The challenges of COVID-19 upon the building and construction industry is a priority for CITB. To help businesses and individuals, we've rounded up information from Federal and State Governments about the stimulus packages.
Cash flow boosts for SME businesses
The Cash Flow Boost helps small to medium size businesses retain employees. Two sets of payments will be delivered from 28 April until September 2020. Eligible businesses can receive between $20,000 and $100,000 in cash flow boosts by lodging their activity statements. For more information and eligibility, visit the Australian Taxation Office (ATO) webpage Boosting cash flow for employers.
JobKeeper Payment Program – supporting Apprentices and Trainees
Wage subsidy support for employers to continue paying employees is available through the JobKeeper payment. Employers need to enrol for the payment and nominate eligible employees. Payments begin in the first week of May and are paid monthly, in arrears. Employers and Group Training Organisations that re-engage an eligible out-of-trade apprentice or trainee will be eligible for the subsidy. For more details and to enrol, visit the ATO webpage JobKeeper Payment.
Instant Asset write-off threshold
The threshold amount for each asset has increased to $150k and now includes businesses with a combined turnover of less than $500 million. Read more about eligibility and details on the ATO webpage Instant asset write-off for eligible businesses.
Early access to superannuation
Individuals experiencing financial distress due to COVID-19 may be eligible to access up to $20,000 of superannuation. For further information please visit the ATO webpage COVID-19 early release of super.
Corporate Responsibility relief
A temporary six-month relief threshold for creditors to issue statutory demands on a business has increased to $20,000. The time businesses have to respond to statutory demands has also increased. Directors will also be relieved of their duty to prevent insolvent trading. To find out the details, visit the Australian Government webpage Temporary relief for financially distressed businesses.
The government is providing a number of temporary additional payments for individuals. These include the JobKeeper
payment which is paid to employees through their employer, changes to Youth Allowance claims and obligations, and the Parenting Payment. To check what you may be eligible to receive, visit the Australian Government webpage Services Australia – If you need a payment.
ATO administrative relief
Businesses affected by COVID-19 are encouraged to contact the ATO to receive tailored support. Get in touch by phoning the ATO Emergency Support Infoline on 1800 806 218. For more information, visit the Australian Government webpage Support measures to assist those affected by COVID-19.
The South Australian Government is providing several support packages for individuals and businesses impacted by COVID-19. These include the $10,000 Emergency Cash Grants for Small Businesses, Business and Jobs Support Fund and a Community and payroll tax relief. For details about these packages and other relief measures, visit the Government of South Australia webpage Support for businesses, jobs & the community impacted by COVID-19.
Other websites covering COVID-19 information for business includes Business SA and Nexia Edwards Marshall.