COVID-19 Stimulus & Support Measures Summary
Across Australia, Government imposed restrictions are having serious, unparalleled impacts on business and personal activities. Financial viability is an urgent priority, and to assist businesses many support initiatives have been announced.
The Government has already announced the following initiatives.
Where the business is operated as a partnership, company or trust, the eligible entity can receive JobKeeper payments in relation to one nominated partner, beneficiary, director or shareholder who works in the business.
Tax-free payments up to $100,000 for employers. The cashflow boost is triggered when eligible businesses lodge their Activity Statement. No separate application form needs to be submitted. The boost will generally reduce any liability on your activity statement (meaning you pay less to the ATO). Where the cashflow boost exceeds the liabilities owed to the ATO, you should generally receive a refund of the excess within 14 days.
Wage subsidy of up to 50% of an apprentice or trainee wage Temporary early release of superannuation.
First round of $750 payments to support social welfare recipients.
Underwriting small business loans via the Coronavirus SME Guarantee scheme.
Voltex has been working with our accounting partner to compile a document with the current COVID-19 stimulus incentives relevant to electrical contractors, complete with links to the forms on the Government sites to apply.
This document will be updated as changes are made by the Federal and State governments.
We do need to remind you that this advice is general in nature and you should seek the advice of your accountant before proceeding with it
In Australia we have fortunately been spared a type of total lockdown that hs been enforced in countries like New Zealand.
The rationale for all these "lockdown" scenarios is that Covid 19 is very readily transferred between humans and it can also survive on surfaces for far longer than most viruses, then get picked up by human touch.
If the human then touches their face it can easily find its way into the respiratory system.
A simple handshake, touching of a doorknob, pushing elevator buttons, answering a phone and contacting other common objects in public areas can all be sources of germs.
This is why it is so important to maintain
Social distancing, Personal hygiene and Basic disinfection routines at home and in the workplace.
Home hygiene therefore must encouraged to help prevent home infections being transmitted to the workplace.
In businesses where cross-infection has been identified as a greater risk, Governments globally have arbitrarily forced them to close.
Many people who get Covid19 will experience only mild symptoms but are still very contagious. The people they transmit it to may be more vulnerable and quickly require Intensive Care Unit (ICU) hospitalisation.
This is what has caused the greatest concern globally, because hospital ICU wards and systems were never designed to cope with the scale of demand that Covid19 is causing, and ICU units in some countries have been totally overwhelmed.
Meaning: ICU staff in some places have been forced into the horrendous situation of having to decide who to extend full care to, and who to leave out in the corridor and "let go"…
Helping avoid this escalation is why WE ALL are critical links in the battle to contain Covid19 through social distancing and sanitisation routines.
This Government website is updated daily with news and statistics about the war on Covid19.