RSM Australia

QLD State Government’s COVID-19 Stimulus Package – What you need to know

Tax Insights

*This page was last updated on 18 March. For more information, click here.

The centrepiece of the Queensland Government’s stimulus package is a $1.2 bn investment in additional health system capacity to expand clinics, emergency and acute care departments and regional aeromedical services.

For Queensland households, the Queensland Government will provide $200 off their utility bills, in addition to an earlier announced $50 rebate. 

From a small to medium business perspective, the key tax and revenue measures are:stimulus package

  • The establishment of a $500m concessional loan facility, comprising loans of up to $250,000 to eligible businesses. These loans will come with an initial 12-month interest-free period, to assist businesses to retain staff during the downturn.
  • Businesses who pay $6.5m or less in group Australian taxable wages will be eligible for:
    • a refund of their Queensland payroll tax for two months;
    • a waiver of payroll tax for the next three months; and
    • a deferral of the payment of the payroll tax for the remainder of the 2020 calendar year until 14 January 2021.
  • Businesses with group Australian taxable wages in excess of $6.5m who are “directly or indirectly affected” by COVID-19 can apply for:
    • a refund of their Queensland payroll tax for two months; and
    • a deferral of the payment of the payroll tax for the remainder of the 2020 calendar year until 14 January 2021.
  • There are two separate applications form that must be completed to access these concessions, with the application for the refund and waiver measures closing on 31 May 2020.
  • The waiver of liquor licencing fees for venues that have had to suspend trading and giving sole traders, small and medium businesses a $500 rebate on their power bill for this year.

Source #1: statements.qld.gov.au/Statement/2020/3/17/palaszczuk-government-offers-500m-in-loans-to-support-workers-in-businesses-affected-by-coronavirus

Source #2: www.qld.gov.au/about/industry-recovery/business-and-industry-support

RSM will continue to keep you informed of any further announcements of stimulus and support measures by State and Federal Governments.

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