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Businesses dealing with the fallout caused by Cyclones Kirrily and Jasper and the devestating summer floods and storms up and down the east coast are reminded there is financial help available.
Following up from the Australian Bookkeepers Network (ABN) earlier article about ATO relief, bookkeepers should know that all levels of government have banded together, with Natural Disaster Assistance.
At a Federal level, the ABN invites you to visit the disaster assistance webpage which explains more about the One-off Disaster Recovery Payment which entitles $1000 per adult and $400 per child who live in one of the nominated suburbs whose uninsured home or major asset at their home was damaged.
Depending on the natural disaster which affected your area and the type of small businesses you run, you may be eligible for recovery grants up to $50,000 and disaster assistance loans of up to $250,000.
There are also arrangements specific to certain types of businesses, such as primary producers that get access to the Natural Disaster Transport Subsidy.
This is backed up by the ATO latitude around lodgement deferrals, opening the door to comparatively lenient payment plan arrangements.
ABN Director, Peter Thorp, welcomes government efforts to support small business and invites bookkeepers to familiarise themselves with these benefits for their clients.
“Queensland has taken a significant hit through January, and many are still reeling from the experience to the tune of thousands out of pocket,” said Peter.
“While these grants won’t necessarily cover all the losses, they may give enough to keep some businesses afloat where before they may not have been able to,” said Peter.
“There is a big range of eligible types of small businesses, including not-for-profits and primary producers, with variations in the type of funding available depending on the type of business,” continued Peter. “The most comprehensive support worth investigating comes from large grants from the federal and state agencies.”
Resources worth reviewing include:
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