Businesses in Canberra who have been impacted by the recent covid-19 lockdown are now able to apply for support grants which are being provided by the ACT Government.

Businesses who are eligible will be able to receive up to $10,000 (businesses with employees) or $4,000 (for businesses without employees). These funds will be available for businesses who have experienced a decline in revenue as a consequence of the lockdown.

To receive the funding, the ACT business must demonstrate that they have experienced at least a 30 percent reduction in revenue for a consecutive seven-day trading period anywhere between Friday 13th August and Thursday 2nd September 2021. This will be evaluated by comparing the loss of revenue to the trading period from April 2021 onwards.

Businesses applying must also be registered for GST and have operated as a business in the ACT since 1st April 2021. Businesses are also required to have a turnover of at least $75,000 (ex. GST) per annum.

Businesses who have employees must also have employees based in the ACT and a total Australia-wide payroll of under $10 million.

Applications can be made via the ACT Government Business Hub. Successful grant applicants can expect to receive a payment within 30 days of their application being received. 

The ACT Government was quick to announce that there has been huge interested in the scheme and as a result of this the payment timeframes are most likely set to be extended.

NSW Government Expands JobSaver Scheme To Assist More Businesses During Lockdown

The NSW State Government has announced that large hospitality and tourism businesses that have revenues of up to $1 billion are now eligible for JobSaver following the announcement of an extension of the scheme.

The expansion to large businesses in the tourism, hospitality and recreation industries means that businesses who have an annual turnover between $250 million and $500 million receive 40 percent of their weekly payroll at a maximum of $300,000 a week.

Larger businesses who have a turnover between $500 million and $1 billion can anticipate to recieve up to $500,000 each week.

Previously, the JobSaver program had only previously provided eligible businesses with revenues between $75,000 and $250 million with weekly payments of up to $100,000.

The changes to the support package were made a few days after NSW Premier Gladys Berejiklian announced that the Greater Sydney lockdown would be extended until the end of September.

Australians In Lockdown Have Had Bills Increased By $233

Over 15 million Australians are living in strict lockdown conditions as of 19th August. Although there are many people who are saving money as a result of staying at home, the cost of living for many is surprisingly only getting more expensive.

Recently published research has demonstrated that 27 percent of Australian households have seen their quarterly energy bills increase since lockdown began, with the average quarterly energy bill now $344.

One of would assume that it would be easier for Australians to save money during lockdown as they are not driving very often and aren’t going out to dinner. However, as a result of more people spending prolonged amounts of time inside, the costs associated with running heaters and air conditioners for an average four hours per day is expected to cost households at least another $233 over winter on top of their quarterly bill.

For Australians who are currently in lockdown and wanting to reduce the amount of money you spend, it would be a good idea to keep a close eye on how much money you are spending online. Make sure you don’t have your lights and heaters on all day if it is unnecessary. It is also important to keep in mind that streaming content on platforms such as Netflix can also drive up your internet bill if you currently don’t have an unlimited plan.

The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 07 36086800. 

The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 1300 1 VAULT (1300 182 858)

Post Author: Craig Dangar

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