Government offers help to bushfire-affected businesses

Small businesses that have suffered damage in the bushfires may be eligible for four types of help from the federal government.

First, as part of the assistance package, eligible small businesses may be able to access up to $50,000 in tax-free grants.

Second, businesses that have suffered “significant asset loss or a significant loss of revenue” may be eligible for loans of up to $500,000:

• Maximum term of 10 years
• No interest for the first two years
• Subsequent interest rate set at half the 10-year government bond rate (currently about 0.60%)

Third, the government will establish the Small Business Bushfire Financial Support Line:

• Staff will explain what financial support is available to small businesses
• Trained financial counselors will be available

Fourth, the Australian Taxation Office will help eligible businesses:

• BAS deadline has been extended to 28 May 2020
• Pay-as-you-go instalments can be changed to $0 for the December 2019 quarter
• Refunds can be claimed for any instalments paid in the September 2019 quarter

If you would like to discuss how these may apply to you, please do not hesitate to get in touch.