Last Updated 5 August 2020
Overview of Government Support
With impacts to business and industry sectors across the economy, governments at both a state and federal level have announced a number of measures to help ensure businesses are supported during this difficult time.
We will do our best to keep this page updated with relevant information for your business. As the situation evolves and additional support measures are put in place, we do encourage you to keep checking the key Government websites linked below for the latest information.
For sole traders, these measures include:
- Access to an increased instant asset write off
- Access to the Backing Business Investment (BBI) Incentive
- SME Guarantee Scheme
- Early access to superannuation
- Tax support
If you Employ Staff
If you employ staff, these measures include:
- Temporary cash flow support
- Income support payments for casual employees
If you own a Company
If you own a company, these measures include:
- Temporary relief for financially distressed businesses
- The increased instant asset write-off
- Accelerated depreciation deduction arrangements
- If you are in receipt of an income support payment there are increased levels and accelerated support available
- Individual states and territories have also announced their own support initiatives.
- Australian Banks have also introduced a Small Business Relief Package which will allow eligible businesses to defer repayments for up to 6 months.