Find all the helpful resources to help you reduce the impact on your business due to COVID–19 and what Packages are available through Federal and State Governments (including the Government’s Stimulus Package)

Latest news:

You can subscribe and keep up to date with the latest announcements and support for business here

24/04/2020 Extension of time to enrol for the JobKeeper scheme – The Australian Commissioner of Taxation has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. Learn more about how the JobKeeper Payment can help employers and sole traders.

22/04/2020IP Australia’s extensions of time – Customers impacted by COVID-19 can submit a request for free extension of time of up to three months ,

15/04/2020 – Financial support to help exporters bounce back. Announcement here

14/04/2020 – Qld Government – New website page created with up to date Covid-19 information

09/04/2020 – ATO – New working from home shortcut – Information regarding details of deductions available

07/04/2020 Relief for Commercial tenancies

Small Business Relief

If your small business has been impacted by the Covid-19 pandemic and you require a deferral of payments we have provided information below.

For Banking Products where the Bank is a member of the Association Banking Association additional information around what arrangements are in place for customers can be found here

For Equipment and Vehicle Finance Products – We have also provided below links to Financiers where customers have been requested by these Financiers to complete an online form requesting deferral of payments.

Please be aware that due to the high number of enquiries some Financiers are advising delays of up to 3 business days may occur in responding to a request. If you are a customer of us we can provide Contract Numbers (Account Numbers) to assist. Please contact your Finance Consultant who will be happy to help.

Other Financier Information

  • Commonwealth Bank (refer details around automatic deferral of payments via the link)
  • Metro Finance – This process is conducted over the phone. Please contact Metro Finance Customer Service on 1300 362 627 (select option 2 and then 4). A call-back option is available to avoid waiting on hold.  Please note that it may take up to 24 hours for a response.

If the Financier is not listed please contact us for further information

Federal Government Stimulus Package

The Federal Government has announced a stimulus package with benefits to some individuals and businesses

The business stimulus package who are considering asset acquisitions.

Instant Asset Write-Off: The Government has increased the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.

What this means for your business…

If you are purchasing a cars, trucks, construction equipment or any assets that are tax deductible you will be able to claim 100% of the depreciation on the goods up to a value of $150k. This includes multiple assets. It applies for new or second-hand assets first used or installed ready for use by 30 June 2020. 

Please note: If you are purchasing a vehicle that is subject to a Luxury Car Tax you can only claim up to the Luxury Car Tax Limit.

Additional 50% immediate tax depreciation deduction 

Businesses with turnovers of less than $500 million will also be able to claim an additional immediate tax deduction of 50% of the cost of assets purchased until 30 June 2021. This is on top of the normal tax depreciation deduction the business would be entitled to deduct (including the instant asset write-off explained above).

Please check with your accountant or tax adviser to confirm that the above are suitable for your individual circumstances before proceeding.

If you would like to take advantage of this opportunity, please speak with us about financing your purchase.

Federal Government Assistance

The Federal Government has issued a number of assistance measures for small business. Please click on the below links to find out more information

State Government Assistance

Several state governments have released their own assistance measures. Please click on your applicable State/Territory link below to find out more information

Disclaimer – Any links to third party sites are only intended to provide access to general information available. You should seek your one independent advice as to whether any of the information provided through these sites is suitable for your requirements.