The Tasmanian government have announced a $420 million stimulus package to assist the local economy with immediate support available to businesses impacted by the COVID-19 pandemic.
Some of the initiatives available include:
- Government Fees & Charges: There is a range of fees and charges that have been adjusted for eligible businesses, including:
- Applications to freeze, waive or capitalise fees and charges relating to water and electricity bills.
- Land tax for 2020-21 will be waived for commercial property owners.
- The introduction of a business vehicle registration relief package available to eligible businesses.
For more information visit: www.coronavirus.tas.gov.au/stimulus-and-support
- Rapid Response Skills Initiative: The state government is providing eligible people up to $3000 toward the cost of training for those individuals that have lost their jobs due to COVID-19. To apply for the Rapid Response Skills Initiative, please visit: www.skills.tas.gov.au/learners/support_for_retrenched_and_redundant_workers
- Payroll Tax: The TAS government is extending the previously announced payroll tax waivers for the hospitality, tourism and seafood sectors with payrolls less than $5 million. For more information visit: www.sro.tas.gov.au/about-us/covid-19
- Additional Support for Small Businesses: The state has also dedicated funds to:
- Increase the Small Business Interest-Free Loan Scheme from $20 million to $50 million
- Provide $40 million to the Small Business Grants Program
- Deliver a $150,000 Digital Ready for Business Program for businesses who want to take their business online
- Offer $750,000 in funding for business cashflow and continuity advice
- Provide a further $200,000 to Rural Business Tasmania for the extension of its Rural Financial Counselling service
- Support the local Chambers of Commerce with $100,000 to assist businesses impacted by COVID-19.
For more information and resources visit: www.coronavirus.tas.gov.au/stimulus-and-support
The above information is a brief summary only and does not take into account your personal needs and is not a substitute for independent professional advice. We strongly recommend that you speak to your accountant as they will be able to provide you with the most suitable advice for your individual circumstance and to ensure that you are also always receiving the most up to date information.
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