COVID-19 Economic Support – Queensland

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

This post is provided to you by Prime Accounting and Business Advisory Pty Ltd. Liability limited by a scheme approved under Professional Standards Legislation. This post is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this post. All information is subject to change without notice. We and each party providing material displayed in this post disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of information or material in this post. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.

SPEAK WITH US TODAY

A unique and personal service approach and support for all your business advisory and personal wealth management needs

Request a consultation

A unique and personal service approach to support all your business advisory and personal wealth management needs.

Request a consultation