The Government has announced the following support for sole traders through their economic response packages:
- The increased instant asset write-off
- Accelerated depreciation deductions
- Increased and accelerated income support, including the JobSeeker Payment (formerly Newstart)
- Guaranteeing loans to small business
- Early access to superannuation
- Additional tax support
You can find out more information about the support being offered to sole traders and businesses here.
The Federal Treasury has also established a Business Liaison Unit to engage with business and industry groups, if you haven’t already done so I would encourage you to contact your relevant industry group to provide feedback.
In addition, Australia’s major banks last week announced a small business relief package to provide assistance to small business during this crisis. If you haven’t already spoken with your bank I would strongly encourage you to do so and see what support is available for your business.
Here you will find the latest on government initiatives and relief packages for businesses in relation to Coronavirus (COVID-19).
The Government has announced a stimulus packaged aimed at supporting businesses retain their employees. Click here for more information.
Relief for commercial tenants
The Government has announced a range of measures to help renters. This includes a temporary hold on evictions and a mandatory code of conduct for commercial tenancies to support small and medium sized enterprises (SMEs) affected by coronavirus. For more information, click here.