The Queensland government have released a more comprehensive economic relief package for COVID-19.
This is in additional to their initial release on 17 March 2020: https://www.tjnaccountants.com.au/qld-government-coronavirus-industry-recover-package/
Payroll tax relief
Small and medium businesses
Small and medium businesses (payroll up to $6.5 million) in Queensland will be eligible for:
- A two-month refund of payroll tax (November and December 2019 payroll tax returns);
- A three-month payroll tax holiday (January, February and March 2020).
All payroll tax payments can be deferred for the rest of 2020
Large businesses (payroll over $6.5 million) will be eligible for the two-month payroll tax refund (January and February 2020) and have their deferral extended for all of 2020.
How to apply for the payroll tax refund
You can apply for a refund of the payroll tax via the online portal at www.business.qld.gov.au.
The refund will be paid within 48 hours of you completing all the required steps. Applications must be made before 31 May 2020
Other support for business
Other support announced for business includes:
- Relief for businesses renting government premises;
- $500 rebate on electricity bills for all Queensland small and medium sized businesses that consume less than 100,000 kilowatt hours (this will be automatically applied to bills)
- Liquor licensing fees waived for business impacted by enforced safety industry shutdowns.
Households will be eligible for a $200 rebate to offset the cost of water and electricity bills. This will automatically be applied through household electricity bills.
DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent.
Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or lifting weights in her local CrossFit gym. Book in to see Jeanette today.