COVID-19: $3 billion to support affected businesses

The Queensland Government has announced a range of initiatives to support businesses affected by COVID-19. The initiatives are designed to help businesses of all sizes withstand the economic impacts of the pandemic and support jobs.

$950 million payroll tax relief

Immediate payroll tax refunds will be provided for COVID-19 affected businesses. Eligible businesses can also apply for deferral until the end of 2020 and a payroll tax holiday for 3 months.

Small and medium businesses

All small and medium businesses (annual payrolls of $6.5 million or less) in Queensland will be eligible for:

  • a two-month refund of payroll tax, giving an average of nearly $9,000 cash
  • a three-month payroll tax holiday, saving an average of $13,360
  • deferral of all payroll tax payments for the rest of 2020.

Larger businesses

Larger businesses (annual payrolls over $6.5 million) affected by COVID-19 will be eligible for the two-month payroll tax refund and have their deferral extended for all of 2020.All this means no Queensland business impacted by COVID-19 will have to make a payroll tax payment in 2020.

$1 billion Industry Support Package

The Industry Support Package will assist large businesses through this period to ensure they will be able to scale up and service the community when economic activity improves. The package will be focussed to support businesses:

  • which make a significant contribution to Queensland
  • that employ people in Queensland at scale
  • which are significant in a regional context
  • that can make a key contribution to a rapid response by the economy as conditions improve
  • which are significantly impacted as a result of COVID-19
  • to leverage current support measures and those available from other jurisdictions

Other support

Other support that businesses may be eligible for includes:

Fee waivers for tourism businesses

Waiver of a range of fees, charges and levies to support tourism operators to continue to operate. Includes application and liquor licencing fees for businesses impacted by enforced shutdowns, registration renewal fees for Inbound Tour Operators, rebates on marina charges and passenger levies, and deferral of tourism lease rent payments.

Supply chains support

For manufacturers and businesses having difficulties accessing supplies to continue to operate, employ and meet customer needs, we are identifying alternative suppliers of Queensland manufactured goods and services which are vital for businesses.

Trading hours

Businesses that mainly sell food or groceries can open for longer to enable people to obtain essential groceries.

Government premises rent relief

Six months relief for businesses renting government premises.

Financial resilience counselling and webinars

SMEs can access financial counsellors to get a better understanding of their financial position and viability and gain assistance in developing and implementing plans to improve their financial situation. TAFE Queensland is also offering webinars to help businesses identify risks, build financial skills and plan to mitigate the impact of COVID-19.

Mentoring and one-on-one support

The Mentoring for Growth program has mentors ready to provide tailored support to impacted small businesses, including financial mentoring and business planning. Businesses can also access information and one-on-one support by calling the Small Business Hotline on 1300 654 687 or completing the online survey at business.qld.gov.au.

Form more information, head to: https://www.business.qld.gov.au/__data/assets/pdf_file/0024/290715/coronavirus-covid-19-business-support.pdf