Following the Australian Government’s recent $17.6 billion corona virus economic stimulus package and the NSW government’s $2.3 billion package, the Queensland and Western Australia governments have today announced measures to support businesses in their respective states.
Effective from 17 March 2020, a freeze will be placed on household fees and charges, including electricity, water, motor vehicle charges, the emergency services levy and public transport fares.
As part of its stimulus package, the Western Australia government announced that payroll tax paying businesses with a payroll between $1 million and $4 million will receive a one-off grant of $17,500 to assist them to manage the impacts of COVID-19.The payroll tax threshold will also increase to $1 million from 1 July 2020, six months earlier than planned.
On top of this, small and medium sized businesses affected by COVID-19 can now apply to defer payment of their 2019-20 payroll tax until 21 July 2020. The deferral is available to employers who pay $7.5 million or less in Australian Taxable Wages and have been directly or indirectly impacted by COVID-19, compared to normal operating conditions.
If you require more information or would like some support accessing any of the support measures announced, please contact the Crowe Tax Advisory Team.