Another day, another stimulus package!

*BREAKING*

The Reserve Bank of Australia (RBA) has slashed interest rates to 0.25 per cent after calling an emergency meeting to try to save the economy. The RBA will buy Australian government bonds as part of its first-ever quantitative easing program and provide a three year funding facility to provide low cost loans to Australian banks.

With the RBA making their final move on interest rates, lets look at the new measures from the QLD Government and Brisbane City Council…

The Queensland Government recently announced new measures to support Queensland businesses through the unfolding COVID-19 pandemic. In addition to this, the Brisbane City Council has also announced measures to lessen the impact on business. Lets explore each new measure in detail:

Queensland COVID-19 Jobs Support Loans

The first measure is aimed at supporting Queensland businesses impacted to retain employees and maintain their operations.

While details are scant at present, the $500 million concessional loan facility will comprise low interest loans of up to $250,000 with an initial 12-month interest free period to eligible businesses.

The Queensland Rural and Industry Development Authority (QRIDA) is administrating the loan facilities and currently taking expressions of interest in the lead up to the loan roll out.

To register your interest email contact_us@qrida.qld.gov.au with your full name, phone number and preferred email address or phone 1800 623 946 (QRIDA).

QRIDA will contact you when the scheme is open to applications shortly.

Queensland Payroll Tax Relief Package

The second measure relates to the deferral of all payroll tax liabilities for eligible employees until 31 July 2020.

Eligible employees include those with $6.5 million or less in Australian taxable wages whose current turnover, profit, customers, bookings, retail sales, supply contracts or other factors have been directly or indirectly affected by COVID-19.

This deferral is not automatic and each employees needs to apply - you will be notified if your application is successful.

Brisbane City Council Business Fee Waiver

As businesses across the city face economic hardship, Lord Mayor Adrian Schrinner has announced that the Brisbane City Council will waive all charges, rents levies and permit fees effective immediately for all businesses.

There will be a freeze on fees and charges for footpath and outdoor dining, food safety permits, commercial river moorings, advertising, temporary food stalls, commercial lease rents, and commercial stalls, booths and stands. Lease fees for community organisations will also be waived.

All fees and charges in relation to cancelled events (due to COVID-19) will also be refunded.

Head to the Brisbane City Council website for further details.

Federal Government Stimulus - Update

This afternoon the Prime Minister & Treasurer confirmed that a further stimulus package is still to come. Keep an eye on our regular blogs for further updates.

Stay safe. Shake tax, not hands!

Get in touch with m+h Private Tax Specialists today on +61 3036 7174 to see how we can help deliver the best support to you and your business.

As always, the above is general in nature, please discuss with your trusted advisor.