RSM Australia

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

*This page was last updated on 27 March. For more information, click here.

The South Australian Government has announced two stimulus packages pursuant to which it will: 

  • Provide businesses with group Australian taxable wages of up to $4 million to a six-month waiver of payroll tax (for the months between April and September 2020 inclusive).  For businesses with group Australian taxable wages of over $4 million, they will be entitled to a six-month deferral of payroll tax if they can demonstrate a significant impact on their cash flow caused by COVID-19.stimulus package
  • From 1 July 2020, allow individuals and businesses with outstanding land tax quarterly bills for 2019-20 to defer payments for up to six months.
  • For the 2020-21 financial year, increase the existing Land Tax Transition Fund relief from 50% to 100% based on existing relief criteria guidelines.
  • Establish two new funds:
    • the $300 million Business and Jobs Support Fund designed to assist individual businesses and industries facing potential collapse and job losses due to COVID-19; and
    • the $250 million Community and Jobs Support Fund to support community organisations, such as sporting, arts and recreational bodies, non-profit organisations and some other industry sectors, as well as training individuals seeking new skills and employment.
  • Waive liquor licence fees for 2020-21 for those hotels, restaurants, cafes and clubs forced to close as a result of new social distancing restrictions.
  • Provide a once-off boost of $500, and bring forward the 2020-21 ‘Cost of Living Concession’, for households who are receiving the Centrelink JobSeeker Payment.  For eligible homeowners, their 2020-21 payment of $215.10 will now become $715.10, eligible tenants receiving $607.60.
  • Invest in:
    • major new infrastructure maintenance projects, including road and hospital upgrades;
    • new tourism infrastructure; and
    • an expanded Economic and Business Growth Fund to support local industry.

Source 1: www.premier.sa.gov.au/news/media-releases/news/unprecedented-response-and-economic-stimulus-to-drive-sa-jobs,-economy-in-wake-of-bushfires,-coronavirus2

Source 2: https://www.premier.sa.gov.au/news/media-releases/news/$1-billion-stimulus-package-to-save-sa-jobs,-businesses

 

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

VIEW THE COVID-19 RESOURCE CENTRE PAGE >


You may also be interested in...

Government COVID-19 assistance measures

In our most recent report, we explain the key measures currently available and explain eligibility criteria, how each stimulus package will work and action needed to be taken to access the stimulus measures.


Federal Government’s third stimulus

THE JOBKEEPER PACKAGE

An analysis of COVID-19 measures announced 30 March 2020

second-stimulus-package-download-button-300px.jpg

Federal Government’s second stimulus package

To cushion theeconomic impact of the COVID-19 virus

An analysis of COVID-19 measures announced 22 March 2020

second-stimulus-package-download-button-300px.jpg
RSM in Sydney - providing accountanting, auditors and consultants for sydney Businesses