News

March 27 – Tasmanian Support & Stimulus Package

Posted on March 27th, 2020 by WLF

The State Government has released further details about its second tranche of stimulus measures for Tasmania.

The $1 billion support package includes payroll tax relief, incentives to invest and rebates on electricity.  

Small Business Grants  

  • $2,500 emergency support grants available to small business with up to 20 employees
  • Businesses must have been operating from January 2019 or earlier and be operating in one of the following industries: 
     
    • Seafood
    • Tourism and accommodation 
    • Hospitality 
    • Retail  
    • Arts and entertainment 
    • Fitness 
       
  • Apply here Emergency Support Grant application 
  • Businesses applying for the emergency support grant will also be able to later apply for a $15,000 hardship grant 
  • More information here 

 

Interest Free Business Loans  

  • Available to majority Tasmanian owned businesses with turnover of up to $10 million 
  • Loans from $20k to $250k 
  • Interest free for 3 years 
  • Maximum term 5 years 
  • Among other things the loans can be used to purchase equipment, improve distribution, ensure business continuity  
  • More information here Business Support Loan Scheme factsheet 

 

Electricity & water 

  • Electricity and water bill will be waived for small businesses  
  • For the first quarterly bill received after 1 April 
  • Applies to Tariffs 22, 94, 82 or 75 
  • From 1 July electricity bills will be capped and water bills will be frozen

 

Payroll Tax relief  

  • Available for businesses in the hospitality, tourism & seafood industries as well as other businesses with a payroll of less than $5 million 
  • The Government will extend the already announced relief to ensure that these industries pay no payroll tax for the entire 2019-20 year 
  • Waiver of payroll tax related to employees under 24yrs 
  • Details are limited at this stage but will include refunds and waivers to provide cash where it is required now 

 

Vehicle registration freeze/extension 

  • If you aren’t using your business vehicle you can apply to freeze the registration 
  • When reactivated, registration will be extended by the number of days it was frozen 
  • You can’t drive the vehicle whilst the registration is frozen 
  • You should consider the implications to your vehicle insurance as the result of freezing the registration 
  • For heavy vehicles over 4.5 tonnes, registration fees and the road component of motor tax will be waived for 12 months 
  • More information can be found here Business vehicle registration relief factsheet 
  • Applications here https://www.transport.tas.gov.au/registration/registration_business_support_package 

 

Business Continuity grant 


Please contact your advisor at WLF if you have any concerns about any of these measures.

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March 27 – Tasmanian Support & Stimulus Package

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