QLD Government response to COVID-19 economic relief package

Yesterday, 24 March 2020 the Queensland Government announced their economic relief package for COVID-19. 

Payroll Tax Relief

• Immediate payroll tax refunds of $740 million for COVID-19 affected businesses.
• A payroll tax holiday and deferral until the end of 2020 for eligible businesses.
• All small and medium businesses (payroll up to $6.5M) in Queensland will be eligible for:
  • A two-month refund of payroll tax, giving an average of nearly $9,000 cash
  • A three-month payroll tax holiday, saving an average of $13,360

In addition, they will be eligible to defer all payroll tax payments for the rest of 2020.

•  Larger businesses (payroll over $6.5M) affected by COVID-19 will also be eligible for the two-month payroll tax refund and have their deferral extended for all of 2020.

All this means no Queensland business impacted by COVID-19 will have to make a payroll tax payment this year. For more information, visit the Business Queensland website.

$2.5 billion for workers and industry 

The worker and industry support package includes:

• Up to $500 million to assist workers who lose their job or income with retraining, job-matching and other help to transition into jobs in the industries that are vital to get Queensland through this crisis – such as health care, agriculture, food production, transport, cleaning and mining

Industry Support Package 

The Industry Support Package will assist large businesses through this period to ensure they will be able to scale up and service the community when economic activity improves. For further detail on the Industry Support Package email COVID19ISP@treasury.qld.gov.au

Other support for business

• Relief for businesses renting government premises
• $500 rebate on electricity bills for all Queensland small and medium-sized businesses that consume less than 100,000 kilowatt hours. This will be automatically applied to electricity bills.
• Liquor licensing fees waived for business impacted by enforced safety industry shutdowns.

$300 million for households

There will be a $200 rebate for all 2.1 million Queensland households (including the $50 Asset Ownership Divided already announced) to offset the cost of water and electricity bills. This will be automatically applied through household electricity bills. 

$1.2 billion for health

This funding boost will increase the capacity of Queensland's health system to confront COVID-19. This includes expansions of:

• Emergency department capacity
• Acute care services
• Regional aeromedical services for our remote communities. 

The Money Edge