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The Queensland government released its own state stimulus package late last week, offering payroll tax relief for eligible businesses and low-interest loans to help businesses retain employees.  

Payroll Tax relief package

• The QLD Government will extend the offer of a six-month payroll tax deferral to all affected QLD businesses.
• This will be applicable to you, if you are an employer paying less than $6.5 million in Australian taxable wages, or if your business has seen a negative effect on turnover, profit, customers, bookings, sales or supply contracts – compared to normal operating conditions – due to been directly or indirectly affected by COVID-19.

Support for SMEs

• In addition to the payroll tax deferral to SMEs, the Queensland government has made $500 million available in loans to support workers in businesses affected by COVID-19.
• This new $500 million loan facility, will comprise of loans up to $250,000 and will be interest free for the first 12 months, to support Queensland businesses in business and help retain staff.
• Further detail is expected to be released regarding the application process by Wednesday 25/3.

If you would like to discuss your situation further, please speak to your accountant via the details below or email enquiry@primefinancial.com.au

Matthew Smith – matts@primefinancial.com.au 
John Driscoll – johnd@primefinancial.com.au

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