Business Update – 18 March 2022

Welcome back to our Business Update!

Business Assistance Package for WA Businesses

The Level 2 COVID-19 Business Assistance Package is available for businesses in Western Australia most impacted by restrictions. The assistance includes a $66.8 million Small Business Hardship Grants Program, $2.8 million of payroll tax relief for large hospitality businesses, and $2.1 million for a COVID-19 Commercial Sporting Franchises Support Program.

COVID-19 Vaccine Claims Scheme

The government is developing a claims scheme to provide a simple, streamlined process to compensate eligible people who suffer a moderate to significant impact following an adverse reaction to an approved COVID-19 vaccine without the need for complex legal proceedings. The scheme covers the costs of injuries of $1,000 and above.

Business Sentiment Rebounds

Business sentiment strengthened in February, as the Omicron wave dissipated, easing supply chain disruptions and reviving demand. Business confidence jumped to 13 points from a revised 4 in January, recording gains across all industries, according to a National Australia Bank survey.

Labour Crunch May Affect Economic Recovery

A labour crunch across critical industries threatens to weigh on the country’s economic recovery. Australia currently faces a shortfall of about 300,000 workers.

Investment Attraction Fund Opens

Expressions of interest are now open for the recently launched Investment Attraction Fund designed to attract new investment to Western Australia that will create local jobs and contribute to a more diversified economy.

Safe Transition Industry Support Package

The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Upcoming Key Dates

BAS/IAS Monthly Lodgements

February 2022 Activity Statement:  21.3.2022

March 2022 Activity Statement:  21.4.2022

BAS/IAS Quarterly Lodgements

Jan – Mar 2022 Activity Statement:  28.4.2022

For Activity Statements, when a due date falls on a Public Holiday (in your state), or a weekend, you can lodge and pay on the next business day.

Quarterly Superannuation

Jan – Mar 2022 Quarter Super is due by 28th April.  We recommend processing by the 21st to ensure your funds are received by the funds by the due date to avoid penalties and interest.

Get in touch

Contact us if you have any questions or want to discuss any of the above.

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