In addition to the Federal Government economic stimulus package, Western Australian Government has announced measures to support small business during the COVID-19 pandemic.
Land Tax Assistance for Landlords
The WA Government has launched a $100 million Land Tax Assistance for Landlords program, offering grants to commercial landlords. To be eligible, they must provide rent relief for a minimum of three months and freeze outgoings to small businesses that have suffered at least a 30 per cent reduction in turnover due to COVID-19. Grants equivalent to 25 per cent of the landlord’s land tax bill for 2019-20 for the property in which an eligible tenant is provided relief will be paid to landlords. Applications open on 1 May, in the meantime landlords are invited to register for more info on https://au.openforms.com/Form/c2730016-e6ab-461b-8777-64837d6ca9aa
Residential Rent Relief
The WA Government has announced a package of $30 million for grants up to $2,000 to directly help residential tenants pay their rent if they are suffering hardship. The grants will be available for tenants or sub-tenants who have lost their job, applied to Centrelink for income support, or have less than $10,000 in savings and are paying at lease 25 percent of their rent.
Relief Package for on-demand transport industry
The WA government has announced a $9 million relief package to support the taxi and on-demand transport industry during the coronavirus pandemic which includes:
Rent relief for WA Government commercial Tenants
The WA Government will waive rental payments for small businesses and not-for-profit groups in State Government-owned buildings for six months to help these lease holders respond to the impacts of COVID-19.
Payroll Grant Payments
Grants of $17,500 will automatically be paid by cheque to eligible businesses with payroll between $1 million and $4 million. The $1 million payroll tax threshold will be brought forward by six months to 1 July 2020. Also, payroll tax will be waived for four months for businesses with annual wages under $7.5 million.
Please feel free to contact your trusted advisor at Vivid Partners about how the this stimulus package will affect you.
Phone: 08 6270 2876