Information and Support for Business
Updated: 30 March 2020
Increasing the Instant Asset Write-Off
The instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). 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. Further information: https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/instant-asset-write-off
Backing Business Investment
A time limited 15 month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deductions. This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021. Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset cost.
Boosting cash flow for employers
The Government is now providing up to $100,000 to eligible small and medium-sized businesses and not-for-profits (including charities) that employ people, with a minimum payment of $20,000. The payment will be tax free.
Supporting apprentices and trainees
If you employ an apprentice or trainee you may be eligible for a wage subsidy of 50 per cent of their wage paid from 1 January 2020 to 30 September 2020. You can register for the subsidy from early April 2020.
Jobs Support Loans
Applications are now open for the Queensland Government’s $500 million COVID-19 Jobs Support Loan scheme. This scheme is for Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations. Low interest loans of up to $250,000 are available to assist with carry-on expenses such as employee wages, rent and rates and other related expenditure. Eligible business types include sole traders, partnerships, private and public companies and Trusts. All COVID-19 Jobs Support Loans will be provided for a term of 10 years, with no repayments or interest charged for the first year, followed by two years of interest only payments. Principal and interest repayments will commence from the third year for the remainder of the loan term. The Queensland Rural and Industry Development Authority (QRIDA) is responsible for the administration of these concessional loans.
Deferring payroll tax
You may be eligible for one or more of a range of payroll tax relief measures as a result of the impacts of coronavirus (COVID-19). These include refunds of payroll tax for 2 months, a payroll tax holiday for 3 month and deferral of paying payroll tax for the 2020 calendar year.
Market diversification and resilience grants
The Queensland Government are providing assistance for businesses impacted by the coronavirus (COVID-19) outbreak through the Market Diversification and Resilience Grants (MDRG) program. The MDRG program will benefit Queensland agriculture, food and fishing exporters and their critical supply chain partners, as well as industry organisations working with exporters to build resilience by diversifying into new markets (international or interstate). Equipment purchase grants of up to $7,500 (excluding GST) are available to support new equipment purchases up to a maximum cost of $10,000 (excluding GST). Project grants of up to $50,000 (excluding GST) are also available to support project activities.