Advice: Finding Financial Relief for Businesses during COVID-19

Written by Josephine Palermo, co-Founder Higher Spaces

Finding it difficult to navigate through the enormous amounts of information about financial relief the government is providing? So were we. So we asked Elis to help. In a recent Higher Spaces Lunch and Learn session Elis explained billions of dollars in relief packages for SME’s (Small/Medium Enterprise) offered by the Federal and State governments.

Elis Hoxha is a chartered accountant with over fifteen years in the financial industry. Along with creating his own business, ‘Construct You’, he is also a consultant for Westwood Knight. He has a wealth of knowledge which he generously shared with us.

Topics covered included:

  • Legislation on economic response
  • Boosting Cash Flow for Employers
  • Enhancing the Instant write-off
  • JobKeeper Payments
    • Decline of turnover test is a simple process and only needs to be met for one month to become eligible fo rhte 6 months of payments.
    • Some of you may be unaware, as I was, that payments are also available for adult beneficiaries of a trust and Director / Shareholders of companies
  •  Business Support Fund – VIC. Up to 10K. Many people are not applying for this when they could be eligible.
  • Wage Subsidy for Apprentice, JobSeeker & Temporary early release of superannuation

Other initiatives

  • Payroll tax base raised
  • Land tax reductions if passed on to tenants
  • Mandatory code of conduct (Commercial Landlords and Tenants)
  • Local City Council support programs, e.g. City of Yarra supporting creatives

There is a lot of information so Elis suggests the following links:

Watch the recording here

 

Resources

For more resources check out the latest from FinImpact who have just published a major list of business grants (by categories, including COVID-19 & Federal grants).

 

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