On 17 March 2020, the QLD government announced a suite of initiatives to support businesses and industries impacted by COVID-19 in its State. These measures include:
GOVERNMENT FUNDING / TAX CUTS
Low interest loans of up to $250,000 with an initial 12-month interest free period, will be available for businesses to retain employees and operations.
Deferral of payroll tax returns lodgement and payment until 3 August 2020. To be eligible, the employer (or a group of employers) must: (i) Pay $6.5 million or less in Australian taxable wages; and (ii) Have current turnover, profit, customers, bookings, retail sales, supply contracts or other factors directly or indirectly affected by COVID-19, compared with normal operating conditions.
Support for commercial finish industry: - Market diversification and resilience grants of up to $50,000 for fishery industry to support activities such as market evaluation, market visits, training, new process equipment (e.g. cryovac machines) and boot modifications to meet new market requirements. - Extending the catch area for tropical rock lobster for 3 months to reduce operating costs for quota holders and enable alternative markets to be developed. - Temporary waiver of fishing boat licence fees and quota fees for tropical rock lobster and coral trout (for first 6 months of 2020).
Support for exporters: - ‘Market Ready’ initiative will provide tailored export advice to SMEs on leveraging opportunities in the Chinese online market, market intelligence to support brand development, expert advice for exporters entering new markets, and host China market development forums.
Fees and charges relief for tourism operators and hospitality providers including: - Waiver of fees for liquor licensees to change trading hours or a licensed area, from 1 February to 31 July 2020. - Waiver of annual renewal fees for Queensland registered inbound tour operators which fall due between 1 February and 31 July 2020. - Waiver of daily site fees for commercial tour operators in Queensland parks and wildlife service-managed areas between 1 February to 31 July 2020. - Deferral of land rent payable between 1 February and 31 July 2020 by tourism lease and licence holders to 1 January 2021. - Rebate on marina charges and passenger levies.
If you have any questions, please do not hesitate to contact one of our partners (Mark, Greg and Justin) or our tax director (Melanie).