Government support for your business

As Australia goes into a new wave of Covid-related lockdown, businesses again face the challenges of social distancing, the wearing of face masks and other restrictions.

All of which is an added stress for business owners trying to build revenue and financial stability.

To keep cashflow on an even keel, and to get your company through the challenges of the next few months of lockdown and COVID-19 restrictions, it’s likely that you’ll need to call on the Government for financial support – but what financial support is available this time around?

There are a few options available – here’s an overview.

COVID-19 Disaster Payment

This payment is available for people unable to earn their usual income as a result of lockdown. You can get up to $500 for each period of lockdown, depending on circumstances.

To be eligible, you will need to be living or working in an area that has been declared a COVID-19 hotspot or put in lockdown for at least 7 days.

Find out how to claim at Services Australia.

Pandemic Leave Disaster Payment

Lump sum payments of up to $1,500 for each 14 day period are available for people impacted by quarantine.

You may be eligible for this payment if you’ve been directed to go into quarantine or to self-isolate by a health authority in your state or territory, due to having COVID-19 or being recently exposed to it, or for caring for a child with COVID-19.

There are some small differences between states and territories regarding accessing the payment. You can find out more at the Services Australia site.

Other support options

Other types of available support include:

1. JobSeeker for people seeking employment or who are temporarily sick or injured, or

2. Various support payments for businesses and employers.

Get in touch

You may have to pay income tax on government payments so it’s important to allow for this in your accounts. We’re here to help you with this – feel free to give us a call!

About Scott Kay

Integrity Plus Accounting

Scott Kay is currently a husband and father of one young daughter. He founded Integrity Plus Accounting over 4 years ago and has had his own clients for over 10 years. He has worked for 3 other accounting businesses and loves to help clients grow – in their business, their wealth, their mindset and their lives.