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April 02, 2020

State-Based Stimulus Package Initiatives | Queensland

State-Based Stimulus Package Initiatives | Queensland

In addition to the nationwide stimulus, states and territories have also created local business relief packages.  From payroll tax to electricity and loans, State Government initiatives for Queensland are outlined below. (Please click on the links in each section for more information.)

Payroll Tax Relief

A payroll tax relief measure has been created for eligible SMEs. These include:

  • An option for businesses to defer all payroll tax payments for the 2020 calendar year;
  • A 2-month refund of payroll tax; or
  • A 3-month payroll tax holiday.

The refund is for November and December 2019 tax returns, and the holiday is for January to March 2020 returns. To be eligible, Queensland employers must pay less than $6.5m in annual Australian taxable wages.

More information can be found here:

Queensland Government Joint Statement

Payroll Tax Relief for Large Business

For large business, relief includes:

  • An option for businesses to defer all payroll tax payments for the 2020 calendar year; or
  • A 2-month refund of payroll tax.

The refund is for January to February 2020 payroll tax returns. Large businesses are considered those who pay greater than $6.5m in Australian taxable wages.

More information can be found here:

Queensland Government: Coronavirus Payroll Tax Relief

Small Business Electricity Rebate

Those businesses who consume less than 100,000 kilowatt hours each quarter are eligible for a $500 rebate off their next energy bills.

More information can be found here:

Queensland Government: Electricity relief Q&A

Immediate Industry Support Package

A $27.35m support package has been allocated to provide relief for those Queensland businesses that are affected by COVID-19. The package includes support for SMEs and exporters through a $1.1m initiative, providing expert business advice to assist local government, business and industry with resilience and recovery strategies. Initiatives include:

  • A waiver of fees for liquor license charges for the hospitality business;
  • $1m available for student support services to assist students returning to study;
  • A waiver of inbound tour operator fees and commercial activity agreements for tourism operators; or
  • 100% rebate on marina fees for marina commercial operators and rent relief for marina tenants.

More information found here:

Queensland Government: Immediate Industry Support Package

Queensland Government: Business and Industry Support

Want to know more?

With the equity markets and Government support packages frequently changing, we are continually updating and creating new tools and information for you. To review the latest materials on COVID-19, please click here. This page will be regularly updated, so please check back in from time to time.

Below are some articles that may interest you:

Supporting you through the changes. From making the most of the stimulus initiatives, through to managing the risks associated with the impact of the Coronavirus, the Modoras team is here to help you build a resilient business. Make well-informed business decisions; contact us on 1300 888 803 book a catch up with a Modoras professional.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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