
Get exclusive shopping offers and guides
Straight to your inbox
Updated
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Many Australian SMEs are fighting to keep heads above water as the pandemic plays out. In response, the government is issuing a series of cash grants, refunds and waivers to eligible businesses affected by COVID-19. If your business could benefit from a cash flow injection that you don't have to repay, see this guide for more details.
On 22 March 2020, the Australian government announced a $66 billion stimulus package to support the Australian economy through the COVID-19 outbreak. This is in addition to the $17.6 billion package announced on 12 March.
As part of the new package, up to 700,000 Australian businesses and 30,000 not-for-profits will be eligible for grants. These tax-free grants are available from $20,000 to $100,000 and are to be issued to eligible businesses when they lodge their activity statements (BAS or IAS). The grants will consist of what's referred to as "initial cash flow boosts" and "additional cash flow boosts". These cash flow boosts are set to benefit businesses employing around 7.8 million people across Australia.
The initial cash flow boosts will be issued in two or four instalments. This will depend on whether you pay tax quarterly (x2 instalments) or monthly (x4 instalments). The total of this two or four instalment grant will be a minimum of $10,000 and a maximum of $50,000 per business. Eligible businesses will receive these cash flow boosts from 28 April 2020.
Businesses that received the initial cash flow boosts will receive additional cash flow boosts for the periods June to September 2020. These will be equal to the total amount of initial cash flow boosts your business received and will also be delivered in either two or four instalments, depending on your business's reporting period.
For your business to be eligible it must have:
Eligible payments include:
*Ref: ato.gov.au
The amount your business will qualify for will depend on the amount of tax your business pays on employee wages. Eligible businesses will receive a credit equal to 100% the amount of tax withheld on employees' wages up to a maximum of $50,000.
You do not need to apply for these grants, you simply need to lodge your activity statement. If your business is eligible, the cash flow assistance will be delivered as credits in the activity statement system from the government's announced date of 28 April 2020. Lodging your activity statement early will not see you receive funds any earlier than this date.
Other government grants available to businesses will vary by state. See what grants, refunds and waivers are available in your state below.
If your business is based in the ACT you can expect government grants, refunds and waivers in response to COVID-19 such as:
If your business is based in NSW you can expect grants, refunds and waivers such as:
The Victorian government announced a $1.7 billion stimulus package on 21 March 2020 to support workers and small businesses. If your business is based in Victoria and is struggling as a result of COVID-19 you can expect grants, refunds and waivers such as:
If your business is based in Queensland you can expect grants, refunds and waivers such as:
If your business is based in the Northern Territory and has been affected by COVID-19 you may qualify for these grants:
Northern Territory businesses can also expect:
Businesses based in Western Australia affected by COVID-19 can expect:
Businesses based in Tasmania that are affected by COVID-19 can expect:
On 30 March 2020 the government announced a new $130 billion stimulus package that gives employers a $1,500 subsidy per fortnight for each eligible member of staff that they keep on payroll during the pandemic. This money is intended to encourage businesses, even if they have been forced to close down for the duration of the pandemic, to keep employees on their books.
To find out everything you need to know about the JobKeeper's stimulus package, click here.
Remember: While a government grant may help your business, it may not be enough to keep it afloat. There are other relief measures and business loan options available to businesses during the outbreak that could be of further assistance.
Finally some good news. Here are the details on how Australia will handle the COVID-19 vaccine rollout.
Your guide to choosing a COVID check-in app and how to manage customer check-ins at your business.
SPONSORED: You need to look after your financial health, not just your physical and mental health, during the COVID-19 pandemic. Here's how to do it.Â
The Federal Budget includes a number of new schemes that could help your business including tax offsets, asset write-offs and wage subsidies for new hires.Â
The government wants to be a leading digital economy by 2030.
The complete guide to how tax changes and new regulations will hit your wallet.
SPONSORED: Hundreds of companies have candidate COVID-19 vaccines in the works, but just a handful are in the final league.
SPONSORED: Reporting season is giving us a glimpse into which companies might succeed in the post-COVID-19 world.
Finder speaks with investment experts from around the world about what investing looks like in a post-COVID-19 world.