States and Territories around Australia have put in place measures to assist businesses to continue amid the economic impact of COVID-19 lockdowns and restrictions. As many States and Territories deal with lengthy periods of reduced business activity, tax professionals and accountants are being called on to assist their clients in understanding their eligibility for various support measures, navigating the application process and in understanding how the offered assistance will practically impact their business and employees.
For many, this has been frustrating due to changing guidance. We are working closely with some State governments and monitoring the information provided by others in order to keep our members updated with the latest on these vital measures.
We'll be updating the below summary document each week as new information arises. This summary includes a breakdown of key information like payment amount, open dates, required aggregated turnover and decline in turnover and other key conditions for various measures, including:
- NSW COVID-19 Business Grant
- NSW JobSaver Program
- NSW Micro-business Grant
- NSW Small business fees and charges rebate
- Victorian Small Business COVID Hardship Fund
- Queensland 2021 COVID-19 Business Support Grant
- ACT COVID-19 Business Support Grant
- ACT COVID-19 Small Business Hardship Scheme
- SA COVID-19 Business Support Grant - July 2021
- SA COVID-19 Additional Business Support Grant
- Tasmanian Business Hardship - Border Closure Critical Support Grant
- WA Small Business Lockdown Assistance Grant: Round Two June 2021
- NT Territory Business Lockdown Payment Program - Lockdown (round 2) payment
It also includes some key common exclusions and outlines the use of business grant funds.
We hope this summary helps resolve some of your client questions. To discuss COVID-19 support measures or the challenges you're acing at the moment with fellow members of The Tax Institute, head over to our Community platform.
This comprehensive breakdown of current COVID-19 support measures is a resource for The Tax Institute's members. If you'd like to become a member, to access this and leading resources like it, explore membership options today.
We update this summary regularly in order to bring you the latest information. Past versions are still available below.
- Snapshot and report: COVID-19 financial support for households and businesses
- Webinar: Part 1: 2021 COVID-19 Support Measures
- Webinar: Part 2: 2021 COVID-19 Support Measures