Although nothing has formally changed and there have been no further measures announced to assist businesses or individuals, there has been some information released giving more details about these current measures.
For individuals, the major 4 banks have released guidelines of what relief they are granting for personal home loans and the steps to apply for this relief. In all cases the relief needs to be applied for and granted by the banks so for those who are struggling we recommend you contact your bank directly and talk to them about your situation. Here is a link to a good article from the ABC which summarises the relief available from the 4 banks: –
Most state governments announced general small and medium business stimulus funds that had to assist with impacted businesses. In Victoria there was a $500 million Economic and Survival Jobs Package announced and although there are still no details about how this will be administered the Victorian Government has unveiled a website where eligible businesses can apply their interest in applying for the relief offered by this fund. So if you are an impacted business we recommend you visit the webpage below and register your interest as soon as possible.
Finally, the ATO has made explicitly clear that the small and medium business cash flow boost available to employers who show wages paid on their March BAS must not be exploited. Any actions to try and backdate wage payments or to inflate wages paid for that period should not be undertaken. Unfortunately this does mean the measure discriminates against business owners who receive their remuneration from profit share. It is hoped future announcements may be made to assist these business owners.
We expect as the lockdowns increase that there will be further concessions given such as relief from rent payments. We will keep you updated when these are released. In the meantime if you have any queries regarding these measures or if Elysium can assist you in any way please do not hesitate to contact us.
