This text was printed on Thursday, 19 August 2021. Because the COVID-19 state of affairs continues to develop, yow will discover the data you want on authorities help at Service NSW, Enterprise Queensland, Enterprise Victoria, Enterprise Tasmania, Enterprise Restoration NT, or the SA Enterprise Data Hub.
For the reason that pandemic’s arrival, many Australian states have confronted the continued problem of shifting lockdowns. And in consequence, a number of new help packages have been introduced to assist the tens of millions of small enterprise house owners impacted by stay-at-home restrictions. For advisors, this comes with the problem of navigating every grant’s eligibility necessities to work out if their shoppers qualify – generally, throughout a number of areas.
Though the appliance standards for every help measure differs state-by-state, most enterprise house owners should be capable to exhibit a decline in turnover with a view to be eligible for monetary help. Relying on the grant, a minimal threshold applies.
So to assist make this calculation simpler, Xero has up to date its COVID-19 Enterprise Help instrument with customisable comparative date ranges. This implies small companies and their advisors can now use the instrument to find out eligibility for all types of grants throughout Australia. Learn on to be taught the place you possibly can entry it, and the way it works.
How do I exploit the COVID-19 Enterprise Help instrument?
In your Xero account beneath Accounting > Stories, you’ll discover the ‘JobKeeper Help’ tab has been up to date to a ‘COVID-19 Enterprise Help’ button. Click on on this to entry the brand new instrument, adopted by ‘Proceed’ on the subsequent web page. From there, you’ll be capable to calculate fee eligibility.
- Choose the ‘Impacted interval’ tab beneath the ‘turnover calculator’ heading. You should utilize this to pick a begin and finish date from the dropdown calendar that seems.
- Subsequent, click on on the ‘In comparison with’ tab to decide on the comparative date vary for a similar interval in 2019 or 2020, or customise this choice by selecting your individual begin and finish dates (which can depend upon which grant you want to apply for). It will mechanically populate a income proportion change between the 2 durations you’ve chosen.
An in depth abstract, together with assertion traces from every comparable interval, may be exported as an Excel spreadsheet or PDF to maintain a document of, or to make use of alongside a letter of validation from a registered BAS agent or accountant (as required by some grants).
So what income downturn benchmark applies in every state?
Some states impacted by lockdowns are providing a number of varieties of monetary help measures, every with its personal set of eligibility standards. Nonetheless, many areas have standardised the income downturn minimal to cowl every fee sort:
New South Wales
There are three key help funds obtainable to these impacted by the Higher Sydney lockdown. Every of those require enterprise house owners to exhibit at the least a 30 p.c decline in turnover throughout a minimal fortnightly interval from 26 June 2021. This have to be in comparison with one in every of three choices: the identical interval in 2019, the identical interval in 2020, or the fortnight instantly earlier than 26 June 2021.
Victoria
To use for the Small Enterprise COVID Hardship Fund, you have to be capable to exhibit a decline in turnover of at the least 70 p.c for a minimal consecutive fortnightly interval since 27 Might 2021 in comparison with a benchmark (or related) date vary in 2019.
Queensland
Those that qualify for the Queensland authorities’s 2021 COVID-19 Enterprise Help grant should be capable to exhibit at the least a 30 p.c decline in turnover throughout a seven day interval from when lockdown started (31 July 2021 for these in South East Queensland or eight August for these impacted by the Cairns and Yarrabah stay-at-home restrictions). This have to be in comparison with the identical week-long interval in July or August 2019, or one other comparable date vary in 2020 for brand spanking new companies.
Australian Capital Territory
Those that qualify for the enterprise help grant should be capable to exhibit a decline in turnover of at the least 30 p.c within the week from 13 to 20 August 2021, in comparison with the prior seven day interval.
South Australia
The South Australian authorities is providing grants of as much as $3,000 to using companies and $1,000 to non-employing companies. To qualify, you have to have skilled at the least a 30 p.c decline in turnover between 20 July and 26 July 2021 in comparison with the prior week.
Northern Territory
For the reason that Northern Territory went into lockdown on 16 August 2021, its authorities introduced a brand new spherical of funding for the Territory Enterprise Lockdown Cost. Those that qualify might obtain a one-off fee of $1,000 after demonstrating a minimal 50 p.c decline in turnover as a direct results of the stay-at-home restrictions (amongst different eligibility standards listed right here).
Tasmania
Though Tasmania shouldn’t be presently in lockdown, its authorities has introduced help measures to assist these impacted by ongoing border closures with a number of the state’s greatest customer markets. To qualify for a grant, companies will need to have skilled at the least a 30 p.c decline in turnover since 26 July 2021, in comparison with the identical interval previous to that date.
For extra data on the sorts of help obtainable throughout the nation, try this weblog put up, or keep watch over the state authorities web sites related to you or your shoppers. Within the meantime, head to Xero’s enterprise continuity hub for extra assets and steerage on methods to help what you are promoting throughout this difficult interval.