COVID-19 Financial Support

31 Mar 2020

Businesses are doing it tough. We've pulled together some resources business owners can lean on to help keep staff on and pay for changes to their business.

BlueReef Technology can assist with phone systems, Office 365, Cloud Desktop, Security Cameras, and anything else you may need to change your working "normal" during the COVID-19 pandemic. 

NTG - Business Recovery - Business Improvement Grant

The Northern Territory Government is delivering a $120 million Jobs Rescue and Recovery plan to help keep Territorians in jobs.

Business Improvement Grant

A new program will deliver $20 million through the Business Improvement Grant program.

All Territory businesses will be able to access a $10,000 grant.

For work valued at more than $10,000, the co-contribution by the Territory Government is limited to $10,000 on a dollar-for-dollar basis up to a maximum grant of $20,000.

See details here

NTG - Business Recovery - Small Business Survival Fund

Small Business Survival Fund

The new $50 million Small Business Survival Fund will help local Territory businesses survive the unprecedented economic impacts of coronavirus (COVID-19).

This fund is specifically targeted at supporting industries such as retail, hospitality, tourism and entertainment businesses.

Eligible businesses will be able to apply for two payments:

  • an immediate survival payment of between $2,000 and $50,000 to help offset the immediate cost pressures on businesses
  • a rapid adaption payment of between $1,000 and $5,000 to help businesses make the necessary changes they need to help adapt to the new operating environment.

See details here

FED - JobKeeper Payments

The JobKeeper Payment is a subsidy to businesses, which will keep more Australians in jobs through the course of the coronavirus outbreak. 

The payment will be paid to employers, for up to six months, for each eligible employee that was on their books on 1 March 2020 and is retained or continues to be engaged by that employer. 

Where a business has stood down employees since 1 March, the payment will help them maintain connection with their employees.

Employers will receive a payment of $1,500 per fortnight per eligible employee. Every eligible employee must receive at least $1,500 per fortnight from this business, before tax.

The program will commence today, 30 March 2020, with the first payments to be received by eligible businesses in the first week of May as monthly arrears from the Australian Taxation Office. Eligible businesses can begin distributing the JobKeeper payment immediately and will be reimbursed from the first week of May. 

Eligible employers will be those with annual turnover of less than $1 billion who self-assess that have a reduction in revenue of 30 per cent or more, since 1 March 2020 over a minimum one-month period. 

See more details here

FED - Accelerated depreciation deduction arrangements

A time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.

accelerated depreciation deduction

FED - The increased instant asset write-off

Under normal circumstances, individual assets less than $30,000 are eligible for the instant asset write off. The Government has lifted this threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020.

increased instant asset write-off

FED - Boosting cash flow for employers

Employers will receive a payment equal to 100 per cent of their salary and wages withheld (up from 50 per cent), with the maximum payment being increased from $25,000 to $50,000 and the minimum payment increased from $2,000 to $10,000.

An additional payment is also being introduced equal to the total of all of the Boosting Cash Flow for Employers payments received. This means that eligible businesses will receive at least $20,000 up to a total of $100,000 under both payments.

Not-for-profit entities will also be eligible.

Boosting cash flow for employers

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