax for up to six months. This means you do not need to lodge or pay payroll tax returns before 31 July 2020.
You can either:
– lodge returns in OSRconnect, without paying them to help you to keep track of your liabilities, so that you know what you need to pay by 3 August; or
– continue to lodge and pay returns as usual.
QLD Government loans to small business
The Queensland Government has announced they will be providing a loan facility of up to $250,000 for businesses affected by COVID-19 to retain staff, with an initial 12-month interest free period.
Further Information on the concessional loans will be available shortly and you can register your interest with the Queensland Rural and Industry Development Authority on 1800 623 946 or via this link: http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme
There are also State Government support packages issued for all other States. If you are an interstate client and have questions about what support packages may be available to you, please contact us.