Earlier today, the Queensland State Government announced its extended economic rescue package - providing an additional $4 billion in financial aid measures.
We've provided a brief summary of the support announced below:
Payroll Tax Assistance - Extended Support
The QLD Government has announced additional measures to their Payroll Tax Assistance Program - helping Queensland businesses to manage their Payroll Tax affairs in response to COVID-19.
The new measures are outlined below:
- A two-month Payroll Tax Refund for all Queensland businesses;
- A three-month Payroll Tax 'Holiday' period for QLD SME businesses - under $6.5 million wage-bill; and
- A six-month Payroll Tax Deferral for all QLD businesses.
To access the Payroll Tax Assistance Program, the QLD Government is actively working to establish an online portal for businesses to submit their application - due to be released 'live', alongside a further announcement, in the coming days.
Rent Relief for Businesses
As part of the extended package, the QLD Government has announced its rent relief assistance for businesses who rent premises from the State Government.
Whilst further details are to be released surrounding this package, the QLD Government is urging private landlords to follow their initiative in providing rent relief support to businesses.
Energy / Utilities Rebate
Additionally, the announcement outlined that Sole Traders and Small-to-Medium Businesses will receive a $500 rebate on their energy bill for this year, which will be automatically applied.
Liquor License Fees
The QLD Government are also waiving their Liquor Licencing Fees for venues which have closed their doors as a result of COVID-19.
Interest-Free Concessional Loans
Following its previous announcement last week to provide interest-free Concessional Loan support to businesses impacted by Coronavirus, the QLD Government has outlined that they are currently working to develop & implement an online portal to support/process applications, and provide the financial aid as soon as possible.
The program will offer loans of up to $250,000 with an initial 12-month interest free period to help businesses retain their staff. Following this period, businesses may be eligible to apply for a loan 'holiday' period.
For More Information
For more information on the extended relief packages to be provided by the QLD Government, please contact the Archer Gowland office on (07) 3002 2699.