Coronavirus NT Stimulus Package 2020

Camphin Boston | March 2020

On 18 March 2020, the NT government announced a $65 million stimulus package aimed at business upgrades and home renovations to "keep shop doors open, keep cash flowing, and keep Territorians working". The components are as follows:

HOUSEHOLD SUPPORT GOVERNMENT FUNDING / TAX CUTS
Home Improvement scheme: a $6,000 grant to homeowners for renovations if they spend $2,000 of their own money (or a $4,000 grant if they spend $1,000). $30 million
Freeze fees, charges and electricity prices until July 2021.  

 

BUSINESS SUPPORT  
Business Improvement Scheme:
  -  A $10,000 grant to eligible businesses.
  -  A further $10,000 if they spend $10,000 of             their own money on business upgrades                 including new equipment, new shop fit-outs       and permanent physical improvements to           land/buildings to improve efficiency and               attract customers.
   $20 million
Immediate Works Grants:
  -  Grants of up to $50,000 to non-for-profits                and community organisations for repairs              and renovations.
  -  Matching dollar for dollar up to $50,000 any          further money put into renovation works.
$5 million
Structural Adjustment Package:
  -  Funding to NT businesses in hospitality                  industry (e.g. cafes, restaurants, venues who        serve the public) to physically adjust venue          spaces to abide by the 100-person rule (i.e.          ban on non-essential indoor gatherings of            more than 100 people).
  -  For example: to establish or upgrade their             online presence to meet changes in public           consumption patterns.
$5 million
Tourism Industry:
  -  A new tourism marketing campaign to                   encourage Territorians to "get out and                   explore their own backyard".
Balance
Payroll tax exemption:
  -  Extending the payroll tax exemption for                  hiring Territory employees to 30 June 2021
 

If you have any questions, please do not hesitate to contact one of our partners (Mark, Greg and Justin) or our tax director (Melanie).

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