Federal and State Governments are supporting businesses to manage cash flow challenges and retain employees. There is support available for sole traders, employers and companies. For the building and construction industry the measures include:
JobKeeper payment is open to employers to enable them to pay their eligible employee’s salary or wages of $1,500 per fortnight.
$10,000 grants for businesses with 1-19 employees and a turnover of more than $75,000
Cash flow boost for employers between $20,000 and $100,000 as a tax office credit.
50 percent subsidy for wages paid to apprentices (including those working through a Group Training Organisation)
Instant asset write-off up to $150,000 for both new and second-hand assets
Accelerated depreciation deduction arrangements for businesses with aggregated turnover of less than $500 million
Relief for certain tax obligations on a case-by-case basis
Government guarantee of unsecured loans to businesses with a turnover up to $50 million
Temporary relief for financially distressed businesses The Australian Taxation Office (ATO) will tailor solutions for owners or directors of businesses that are currently struggling due to the coronavirus, including temporary reduction of payments or deferrals, or withholding enforcement actions including Director Penalty Notices and wind-ups.
NSW Government Support Measures
- Payroll tax waived for businesses with payrolls of up to $10 million for 3 months (the rest of 2019-20). Businesses will save a quarter of their annual payroll tax bill in 2019-20.
- $56 million to bring forward the next round of payroll tax cuts by raising the threshold limit to $1 million in 2020-21.
- $80 million to waive a range of fees and charges for small businesses including builders and tradies
- More than $250 million to bring forward maintenance on public assets including social housing and crown land fencing. $500 million to bring forward capital works and maintenance.
- NSW Government has amended the Environmental Planning and Assessment Act to ensure that any development that protects the health, welfare and safety of the community during the pandemic can proceed without the normal development approvals.
- Long Service leave rules have been amended to allow employees to take leave in shorter blocks without the traditional one-month notice period, by agreement with their employer for the until September 2020.