Applications are now open for the Business Hardship – Border Closure Critical Support Grant
Grants will be based on business annual turnover as follows:
1. Sole traders or small business operators ($2,000 grant)
- Sole traders, or businesses that do not employ staff, with an annual turnover of $50,000 or more, and have been impacted by a reduction in turnover by 30 per cent or more.
2. Impacted small businesses with employees ($5,000 grant)
- For those businesses that employ staff with annual turnover above $100,000 up to $1 million and have been impacted by a reduction in turnover by 30 per cent or more.
3. Impacted medium businesses ($10,000 grant)
- For those businesses that employ staff with annual turnover above $1 million up to $10 million and have been impacted by a reduction in turnover by 30 per cent or more.
Eligibility criteria:
Applicants must:
- Be a Tasmanian business with a minimum annual turnover of $50,000 and be able to demonstrate being directly impacted by lockdowns in other states and current border closures from Saturday 26 June 2021 to Friday 13 August 2021.
- Be registered for tax purposes in Australia with continuously active ABN since on or before 1 May 2021.
- Be an actively operating Tasmanian eligible business that has suffered a 30 per cent reduction in turnover as a direct result of lockdowns in other states and current border closures from 26 June 2021.
- Be registered (if required) and actively using the Check in TAS App, or register at the time of submitting an application.
Ineligible applicants:
- Businesses who have not been directly impacted by current lockdowns in other states and current border closures from 26 June 2021.
- Local, State or Australian Government entities.
- Businesses that are not the main source of taxable income for an owner-operator.
- Not-for-profit organisations, incorporated associations, or charities UNLESS the organisation is operating as a business employing paid staff and / or selling goods and services that make up more than 30 per cent of their income.
- Any business that is trading insolvent, under external administration or bankruptcy.
- Any public company under the meaning as defined in the Corporations Act 2001.
- Investment entities (such as unit trusts and superannuation funds) including residential and commercial property investments/rentals.
Calculating reduction in turnover
Applications will be required to provide supporting evidence to demonstrate a reduction in turnover for the period.
Applicants must demonstrate a reduction in turnover seven weeks after 26 June 2021, the reference periods are:
• Saturday 8 May 2021 to Friday 25 June 2021, compared with
• Saturday 26 June 2021 to Friday 13 August 2021.
Applications will be assessed based on the information provided, and subject to spot audits.
The grant program will remain open for applications until 2:00pm on Thursday 16 September 2021.
If you wish to apply for this support grant, we would be happy to assist with compiling the necessary supporting information. Please contact your Ruddicks adviser as soon as possible to ensure that there is sufficient time to prepare the necessary financial reports before the applications close.
As always, the Ruddicks partners and staff are here to help with any questions you may have about this grant or any taxation matters.
Click on the below link to learn more or apply.
Program Guidelines -
To Make an Application -
https://stategrowthtas.smartygrants.com.au/BorderClosureCriticalSupport
DISCLAIMER:
Liability limited by a scheme approved under Professional Standards Legislation.
The content of this newsletter is general in nature. It does not constitute specific advice and readers are encouraged to consult their Ruddicks adviser on any matters of interest. Ruddicks accepts no liability for errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. This information is current as at 20 August 2021, and was published around that time. Ruddicks particularly accepts no obligation or responsibility for updating this publication for events, including changes to the law, the Australian Taxation Office’s interpretation of the law, or Government announcements arising after that time.
Any advice provided is not ‘financial product advice’ as defined by the Corporations Act. Ruddicks is not licensed to provide financial product advice and taxation is only one of the matters that you need to consider when making a decision on a financial product. You should consider seeking advice from an Australian Financial Services licensee before making any decisions in relation to a financial product. © Ruddicks 2021
