Tax break for small businesses affected by coronavirus

The Queensland government has announced a six-month deferral of payroll tax obligations for small and medium sized businesses in Queensland that have been impacted by coronavirus.

Traders with an annual Australian wage bill of up to $6.5million are eligible and can assess for themselves whether their profit, turnover, bookings or contracts have been adversely impacted. This is available across all sectors.

Australia enforced a travel ban on any international travellers who had been in China on February 1^st and this is the date the deferral of payroll tax will begin from, meaning businesses that opt for a deferral won’t have to pay it back until August 3^rd 2020.

The Queensland government announced a $27.25 million package for a range of measure to help businesses across the state that have been impacted by the coronavirus, including promoting tourism and waiving fees associated with liquor licenses.

While the tax break may be welcome news for some, it is worth highlighting that the debt will still need to be paid, and deferring can mean the debt becomes more difficult to service.

Call in at your local TaxAssist Accountants for help with any of the above.

Date published 5 Mar 2020 | Last updated 6 Mar 2020