As the devastating impact of COVID-19 is felt across the Australian economy, the banking sector, federal, state, and territory governments are taking urgent measures to keep small businesses afloat. Here's how you can build a safety net and weather the storm.
Peter Strong the Chief Executive of Council of Small Business of Australia (COSBOA) says if small business owners are dealing with a big landlord and experiencing some troubles, they can talk to the state Small Business Commissioner in Victoria, South Australia, Western Australia, or New South Wales. There is also a Small Business Champion in Queensland and the office of the Small Business and Family Enterprise Ombudsman.
Around 690,000 businesses with an annual turnover of less than $50 million can receive a tax-free payment between $20,000 to $100,000 to keep their workers. The instant asset write-off threshold has also been increased from $30,000 to $150,000 for businesses with an aggregated annual turnover of less than $500 million until the end of June according to the Australian government.
Besides the Australian government and the Reserve Bank of Australia also chipped millions to keep business cash flow alive and they can get a 6 months tax-free and an interest-free loan from the banks to keep their businesses staying afloat.
Jobkeeper payment is another package that business can apply on behalf of their workers from the Australian government to pay and to keep their employees continue working as long as possible.
If you’re under stress and need to talk to someone about your emotional well-being, ring Lifeline on 13 11 14 or Beyond Blue on 1300 22 4646 for 24-hour support.
You can also ring the Australian Tax Office’s Emergency Support Infoline on 1800 806 218 up to 10 pm Australian Eastern Daylight Time during the week or from 10 am to 4 pm on the weekends.
The Australian Small Business and Family Enterprise Ombudsman information line is open from 8 am to 8 pm Monday to Friday at 1300 650 460.
For language help, call the Translating and Interpreting Service on 13 14 50.