Federal Government support

On 12 March 2020, the Federal government announced:

• 50 per cent wage subsidy for apprentices and trainees
• Increase in the instant asset write off threshold to $150,000
• 50 per cent accelerated depreciation for investments.

On 22 March 2020, the Federal government announced:

• Early access to superannuation capped for sole traders who have seen their hours of work or income fall by 20 per cent or more
• Additional payments for employers of up to $100,000 to help businesses retain staff and continue operating
• Greater leniency for insolvency and bankruptcy with the threshold at which a creditor can take action against a small business increasing from $2,000 to $20,000
• Will provide a guarantee of 50 per cent to small and medium enterprise (SME) lenders for new unsecured loans to be used for working capital for small to medium businesses.

On 29 March 2020, the Federal Government announced:

• The National Cabinet agreed to a temporary moratorium on evictions over the next six months for commercial and residential tenancies in financial distress who are unable to meet their commitments due to the impact of coronavirus.

On 30 March 2020, the Federal government announced:

• Eligible businesses impacted by the coronavirus will be able to access a subsidy, the New JobKeeper Payment, from the Federal Government to continue paying their employees
• Eligible sole traders will be granted access to the job seeker allowance.