Federal Government COVID-19 Support Packages
Updated August 3 2021
Following is a summary of the business and household support offered across the Federal Government stimulus packages.
Business support
JobMaker Hiring credit scheme
The JobMaker Hiring Credit scheme is an incentive for businesses to employ additional young job seekers aged 16-35 years of age.
Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021.
Boosting Apprenticeship Commencements
The Boosting Apprenticeship Commencements wage subsidy supports businesses and Group Training Organisations to take on new apprentices and trainees, to build a pipeline of skilled workers to support sustained economic recovery.
Instant asset write-off
Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use.
Instant asset write-off can be used for:
- multiple assets, if the cost of each individual asset is less than the relevant threshold
- new and second-hand assets.
If you are a small business, you will need to apply the simplified depreciation rules in order to claim the instant asset write-off. It cannot be used for assets that are excluded from those rules.
Coronavirus SME Guarantee Scheme
The Government will guarantee 50% of new loans issued by eligible lenders to small and medium businesses. To support $40 billion in lending, the Government will guarantee up to $20 billion to provide businesses with faster access to working capital.
Learn more about the SME guarantee scheme
SME Recovery Loan Scheme
If you received the JobKeeper payment between 4 January and 28 March 2021 you may be eligible to apply for a business loan.
The scheme is open to SMEs with a turnover up to $250 million that were recipients of the JobKeeper payment between 4 January 2021 and 28 March 2021. Both self‑employed individuals and non-profit businesses are eligible.
Backing Business Investment
Eligible businesses, for the 2019–20 and 2020–21 income years, may be able to deduct the cost of new depreciating assets at an accelerated rate using the backing business investment – accelerated depreciation rules.
For each new asset, the backing business investment – accelerated depreciation deduction applies in the income year that the asset is first used or installed ready for use for a taxable purpose.
Pandemic Leave Disaster Payment
Support payments for those who cannot earn an income because they must isolate, quarantine, or care for someone with COVID-19.
Service Australia offers support based on your state.
COVID-19 Disaster Payment
These payments come into effect if you cannot work due to a public health order in your state.
The payment is claimed online through the Federal Government’s myGov service. You will need evidence of the work that has been lost.
NSW: COVID-19 business grant
For NSW only: A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the Greater Sydney COVID-19 restrictions.
Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the first 3 weeks of COVID-19 restrictions (26 June to 17 July 2021).
For eligibility criteria and to apply, visit Apply for the 2021 COVID-19 business grant.
VIC: Small and medium business support
For Victoria only: A joint Federal and Victorian Government is aimed at providing assistance to businesses impacted by the July 2021 Victorian lockdown.
The package will deliver an additional $400 million in support to thousands of businesses and includes a $156 million Business Continuity Fund, a new $85 million Small Business COVID Hardship Fund as well as support for commercial tenants and landlords.
Further information
For further information, refer to the following Business.gov.au resources: