This text was revealed on Wednesday 2 February 2022. Because the COVID-19 state of affairs continues to develop, you’ll find the data you want on authorities assist at enterprise.gov.au

Not too long ago, small companies have confronted a contemporary wave of pandemic disruption. Because of this, numerous state governments have introduced new or prolonged assist packages to assist enterprise house owners feeling the results of Omicron. 

Confronted with shadow lockdowns, provide points, employees shortages and ongoing uncertainty, monetary help will provide some welcome aid to these experiencing pandemic pressures. Nevertheless, demonstrating the required income decline to qualify for assist generally is a problem. So that can assist you – small companies – and your advisors, Xero has up to date our COVID-19 Enterprise Assist software. Learn on to study the way it works, the place you’ll find it, and what it is advisable to know in regards to the new (and current) grant choices obtainable. 

How do I exploit the COVID-19 Enterprise Assist software?

In your Xero account below Accounting > Experiences, you’ll discover a ‘COVID-19 Enterprise Assist’ button. Click on on this to entry the brand new software, adopted by ‘proceed’ on the following web page. From there, you’ll be capable to calculate fee eligibility.

  1. Choose the ‘impacted interval’ tab below the ‘turnover calculator’ heading. You need to use this to pick out a begin and finish date from the dropdown calendar that seems. 
  2. Subsequent, click on on the ‘in comparison with’ tab to decide on the comparative date vary for a similar interval in 2019, 2020, 2021, or customise this choice by selecting your individual begin and finish dates (which can rely on which grant you want to apply for). It will routinely populate a income share change between the 2 intervals you’ve chosen.
  3. An in depth abstract, together with assertion traces from every comparable interval, may be exported as an Excel spreadsheet or PDF on your data. 

Ought to I work with an advisor to use? 

Working with an advisor to use for a grant is all the time a good suggestion. An accountant or bookkeeper can advocate which packages your online business may very well be eligible for, and enable you get your data updated. Nevertheless, you should definitely give them as a lot time as potential to take action for the very best probability at a profitable software. 

Take into account that some pointers for brand spanking new or prolonged schemes are but to be introduced. This implies not all purposes are presently open, and your advisor may not have all the data they want that can assist you simply but. Bear in mind to be affected person, as it might probably take time to unpack the newest developments. Make sure you examine your related state authorities web site for the newest updates. 

Inform me in regards to the new grants obtainable to companies impacted by Omicron

Presently, NSW, SA, Tasmania and the ACT have prolonged or created new assist packages to assist small companies climate the results of Omicron. Every grant has its personal set of eligibility standards, outlined under. 

New South Wales

On 30 January 2022, the Small Enterprise Assist Program was introduced to assist enterprise house owners who’ve been hardest hit by the present COVID-19 state of affairs. These eligible might obtain 20 per cent of their weekly payroll price as a one-off fee later in February. The minimal fee benchmark is $750 per week, whereas the utmost is $5,000 per week. Non-employing companies may very well be eligible to obtain $500 per week, paid as a $2,000 lump sum. To qualify at this stage, candidates should:

  • have an aggregated annual turnover of between $75,000 and $50 million as of 30 June 2021
  • have skilled not less than a 40 per cent turnover decline throughout January 2022, in comparison with January 2021 or 2020
  • and skilled not less than a 40 per cent turnover decline from 1 to 14 February 2022 on account of Omicron disruption, in comparison with the identical fortnight in February of 2021 or 2020 
  • using companies should keep their worker headcount as at 30 January 2022

Purposes for the Small Enterprise Assist Program are set to open in mid-February, as soon as companies are capable of decide their income decline for the 1 to 14 February interval. 

Moreover, the prevailing Small Enterprise Charges and Costs Rebate scheme might be elevated by 50 per cent from $2,000 to $3,000. This implies enterprise house owners may very well be eligible to obtain a rebate as much as $3,000 to cowl some operational bills, now together with as much as 50 per cent of the price of fast antigen assessments (RATs). For extra data, and to use earlier than 30 June 2022, go to Service NSW

South Australia

In December 2021, SA introduced a Tourism, Hospitality and Fitness center grant to assist small companies in these respective sectors handle pandemic disruption. On 29 January, it was introduced this program might be prolonged for a second spherical. These eligible might obtain as much as $3,000 (for using companies) or $1,000 (for non-employing companies), with extra funds obtainable to these working in Adelaide’s CBD or tourism and hospitality sectors. 

Profitable recipients of this grant don’t have to reapply for spherical two – funds will routinely be made. For brand spanking new candidates (or those that had been unsuccessful in spherical one) to qualify, you should:

  • have skilled a 30 per cent turnover decline for the interval of 10 to 30 January 2022, in comparison with an equal 20 day interval in 2021 or 2020 

For companies outdoors the tourism, hospitality and health club industries, new funding has been made obtainable for the prevailing Enterprise Hardships Grant. It will present extra monetary assist of as much as $8,000 for SA enterprise house owners who: 

  • have skilled a 50 per cent turnover decline for the interval of 10 to 30 January 2022, in comparison with an equal 20 day interval in 2021 or 2020 

Just like the Tourism, Hospitality and Fitness center grant, profitable first spherical recipients of the Enterprise Hardships Grant will routinely obtain the extra spherical fee and don’t have to reapply. 

New or beforehand unsuccessful candidates can apply for the related grant listed above when submissions open on 14 February 2022. Within the meantime, study extra at sa.gov.au

Tasmania 

The COVID-19 Enterprise Influence Assist Program is out there to Tasmanian enterprise house owners who’ve been exhausting hit by the pandemic. Relying on annual turnover thresholds, candidates might obtain a one-off fee between $1,000 and $5,000. To qualify, you should:

  • have skilled a turnover decline attributable to COVID-19 of not less than 30 per cent between 15 December 2021 to 14 January 2022, in comparison with the identical interval 12 months prior (15 December 2020 to 14 January 2021)
  • exhibit you might have a COVID-19 security plan, a accomplished COVID-19 danger evaluation, and the place relevant, a COVID-19 case and outbreak administration plan 

The grant program is open now till 2pm (AEDT), 9 February 2022. To use, go to Enterprise Tasmania.

Australian Capital Territory 

The  ACT’s current Small Enterprise Hardship Scheme has been prolonged within the newest spherical of small enterprise assist. Eligible candidates may very well be reimbursed as much as $10,000 for prices together with utilities (fuel, water, electrical energy), industrial charges, and industrial car registrations. To qualify, you should: 

  • have an annual turnover between $30,000 to $2 million 
  • maintain a sound and energetic ABN as of 1 April 2020
  • have skilled a 30 per cent turnover decline within the lockdown interval, in comparison with the interval earlier than lockdown 

Those that have already utilized for a reimbursement of lower than $10,000 could also be eligible to reapply for bills incurred up till the scheme’s time limit on 28 February 2022. For extra data, go to the ACT Enterprise Hub

Is there assist obtainable in different states? 

Ongoing small enterprise assist can also be obtainable in Victoria, Western Australia, Queensland and the Northern Territory. For instance:

  • Victoria’s Industrial Tenancy Aid Scheme has been prolonged till 15 March 2022. Eligible companies might entry lease aid according to their income decline. So if a enterprise has seen a 40 per cent drop in turnover, they could solely be charged 40 per cent of their unique lease settlement, with the remaining 60 per cent waived or deferred.  Go to Enterprise Victoria for extra particulars, and to use earlier than 15 March 2022.  
  • The Small Enterprise Help Grant is open to West Australian enterprise house owners who’ve been impacted by COVID-19 restrictions in place from 23 December 2021 to Four January 2022. Eligible candidates might obtain as much as $12,500 (for using companies) or $4,400 (for sole merchants). Head over to smallbusiness.wa.gov.au to study extra in regards to the eligibility standards, and to use earlier than 4pm (AWST), 31 March 2022. 

Go to enterprise.gov.au, and click on via to study what’s on provide in every state. 

For extra sources and steering on assist your online business throughout this difficult interval, head to Xero’s Enterprise continuity hub.  

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