Support and Stimulus From The Federal and Queensland Governments Regarding COVID-19
|Federal (All States)|
|Summary||Our information||Helpful Resources|
|JobKeeper Payment||Program is now finished|
|Cash Flow Bonus for employing staff||Program is now finished|
|Support for employers of apprentices and trainees |
50% subsidy for apprentice and trainee wages.
|Federal Program now finished.|
Queensland incentives still available
|Government Guarantee of Loans |
Phase 2 of the SME Guarantee Scheme ends on 30 June 2021.
The new SME Recovery Loan Scheme is now in progress and is available until 31 December 2021. This is restricted to recipients of JobKeeper payments during the March 2021 quarter.
|Access to Superannuation|
For people suffering financial hardship as a result of COVID-19 the Government has made special provision for early access to $10,000 from their superannuation in 2019/20 and a further $10,000 in 2020/21. An application must be made online through MyGov and the criteria for eligibility have been specifically designed to identify individuals who are not working or who are trading as sole traders and have suffered a significant downturn in revenue. Funds will be tax free.
|Program is now finished|
|Decreased Minimum Pensions|
For the 2019/20 and 2020/21 financial years, minimum pensions have been temporarily reduced by 50%. This measure is designed to allow those individuals in pension phase to preserve assets that may otherwise have to be sold to fund minimum pensions drawdowns.
|Increased instant asset write-off|
Receive an immediate deduction for business assets purchased until 30 June 2022.