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Support For Businesses

Support For Businesses

The Federal and Victorian State Government have announced a number Support For Businesses. 

Elite Bookkeeping is are committed to keep you informed and prepared as any new announcements are made.

Most Recent Announcements



JobKeeper scheme

Businesses will receive a fortnightly wage subsidy up to $1,500 per employee as part of a Federal Government bid to prevent millions of people from losing their jobs to the coronavirus pandemic.

Learn more about JobKeeper Scheme.

Link to the ATO JobKeeper page click here


Business Support Fund

The $500 million Business Support Fund will support the hardest hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail.

Learn more about State Business Support Fund.

UPDATE: Criteria and apply now click here


Assistance for affected regions, communities and industries

The Government has created an initial $1 billion support fund to provide assistance to industries and regions severely affected by the economic impacts of Coronavirus.

Read more about the assistance for affected regions, communities and industries.

JobKeeper Scheme

The JobKeeper Payment is designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain their job and continue to earn an income. The JobKeeper Payment will also be available to the self-employed. 

The Government will provide $1,500 per fortnight per employee for up to 6 months for eligible employers/employees. 

Learn more about JobKeeper Scheme.

IMPORTANT: You must register your interest for JobKeeper payments with the ATO.  Email us office@elitebbs.com.au so we can ensure your business is registered and we will confirm back once done. 

Business Support Fund

The $500 million Victorian Business Support Fund will support the hardest hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail.

The Government will work with the Victorian Chamber, Australian Hotels Association and Australian Industry Group to deliver the Fund, which will help these businesses – which may not be eligible for payroll tax refunds due to their size – survive and keep people in work.

Learn more about State Business Support Fund.

UPDATE: Criteria and apply now click here

Boosting cash flow for employers

Provides up to $100,000 back to small and medium-sized businesses, with a minimum payment of $20,000 for eligible businesses. The payments will provide cash flow support to businesses with a turnover of less than $50 million and not-for-profit entities that employ staff.  The payment will be tax free. Not-for-profit entities will also be eligible.

Learn more about Boosting cash flow for employers.

We will be identifying businesses in distress and ensuring that their BAS returns will be lodged by the first payment date of 28th April.

Assistance to help pay the wages of apprentices or trainees

Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage paid during the 9 months from 1 January 2020 to 30 September 2020. Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter).

Read more about the assistance to help pay for the wages of your apprentices or trainees.

Our understanding is these payments will be coordinated from your Australian Apprenticeships Support Network (AASN) provider and we suggest you make enquires with them or provide us with their details to discuss on your behalf when details become clear.

Assistance for affected regions, communities and industries

The Government has created an initial $1 billion support fund to provide assistance to industries and regions severely affected by the economic impacts of Coronavirus.

Read more about the assistance for affected regions, communities and industries.


Backing Business Investment (BBI)

A time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. 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’s cost.

Learn more about Backing Business Investment.

Unsecured Loans Scheme

This will provide businesses with funding to meet immediate cash flow needs, by further enhancing lenders’ willingness and ability to provide credit. Businesses with a turnover of up to $50 million will be eligible to receive these loans.

Learn more about the Coronavirus SME Guarantee Scheme.

We will keep your processing up to date to ensure we can provide current figures to the bank to enable businesses to obtain these loans. We suggest you contact your bank or broker to enquire on your particular circumstances.

Early access to superannuation

You can access up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21. You will be able to apply for early release of your superannuation from mid-April 2020.

Read more about early access to your superannuation.

Tax Support

The Australian Tax Office (ATO) is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis.

Please contact us regarding any support for your payment plans. We will keep you updated if there any changes to the ATO information including deferment of payment plans.

The increased instant asset write-off

Under normal circumstances, individual assets less than $30,000 are eligible for the instant asset write off. The Government has lifted this threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020.

Read more about the increased instant asset write-off .

Temporary relief for financially distressed businesses

The Government is temporarily increasing in the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive.

Learn more about temporary relief for financially distressed businesses

Accelerated depreciation deduction arrangements

A time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. 

Learn more about accelerated depreciation deduction.

Payroll Tax Refund

Businesses with annual taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived. This will support 24,000 businesses and up to 400,000 workers. The State Revenue Office will directly contact eligible businesses to reimburse them for payroll tax already paid in the financial year. Eligible businesses must continue to lodge returns but do not need to make further payments for this financial year. 

Learn more about payroll tax refund.

Liquor licence fees waived

Renewable liquor licence fees for 2020 will be waived. Businesses that have already paid will be reimbursed. The State Revenue Office will administer the reimbursement, regardless of whether the licence fee was paid to it or the Victorian Commission for Gaming and Liquor Regulation.

Learn more about liqour licence fees.

Land tax deferral

Landowners that have at least one nonresidential property and total taxable landholdings below $1 million have the option of deferring their 2020 land tax payment until after 31 December 2020. The State Revenue Office will contact all taxpayers who are eligible for this deferral.

Learn more about Land Tax deferral.

Australian Tax Office

We will need to lodge the BAS as usual by the due date. Although assistance is available now to help keep businesses operating, at this stage we are acting on the assumption that ATO debts will be deferred but not waived, therefore there will come a time when the debts will be due.

We will keep you updated as there any changes to the ATO information including deferment of payment plans.

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