With lots of news and updates on Government assistance to help deal with the impacts of COVID-19 on businesses, we thought it valuable to provide you with a comprehensive guide on incentives to ensure you can take advantage of any entitlements.
Current relief packages include support in the following areas:
- Federal Government JobKeeper 2.0 Scheme
- Queensland Payroll Tax Refund
- Queensland Land Tax Relief
- Queensland Small Business Adaption Grant (regional Queensland only)
- Tourism and Hospitality Provider Support
Further information on each of these support packages is below.
JobKeeper 2.0 Update
For information regarding JobKeeper 2.0, please refer to our blog article ‘Jobkeeper 2.0 Update’
Payroll Tax Support
Queensland employers who pay $1.3 million or more in Australia taxable wages annually are required to pay payroll tax in Queensland.
Payroll Tax relief is currently available for employers who pay $6.5 million or less in Australian taxable wages in a financial year, you can apply for a refund of payroll tax for July and August 2020.
To find out about eligibility and how to apply, please go to: https://www.business.qld.gov.au/running-business/employing/payroll-tax/lodging/coronavirus-tax-relief
Note: If you are wanting to apply for this tax relief package, the closing date is 30 October 2020.
Land Tax Relief
The land tax relief is currently available for Queensland commercial tenants and landlords who have been affected by COVID-19. Queensland commercial landlords can apply for one or more of the below support options:
- A 3-month deferral of land tax liabilities for 2020-21 assessment year
- A land tax rebate which will reduce land tax liabilities by 25% for eligible applicants for 2019-20 assessment year
- A waiver of the 2% land tax foreign surcharge for foreign entities for the 2019-20 assessment year.
Eligibility
You may be eligible for the land tax rebate if you fulfil the below criteria
- You are a landowner who leases all or part of a property to one or more tenants and:
- The tenants’ ability to pay their normal rent has been affected by the COVID-19 pandemic
- You will provide rent relief to the affected tenants
- You will comply with the leasing principles even if the relevant lease is not regulated (Please see the link) Leasing principles: https://www.treasury.qld.gov.au/budget-and-financial-management/revenue-and-taxation/leasing-principles/
- You are a landowner and:
- Your ability to secure tenants has been affected by the pandemic
- All or part of your property is marketed and available for lease
- You require support to meet your financial requirements
- You will comply with the leasing principles even if the relevant lease is not regulated (Please see the link) Leasing principles: https://www.treasury.qld.gov.au/budget-and-financial-management/revenue-and-taxation/leasing-principles/
Applying for the land tax rebate
- For 2019-20, applications close on the 31st October 2020
- For 2020-21, applications close on the 26th February 2021
For more information on application due dates and eligibility, email landtaxrelief@treasury.qld.gov.au or visit https://www.qld.gov.au/environment/land/tax/covid-19
Small & Micro Business Funding
The Small Business Adaptation Grant provides small and micro businesses with funding to assist in adapting their strategies and processes. Eligible businesses may receive funding up to $10,000 to assist with preparing for the safe re-opening and rebuilding of business operations.
Note: Applications are closed for South-East QLD, however regional QLD Businesses can still apply for the grant.
Grants may be used for:
- Business expenses, such as utilities and rent
- Digital training or re-training
- Digital strategy development
- Digital equipment and software for online business processes
- Marketing activities such as web pages and mobile apps
- Financial or legal advice
- Strategic planning or financial counselling
- Costs associated with COVID-19 safety compliance
Eligibility:
To be eligible, your business must meet the following criteria:
- Have a payroll of less than $1.3 million
- Be registered for GST
- Have a valid, active ABN
- Employ staff and have less than 20 employees (does not include business owners)
- Have experienced a minimum 30% decline since 23rd March 2020, over a minimum one-month period, due to COVID-19.
- Have had to close or have been heavily impacted by the shutdown restrictions
- The business cannot be insolvent or have owners/directors that are bankrupt
- Must have a headquarters in Queensland
For more information on eligibility, funding and applications, visit https://www.business.qld.gov.au/starting-business/advice-support/grants/adaption or email adapt@desbt.qld.gov.au
Tourism and Hospitality Provider Support
If you are a tourism operator or hospitality provider in Queensland and have been impacted by COVID-19, you may be eligible for the fees and charges relief.
Fees and charges relief may include:
- Waiving application fees for variations to liquor licences
- Rental relief packages for port businesses in Far North Queensland
- $2.3 million support package
- Waiving registration renewal fees for Inbound Tour Operators
- Renewal fees for Queensland registered inbound tour operators between 1st February 2020 and 31st July 2020 will be waived for 12 months.
- Waiving fees for commercial activity agreements and permits
- If you hold a current commercial activity permit or commercial activity agreement to conduct tours in protected areas or State forests, you may be entitled to temporary fee relief.
- Deferral of Tourism Lease Rent Payments
- Tourism leases, licences or permits to occupy are eligible for a rent waiver if they are currently operating under their lease, licence or permit.
- Waiving Great Barrier Reef Marine Park permit application assessment fees
- Rebate on Marina Charges and Passenger Levies
For more information of each of the above, please go to: https://www.business.qld.gov.au/industries/hospitality-tourism-sport/tourism or phone 1300 654 687
If you have any questions regarding any of the topics mentioned above, please do not hesitate to contact us at reception@mjjaccountants.com.au or phone (07) 5451 1118. We would be happy to help!
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