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11 Nov 2021 COVID-19 support

The Tax Institute’s support for members: 2021 COVID-19 webinar materials

On 21 September 2021, The Tax Institute delivered our third webinar in the highly popular 2021 COVID-19 support measures series. The webinar materials contain updated content that you can find here.

COVID-19 Disaster Payment

The Treasurer, the Hon Josh Frydenberg MP, has announced that the temporaryCOVID-19 Disaster Paymentwill begin to transition once a State or Territory reaches 70% full vaccination of its population (16 years and older) in line with the movement into Phase B of the National Plan agreed to at National Cabinet.

Once a State or Territory reaches 70% full vaccination, the automatic renewal of the temporary payment will end, and individuals will have to reapply each week that a Commonwealth Hotspot remains in place to confirm their eligibility.

Read the Treasurer’s announcement here.

NSW: $2.8 billion package launched to turbocharge NSW recovery from COVID-19 pandemic

On 21 October 2021, the Premier of NSW, Dominic Perrottet MP and the Treasurer and Minister for Energy and Environment, Matt Kean MP, released a joint statement to announce the launch of a new $2.8 billion package to accelerate recovery in NSW following the three-month lockdown due to the COVID-19 outbreak.

The NSW Government’s Economic Recovery Strategy includes funding to stimulate economic activity in cities and regions with a strong focus on rebuilding and supporting businesses, helping the hip pocket and boosting jobs.

The Premier and Treasurer also revealed that as part of the package, households of school-aged children in 2021, will receive $250 in vouchers to stimulate spending and economic activity in early 2022.

The NSW Government’s Economic Recovery Strategy includes:

  • $500 million to restore consumer and business confidence, including the expansion of Dine & Discover and Stay & Rediscover accommodation vouchers;
  • $250 million to support jobs and skills, including help for job seekers to retrain or upskill;
  • $212.2 million to boost vital sectors, including additional funding for the performing arts sector, an Alfresco Restart Package, and support to bring cities back to life;
  • $200 million to boost regional NSW, including support for events, facilities and local infrastructure, and housing; and
  • $75 million to boost communities across the state, including support for tourism, events, sport and recreation.

More information can be found here.

Supporting NSW businesses through to reopening

The Commonwealth and NSW governments will continue supporting small- and medium-sized businesses until NSW is expected to reach the 80% fully vaccinated threshold.

The Commonwealth will continue to co-fund the JobSaver program, with funding to taper when NSW meets its vaccination targets.

As the state’s vaccination rate has reached 70% of the eligible population, JobSaver payments have tapered from the previous payment rate equivalent to 40% of weekly payroll to 30% of weekly payroll. This occurred on 10 October.

From 10 October to 23 October, the minimum and maximum weekly payments for employing businesses were reduced by 25% to $1,125 and $75,000 weekly and grants to 30% of weekly payroll. The grant for sole traders reduced to $750.

Now that NSW has reached a fully vaccinated rate of 80%, the Commonwealth’s contribution to the JobSaver program has ceased, in line with the National Plan for Reopening.

Read more here.

Member-only blog

The Tax Institute’s Senior Advocate, Robyn Jacobson, CTA, has written a member-only blog ‘JobSaver extension: Pathway to recovery’ that summarises the payment rates and key dates you need to know to assist clients to receive support for the remainder of the JobSaver and Micro-business Grant programs. The final dates are subject to change. Read the blog here.

Supporting Victorian businesses through to reopening

A jointly-funded package of grants from the Commonwealth and Victorian governments will support small and medium-sized businesses through October and early November. Victoria has now reached the 80% fully vaccinated threshold.

The funding package of up to $2.27 billion will support businesses most affected by restrictions as Victoria continues on the State’s Roadmap to Deliver the National Plan.

Read more here.

Member-only blog

The Tax Institute’s Senior Advocate, Robyn Jacobson, CTA, has written a member-only blog ‘Extension of Victorian COVID-19 business support’ that summarises the key measures of the grants available to small and medium sized businesses in Victoria. Read the blog here.

Further support for ACT businesses impacted by COVID-19

A jointly-funded package of grants from the Commonwealth and ACT governments supported small- and medium-sized businesses through until mid-October at which point the ACT reached the 80% fully vaccinated threshold.

Further support includes:

  • Additional ACT COVID-19 Business Support Grants
  • Expansion of COVID-19 Tourism, Accommodation Provider, Arts, Events, Hospitality and Fitness Grants.

Read more here.

COVID-19 support: ATO’s tax quick guide

The ATO has released a quick guide to the tax treatment of government payments and help during COVID-19 for individuals and businesses.

For a summary of this content in poster format, go here.

Tax implications of COVID-19 government grants and payments

Find out about the tax implications of any Government grants or payments your clients receive as a result of COVID-19. You can check if the payment is taxable or non-taxable, using this Quick guide to the tax treatment of COVID-19 payments or read the recently updated COVID-19 government grants and payments ATO website content.

Eligible COVID-19 business grants and support programs

Tax does not need to be paid on some COVID-19 payments from the Government to support businesses. These payments will be non-assessable non-exempt (NANE) income for tax purposes if they are received under an eligible grant or support program and the eligibility criteria are met.

A list of eligible grants and support programs that may not be taxed (if you meet the eligibility criteria) can be found here.

ATO tailored support during COVID-19

The ATO has a range of options to support you during this difficult time. See the links below for more information: 

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