QLD Government COVID-19 economic relief package

The initial roll-out of the package has been somewhat vague, with more emphasis on how much the government will be giving, and less about the practical realities of eligibility and application processes. The following is a summary of where the Queensland Government’s $4 billion Covid-19 business support package will be going.

$2.5 billion for workers and industry

The worker and industry support package includes:

  • Up to $500 million to assist workers who lose their job or income with retraining, job-matching and other help to transition into jobs in the industries that are vital to get Queensland through this crisis – such as health care, agriculture, food production, transport, cleaning and mining.

Payroll Tax Relief

  • Immediate payroll tax refunds of $740 million for COVID-19 affected businesses
  • A payroll tax holiday and deferral until the end of 2020 for eligible businesses

Small and medium businesses

All small and medium businesses (payroll up to $6.5M) in Queensland will be eligible for:

  • A two-month refund of payroll tax, giving an average of nearly $9,000 cash
  • A three-month payroll tax holiday, saving an average of $13,360

In addition, they will be eligible to defer all payroll tax payments for the rest of 2020.

Large businesses

Larger businesses (payroll over $6.5M) affected by COVID-19 will also be eligible for the two-month payroll tax refund and have their deferral extended for all of 2020.

All this means no Queensland business impacted by COVID-19 will have to make a payroll tax payment this year.

Industry Support Package

  • The Industry Support Package will assist large businesses through this period to ensure they will be able to scale up and service the community when economic activity improves.
  • For futher detail on the Industry Support Package email COVID19ISP@treasury.qld.gov.au

Other support for business

  • Relief for businesses renting government premises.
  • $500 rebate on electricity bills for all Queensland small and medium sized businesses that consume less then 100,000 kilowatt hours. This will be automatically applied to electricity bills.
  • Liquor licensing fees waived for business impacted by enforced safety industry shutdowns.

$300 million for households

  • $200 rebate for all 2.1 million Queensland households (including the $50 Asset Ownership Dividend already announced) to offset the cost of water and electricity bills.
  • Automatically applied through household electricity bills.

$1.2 billion for health

This funding boost will increase the capacity of Queensland’s health system to confront COVID-19. This includes the expansion of:

  • fever clinics
  • emergency department capacity
  • acute care services
  • regional aeromedical services for our remote communities.

Visit Business Queensland for more information.

Immediate Industry Recovery Package

An Immediate Industry Recovery Package, valued at $27.25 million, will assist local government, business and industry with resilience and recovery strategies to deal with and mitigate impacts of COVID-19 (coronavirus).

The package includes targeted financial support and advice; promotes Queensland locally and abroad through marketing and media activities; and provides counselling and support to businesses and students.

 

More Info

As and when more information becomes available, C&D will be posting updates and summaries of relief packages for small business owners on our dedicated resource page. If you’re struggling financially in these difficult times, please feel free to reach out to our experienced team for help. We’re offering free, confidential, no-obligation consultations for business owners to assess their options.

Call 1300 023 782 or email team@cdrta.com.au

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Craig is the principal consultant of C&D Restructure and Taxation Advisory and has been working in the industry since 1999. Having established C&D Commercial Partners in 2015 the precursor to the current business.

Post Author: Craig Dangar

Craig is the principal consultant of C&D Restructure and Taxation Advisory and has been working in the industry since 1999. Having established C&D Commercial Partners in 2015 the precursor to the current business.

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