The announcement by the Western Australian Government that assistance packages are being provided to small businesses has been welcomed by local industries.
Many companies have suffered directly from the ongoing effects of COVID-19, with closures, staff shortages, and a reduction in customers resulting in a significant loss of revenue. This financial hardship has taken its toll on local business owners, each of whom plays a vital role in Australia’s economy.
The following guide outlines eligibility for the hardship grant or relief packages, and how the niche expertise of Linc Accountants can help perth local business owners secure this much-needed fiscal aid.
Small business hardship grant
The WA Government is providing eligible businesses with between $3,750 and $50,000, depending on the reduction in turnover and number of employees.
Applications close on the 30th of June 2022. The loss of income relates to a 30% or 40% reduction in turnover for any two-week consecutive period between 1 January 2022 and 30 April 2022, when compared to the same period in 2021. If your business was closed during this period or it does not apply, an alternate two weeks in 2021 may be used.
Qualifying businesses with a 40% reduction can receive:
- $5000 for sole traders (no employees)
- $10,000 for micro businesses with 1-5 employees
- $20,000 for small business with 6-19 employees
- $50,000 for medium businesses with 20 or more employees, who have an annual payroll up to $4 million.
Qualifying businesses with a 30% reduction can receive:
- $3750 for sole traders (no employees)
- $7,500 for businesses with 1-5 employees
- $15,000 for 6-19 employees
- $37,500 for 20 or more employees who have an annual payroll up to $4 million.
Hospitality businesses
A three-month payroll tax waiver can be received if your hospitality enterprise has an annual payroll of $4-$20 million, and had a 40% decline in revenue for any four-week period between 1 january 2022 and 30 April 2022, when compared to the same period in 2021.
Small Business Rental Relief Package
Tenants
A grant of up to $3,000 is being provided to eligible WA commercial tenants. Small business’ who meet the following criteria can apply for the rent relief package:
- An annual turnover of over $50,000
- A national payroll of less than $4 million
- A proven 30% or more reduction in revenue for any four-week consecutive period between 1 January 2022 and 30 April 2022, when compared to the same period in 2021
Landlords
Commercial landlords who voluntarily meet this $3000 tenant relief package can receive a $1,500 payment incentive. To qualify, you must show:
- Rent relief of $3,000 was given to tenants who meet the eligibility criteria outlined above, or who can prove loss of revenue during an alternative 2021 period if this doesn’t accurately represent their business fiscal situation.
- Your tents have a WA premises
Tailored assistance from Linc Accountants
With applications closing June 30th for these vital small business grants and relief packages, it’s imperative to acquire the help of WA tax experts at Perth Accountants.
Niche experience aiding small to medium sized companies makes our knowledgeable team perfectly positioned to secure your grant, through clear proof of loss of income and accurate payroll reporting.
Contact Linc Accountants today to discuss your application for the Small Business Grant, or Rental Relief Package.