COVID-19: Relief for WA small and medium businesses has arrived
COVID-19 is changing the world in ways no one could’ve ever expected. In times like this, Western Australian small and medium businesses face uncertain operating environments – but it’s not all bad news, because help is on the way.
The Western Australian State Government has provided an economic response – one of the most significant in the State’s history. In a move poised to help to lessen the impact of COVID-19, Western Australian small and medium businesses will receive $114 million in support measures.
This forms part of a $516 million stimulus package announced today by the McGowan Government. Western Australian payroll tax-paying businesses with a payroll between $1 million and $4 million will receive a one-off grant of $17,500.
7400 Western Australian businesses are expected to benefit from the grant.
Additional payroll tax relief for small businesses will be fast-tracked, with the payroll tax threshold increasing to $1 million from July 1, 2020, six months earlier than expected. It’s been predicted that 11,000 Western Australian businesses will benefit from the cut in payroll tax.
Applicable small and medium-sized businesses affected by COVID-19 will also have the opportunity to defer payment of their 2019-20 payroll tax until July 21, 2020.
“We are in uncharted territory and there’s no doubt our economy is going to feel the effects of COVID-19,” Premier Mark McGowan said.
“These measures will provide relief to WA families, seniors and small businesses to further support our economy to withstand the headwinds we face.
“I urge Western Australians to continue to support local businesses as we continue to manage the impacts of the virus.”
For the first time in over 15 years, household fees and charges will also be frozen.
Further information on how to apply for a payroll tax deferral is available on the Department of Finance website at: http://www.wa.gov.au/organisation/department-of-finance/