Helping Businesses Navigate Through COVID-19

This page will be updated as more information becomes available.

12 Great Feature of the Australian Government Business Support Package

In light of the COVID-19 situation, we strive to help our clients and business partners in whatever way we can. Here are 12 Great Feature of the Australian Government Business Support Package and some key resources to check for further information.

1. PAYG REFUNDS

1. PAYG REFUNDS

2. THE INCREASED INSTANT ASSET WRITE-OFF TO $150 000

Eligibility

The Government is expanding access so that more businesses can take advantage of the IAWO. The annual turnover threshold for businesses is increasing from $50 million to $500 million. Expanding the threshold will mean an additional 5,300 businesses who employ around 1.9 million Australians will be able to access the IAWO for the first time.

Timing

This applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this timeframe.

How to apply

The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business’s eligibility and ensure you apply the correct threshold amount as stated by the Australian Taxation Office (ATO).

2. THE INCREASED INSTANT ASSET WRITE-OFF TO $150 000

Eligibility

The Government is expanding access so that more businesses can take advantage of the IAWO. The annual turnover threshold for businesses is increasing from $50 million to $500 million. Expanding the threshold will mean an additional 5,300 businesses who employ around 1.9 million Australians will be able to access the IAWO for the first time.

Timing

This applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this timeframe.

How to apply

The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business’s eligibility and ensure you apply the correct threshold amount as stated by the Australian Taxation Office (ATO).

3. ACCELERATED DEPRECIATION DEDUCTION ARRANGEMENTS

Eligibility

Businesses with aggregated turnover below $500 million, purchasing certain new depreciable assets.

Timing

Applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.

 

How to apply

3. ACCELERATED DEPRECIATION DEDUCTION ARRANGEMENTS

Eligibility

Businesses with aggregated turnover below $500 million, purchasing certain new depreciable assets.

Timing

Applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.

 

How to apply

4. INCREASED AND ACCELERATED INCOME SUPPORT

 

Eligibility

Both existing and new recipients of Jobseeker Payment, Youth Allowance Jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit.

Timing

The Coronavirus Supplement and expanded access for payments will commence from 27 April 2020.

 

How to apply

If you’re not an existing or new recipient of Coronavirus supplement you’ll need to apply to Services Australia.

4. INCREASED AND ACCELERATED INCOME SUPPORT

 

Eligibility

Both existing and new recipients of Jobseeker Payment, Youth Allowance Jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit.

Timing

The Coronavirus Supplement and expanded access for payments will commence from 27 April 2020.

 

How to apply

If you’re not an existing or new recipient of Coronavirus supplement you’ll need to apply to Services Australia.

5. ASSISTANCE FOR AFFECTED REGIONS, COMMUNITIES AND INDUSTRIES

Eligibility

The Deputy Prime Minister will work with affected industries and communities to develop recovery plans and measures.

Timing

The $1 billion will be available for distribution through existing or new mechanisms as soon as practicable.

 

5. ASSISTANCE FOR AFFECTED REGIONS, COMMUNITIES AND INDUSTRIES

Eligibility

The Deputy Prime Minister will work with affected industries and communities to develop recovery plans and measures.

Timing

The $1 billion will be available for distribution through existing or new mechanisms as soon as practicable.

 

6. EARLY ACCESS TO SUPERANNUATION

Eligibility

    • You are unemployed; or
    • You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance;
    • on or after 1 January 2020

– you were made redundant; or
– your working hours were reduced by 20% or more; or
if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.

How to apply

Applications through the ATO via www.my.gov.au

Timing

You will be able to apply for early release of your superannuation from 20 April 2020.

 

6. EARLY ACCESS TO SUPERANNUATION

Eligibility

    • You are unemployed; or
    • You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance;
    • on or after 1 January 2020

– you were made redundant; or
– your working hours were reduced by 20% or more; or
if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.

How to apply

Applications through the ATO via www.my.gov.au

Timing

You will be able to apply for early release of your superannuation from 20 April 2020.

 

7. SME GUARANTEE SCHEME

Timing

The Scheme will commence by early April 2020 and be available for new loans made by participating lenders until 30 September 2020.

How to apply

If you’re interested in the Coronavirus SME Guarantee Scheme you should approach your financial institution for more information. The Government is working with banks and other lenders to ensure loans are available as soon as possible.

Get a Government Guarantee Business Loan

7. SME GUARANTEE SCHEME

Timing

The Scheme will commence by early April 2020 and be available for new loans made by participating lenders until 30 September 2020.

How to apply

If you’re interested in the Coronavirus SME Guarantee Scheme you should approach your financial institution for more information. The Government is working with banks and other lenders to ensure loans are available as soon as possible.

 

8. ASSISTANCE TO HELP PAY THE WAGES OF APPRENTICES OR TRAINEES

Eligibility

Eligible employers can apply for a wage subsidy of 50% of the apprentice or trainee’s wage for up to 9 months from 1 January 2020 to 30 September 2020. The subsidy will be available to small businesses employing fewer than 20 full-time employees who retain an apprentice or trainee. The apprentice or trainee must have been in training with a small business as at 1 March 2020.

Timing

Employers can register for the subsidy from early April 2020. Final claims for payment must be lodged by 31 December 2020.

Applications through the ATO via www.my.gov.au

8. ASSISTANCE TO HELP PAY THE WAGES OF APPRENTICES OR TRAINEES

Eligibility

Eligible employers can apply for a wage subsidy of 50% of the apprentice or trainee’s wage for up to 9 months from 1 January 2020 to 30 September 2020. The subsidy will be available to small businesses employing fewer than 20 full-time employees who retain an apprentice or trainee. The apprentice or trainee must have been in training with a small business as at 1 March 2020.

Timing

Employers can register for the subsidy from early April 2020. Final claims for payment must be lodged by 31 December 2020.

Applications through the ATO via www.my.gov.au

9. CASUAL EMPLOYEES

9. CASUAL EMPLOYEES

10. WAGE GUARANTEE FOR WORKING AUSTRALIANS

Eligibility

  • Eligible employers can apply for a wage subsidy of 50% of the apprentice or trainee’s wage for up to 9 months from 1 January 2020 to 30 September 2020.
  • The subsidy will be available to small businesses employing fewer than 20 full-time employees who retain an apprentice or trainee.
  • The apprentice or trainee must have been in training with a small business as at 1 March 2020.

Timing

The subsidy will start on 30 March 2020, with the first payments to be received by employers in the first week of May. Businesses will be able to register their interest in participating in the Payment from 30 March 2020 on the ATO website.

 

How to apply

To be paid by the ATO to employers affected by the economic downturn.

10. WAGE GUARANTEE FOR WORKING AUSTRALIANS

Eligibility

  • Eligible employers can apply for a wage subsidy of 50% of the apprentice or trainee’s wage for up to 9 months from 1 January 2020 to 30 September 2020.
  • The subsidy will be available to small businesses employing fewer than 20 full-time employees who retain an apprentice or trainee.
  • The apprentice or trainee must have been in training with a small business as at 1 March 2020.

Timing

The subsidy will start on 30 March 2020, with the first payments to be received by employers in the first week of May. Businesses will be able to register their interest in participating in the Payment from 30 March 2020 on the ATO website.

 

How to apply

To be paid by the ATO to employers affected by the economic downturn.

11. LENDER HARDSHIP SUPPORT:

Process Weblink (if applicable)
Adelaide Bank Call Mortgage Help Centre on 1300 650 259
AMP Bank TBA
ANZ Call ANZ Customer Connect Team on 1800 252 845 Mon-Fri, 9.00am to 7.00pm (AEST) https://www.anz.com.au/about-us/sustainability/financial-hardship/
Australian Military Bank TBA
Auswide Bank TBA
Bank of Sydney Call 13 95 00 (Mon – Fri, 9am -5pm AEST) https://www.banksyd.com.au/financial-hardship.html
BankWest Call Customer Assist 1300 769 173 or email customer.assist@bankwest.com.au https://www.bankwest.com.au/personal/guides/financial-hardship-assistance
Better Choice TBA
Bizcap (1300) 922 223 https://www.bizcap.com.au/
Bluestone TBA
BOQ Call 1800 079 866 https://www.boq.com.au/About-us/media-centre/media-releases/2020-02-26
CBA Call 13 2221 – 6am to 10pm https://www.commbank.com.au/latest/support-for-home-loan-customers.html
Citibank Call 1300 300 470 https://www1.citibank.com.au/help-and-support/financial-hardship
Get Capita 1300249649 https://www.getcapital.com.au/
Heritage Bank Call 13 1422
ING Call 133 464
La Trobe Call helpline on 1800 620 639
Lender Process Weblink (if applicable)
Liberty Call 13 11 33 or email help@liberty.com.au https://www.liberty.com.au/about-us/covid-19-update
Macquarie If they’ve been impacted by COVID-19, they can request a payment pause on their Macquarie product(s). Complete form in link https://www.macquarie.com/au/personal/forms/financial-hardship
Max Funding 1300 411 411 https://www.maxfunding.com.au/
ME Bank TBA
MKM Capital Email customerservice@mkmcapital.com.au
Moula 1300 88 58 93 https://moula.com.au/
MyLoan (Advantedge) Borrowers or brokers on their behalf should send an e-mail to Advantedge.customercare@advantedge.com.au with reasons
MyState TBA
NAB Home Loan clients is 1300 683 106. Business clients is 1300 769 650. https://www.nab.com.au/common/forms/nab-assist-request-for-financial-hardship-assistance
Ondeck 1800 676 652 https://www.ondeck.com/
Paramount TBA
Pepper Call customer support team on 1800 356 383
Prospa 1300 882 867 https://www.prospa.com/
Qudos Bank Call contact centre on 1300 747 747 or email assistance@qudosbank.com.au
Resimac Email financialassistance@resimac.com.au https://www.resimac.com.au/coronavirus-support
Spotcap 1800107010 https://www.spotcap.com.au/
St George Client to complete form in link https://www.stgeorge.com.au/about/sustainability-and-community/disaster-relief/covid-19?pid=iac:br:COVID_2003::hpg_a
Suncorp Call 131155
Teachers Mutual Bank Call 1800 862 265 https://www.tmbank.com.au/contact/financial-hardship/credit-assistance
Westpac Call 1800 067 497 https://www.westpac.com.au/help/disaster-relief/coronavirus/?pid=iwg:sc:COVID-&ttid=DCV_1947-TG-WBC-C-NA-CM-P:

11. LENDER HARDSHIP SUPPORT:

12. ATO SUPPORT:

12. ATO SUPPORT:

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CONTACT INFORMATION

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  • 1300 617 673

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