JULIE OWENS

How businesses can find some some relief

 JULIE OWENS

THE Morrison Government’s budget leaves many businesses behind, but those that are in good enough shape to employ or invest may find some assistance.

As I write this, there’s not much information available on how you can actually access these measures – so I’ll explain what we do know, and how you can stay up-to-date as details emerge.

Loss Carry Back: the Abbott Government abolished Labor’s Loss Carry Back for Business scheme when they were elected in 2013. The Morrison Government has brought it back with some limitations.

Eligible businesses that make a loss from FY19-20 to 21-22 can claim a refund from taxes paid from FY 18-19 to 20-21. Only incorporated entities will be eligible, so sole traders, partnerships and trusts miss out. And while it applies to the last fi nancial year, the ATO is yet to confi rm how to claim it, and it appears that you won’t be able to claim it until you lodge for 20-21. For the latest, visit ATO.gov.au and search ‘Loss Carry Back’

Instant asset write-off : the Government has lifted the cap on the existing program, allowing eligible businesses with turnover of less than $5 billion to write off the full cost of new assets bought and put to use from 6 October 2020 until 30 June 2022. Again, there’s no information on how you can claim it. Latest: ATO.gov.au and search ‘Instant Asset Write Off ’

JobMaker: businesses will be able to claim a wage subsidy of $200 per week when they hire a new employee, who is aged 16-29 and receiving JobSeeker, to work 20+ hours per week. This falls to $100 per week for employees aged 30-35. The subsidy is available for 12 months from 7 October, and businesses can claim it for a maximum of 12 months.

‘JobMaker’ isn’t actually law yet. There’s no information on how businesses can claim the subsidy, but we know the Government doesn’t plan to start paying businesses until February 2021. Businesses can only claim for new employees, and there will be no support for existing employees when JobKeeper ends in March 2021. Latest: ATO.gov.au and search ‘JobMaker’ (one word).

Apprentice wage subsidy: businesses that take on a new apprentice or trainee between 5 October 2020 and 30 September 2021 can claim a wage subsidy of up to 50% during this period. Contact an Australian Apprenticeship Support Network provider to fi nd out if your business is eligible and how to apply.

Support for manufacturing: the Government has announced $1.5 billion in funding to boost manufacturing – but they’ve since confi rmed that only $45 million will be spent this fi nancial year, and most of the grant component of the $1.5 billion will be allocated to around 10 companies. They are still consulting and there is little information available.

As you can see, there’s not a lot of detail in these announcements. There are a few things you can do if you want to stay up-to-date: • Visit business.gov.au and subscribe to the newsletter. • Go to ATO.gov.au/Subscription.aspx and subscribe to the updates for businesses • Subscribe to the Parramatta Chamber of Commerce newsletter at parramattachamber.com.au/newsletter. • You can also sign up for my regular small business bulletin by scanning the QR code on this page or visiting julieowens.com. au/bulletins.

Julie Owens Bulletin

Youth Forum

Young people have borne the brunt of this crisis and they will probably feel the effects of the Government’s response more than any other age group. I’m hosting online youth forums to give young people in our community a platform to have their say on these issues. I’ll be co-hosting the first one with the Shadow Minister for Youth, Amanda Rishworth at 7:00pm on Tuesday 24 November. To register for the forum, visit julieowens.com.

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Request a kit

I’ve put together a ‘youth kit’ that covers education, employment, finances, and health and wellbeing to help young people (school leavers - 25) plan for the future. I’ve also updated my ‘seniors kit’ with information about coronavirus and local services that can help seniors get through this difficult time. If you’d like a copy of either kit for yourself or a loved one, please phone my office on 9689 1455.

Take my Budget survey

I want to know what you think we should be investing in to build a stronger community, society and economy in Parramatta. Please visit julieowens.com.au/budget2020 for my survey – it only takes a couple of minutes to complete.

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I share useful information like this I sha in three regular email bulletins – in th one for small businesses, one for one community groups and a general com bulletin for locals. You can sign up bulle and unsubscribe on my website at any and time: time julieowens.com.au/bulletins