Assistance measures available for Sole Traders without employees:
- JobKeeper Payment
- The JobKeeper Payment is a subsidy to businesses, which will keep more Australians in jobs through the course of the COVID-19 outbreak. Employers will receive a payment of $1,500 per fortnight per eligible employee. More information available here.
- PVW Partners have compiled information to create a flowchart to help you navigate the eligibility for the JobKeeper payments. Click here to view.
- Instant Asset Write-off:
- Businesses, with an annual turnover of less than $500M, may be eligible for an immediate asset write off for any assets (up to $150,000) purchased between now and 30 June 2020. The write off will be reflected in your FY20 income tax return. Other accelerate depreciation measures have also been announced for businesses. More information available here.
Mandatory Code of Conduct – Commercial Leases:The National Cabinet has announced a Mandatory Code of Conduct in relation to commercial tenancies. The Code provides a range of principles that landlords and tenants must consider when negotiating lease arrangements during the COVID-19 crisis. Each State Government will seek to legislate the Code specifically in their respective jurisdiction. More information available here.
- 'Coronavirus Supplement':
- A temporary ‘Coronavirus Supplement’ has been established to assist new and existing income support recipients (e.g. Jobseeker, Farm Household Allowance, Youth Allowance). This will be available from 27 April 2020 and is available for 6 months. Those affected will receive an additional $550 per fortnight. More information available here.
- Assistance for Affected Regions, Communities and Industries:
- The Government has set aside $1 billion to support regions and communities that have disproportionately affected by the economic impacts of Coronavirus, including industries such as tourism, agriculture and education. The assistance will be provided through existing or newly established Government programs. More information available here.
- Coronavirus SME Guarantee Scheme:
- The Government is providing a guarantee of 50% to small and medium enterprise (SME) lenders for new unsecured loans to be used for working capital. Loans can be up to $250,000 per borrower, for up to 3 years with an initial 6 month repayment holiday. Further information available here.
- Early Access to Superannuation:
- The Government is now allowing temporary early access to superannuation, with tax free payments of up to $10,000 per financial year in 2019-20 and 2020-21. Eligible individuals must apply before 1 July 2020. More information available here.
- COVID-19 Posters
- There are downloadable posters available for businesses to communicate with their clients and customers about changes in circumstances due to COVID-19. These can be found here.
The slides from the videos can be downloaded here.