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Economics
Summary of state and territory government stimulus measures
April 3, 2020
By Shane Garrett
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State and Territory Governments have released a range of economic stimulus measures to support business. Chief Economist Shane Garrett gives us an overview of what's been announced so far.
New South Wales
Payroll tax-free threshold increased from $900,000 to $1 million from 1 July 2020.
Payroll tax waiver until 30 June 2020 for businesses with payroll tax under $10 million.
Businesses with payroll tax over $10 million can defer payments for six months.
Small businesses with a commercial tenancy in Government-owned properties can defer rent for six months.
$80 million to waive a range of fees and charges for small businesses, including tradies.
Bringing forward over $250 million in asset maintenance and $500 million worth of capital works and maintenance .
Victoria
Payroll tax for 2019-20 waived and first quarter of 2020-21 deferred for businesses with an annual payroll below $3 million.
Small businesses with commercial, industrial or vacant property and total taxable landholdings below $1 million can defer 2020 land tax payment until 1 January 2021.
Commercial tenants in Victorian Government buildings can apply for rent relief.
$10,000 grants for small business employers (payroll up to $650,000) in industries subject to closure or highly impacted by shutdown restrictions.
$500 million Working Victoria Fund to help workers who have lost their jobs and take up opportunities elsewhere.
Queensland
Two month payroll tax refund and deferral of remaining payroll tax for 2020 for all businesses. Businesses with a payroll below $6.5 million will also get a three month payroll holiday.
Financial workshops for small businesses.
$500 rebate on power bills businesses that consume less than 100,000 kilowatt hours.
2.5% fixed interest rate loans of up to $250,000 to support businesses cover expenses such as wages, rent and rates. Loans will have a term of 10 years, with no repayments or interest charged for the first year.
Six month relief for businesses renting government premises.
$500 million to help workers who have lost their jobs to find employment in other industries.
South Australia
Six month payroll tax waiver for businesses with payroll up to $4 million. Businesses with payroll above $4 million may be able to defer payments.
Businesses paying land tax can defer payments for up to six months.
Expanded funding for the Economic and Business Growth Fund.
Infrastructure maintenance program for roads and hospitals.
Western Australia
Increasing the payroll tax-free threshold to $1 million from 1 July 2020.
Grants of $17,500 to small businesses with payroll between $1 million and $4 million
Payroll tax waived for four months for businesses with annual wages below $7.5 million
Rent for small businesses in Government owned buildings waived for six months.
$2,500 credit on electricity bills for small businesses that consume less than 50 megawatts per annum. Allocated from 1 May.
Businesses can apply for interest free payment arrangements for a range of state taxes and duties.
Registration and license fees waived for 12 months for a number of occupations, including builders, building surveyors, plumbers, painters and electricians.
First Home Owner Grant increased from $10,000 to $40,000 for those building or buying new homes to 30 September 2020.
Expanding social housing program and community housing to create jobs and underpin small construction businesses.
Incentives for property investors to undertake renovations to rental properties, e.g. energy efficiency.
Fast tracking building and planning approvals.
WA Government payment times to small businesses reduced from 30 days to 14 days.
Bringing forward funding for approved infrastructure projects.
Tasmania
Small businesses with payroll up to $5 million affected by coronavirus can apply for their payroll tax obligations to be waived for April to June 2020
Payroll tax rebate for one year to businesses that employ a young person aged 24 or under between April and December 2020.
$5,000 grants for businesses that hire apprentices and trainees.
Tasmanian Government payment times reduced from 30 days to 14 days.
$50 million to fast track maintenance of public buildings over the next 12 months.
Interest free (for three years) loans of $20,000 to $250,000 for eligible businesses.
$750 business continuity grants to help small businesses get qualified business advice.
Northern Territory
Payroll tax exemption on new employees until 30 June 2021.
Grants to undertake building improvements (up to $6,000 for households, $20,000 for businesses, and $100,000 to community organisations/not for profits).
Fast tracking government infrastructure projects.
Australian Capital Territory
Businesses with a payroll up to $10 million can defer their 2020-21 payroll tax payments until 1 July 2022.
Prioritised processing of development applications.
Rebate on fixed charges for 2019-20 commercial rates for small businesses with AUV below $2 million.
$750 rebate for small business owners with annual energy usage below 100 megawatts, automatically deducted from your next electricity bill.
$20 million for infrastructure and maintenance of schools, roads and public transport.
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