Fires And Floods Prompt Coalition Policy in Brief: The government has released a policy on 2nd Feb 2013, announcing a major relief for small businesses in Australia. If you are a small business owner, and your business is physically harmed due to any natural calamity like flood or fire, this grant can save you from the financial trouble.
What is the Upper Limit of this Grant Amount? As per the Policy, small businesses are eligible to receive grants of upto $100,000. The government will charge an annual interest rate of 4% on the loan amount granted to the Australian small business owner. The time period for paying back this loan amount will be 7 years.
I am a small business owner, am I eligible to receive this grant? To receive this grant, being a small business owner is the basic eligibility. Further if the natural disaster has caused physical damage to your business and there is sufficient evidence to prove this, the grant shall be provided to the small business.
Are there any limitations of this Grant? Yes, this grant will be available only to those businesses, which fully comply with the eligibility criteria. Also, the deferral dates for lodging monthly activity statements will be provided to only those Australian small busineeses which have an annual turnover of more than $20 million.
What is the Upper Limit of this Grant Amount? As per the Policy, small businesses are eligible to receive grants of upto $100,000. The government will charge an annual interest rate of 4% on the loan amount granted to the Australian small business owner. The time period for paying back this loan amount will be 7 years.
I am a small business owner, am I eligible to receive this grant? To receive this grant, being a small business owner is the basic eligibility. Further if the natural disaster has caused physical damage to your business and there is sufficient evidence to prove this, the grant shall be provided to the small business.
Are there any limitations of this Grant? Yes, this grant will be available only to those businesses, which fully comply with the eligibility criteria. Also, the deferral dates for lodging monthly activity statements will be provided to only those Australian small busineeses which have an annual turnover of more than $20 million.
Does this affect my business’ taxation obligations?
Yes, as per the Australian taxation office,
a) All the affected businesses will be given a one month deferral for lodging their monthly activity statements. Note that this deferral will only be given to businesses having annual turnover of more than $20 million.
b) A GST and PAYG holiday will be provided to affected businesses.
c) Generally ATO charges a penalty interest for providing incorrect information about PAYG tax. But it is giving a six month relaxation period and no fine will be imposed for providing the wrong PAYG details for the fist six months.
According to Bruce Bilson (small business minister), the policy has aimed to set out practical steps to solve problems faced by small businesses during natural disaster.
If you are a small business owner and worried about the safety of your business, you can avail a free one hour consultation on disaster recovery from our representatives. Please visit our website bbw-services.com and order a free consultation today.
Yes, as per the Australian taxation office,
a) All the affected businesses will be given a one month deferral for lodging their monthly activity statements. Note that this deferral will only be given to businesses having annual turnover of more than $20 million.
b) A GST and PAYG holiday will be provided to affected businesses.
c) Generally ATO charges a penalty interest for providing incorrect information about PAYG tax. But it is giving a six month relaxation period and no fine will be imposed for providing the wrong PAYG details for the fist six months.
According to Bruce Bilson (small business minister), the policy has aimed to set out practical steps to solve problems faced by small businesses during natural disaster.
If you are a small business owner and worried about the safety of your business, you can avail a free one hour consultation on disaster recovery from our representatives. Please visit our website bbw-services.com and order a free consultation today.
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