From independent grocers to cafe owners, builders to plumbers, marketing agencies to real estate agencies – small businesses are all around us.
When COVID-19 happened small businesses struggled more than ever before, with lockdown restrictions and consumer uncertainty. Some even had to shut up shop completely.
So, what has the Queensland Government done and what will they do to support small business in Queensland?
Read more from Crest Accountants to find out.
Tough times for Queensland small business, but hope isn’t lost
The Australian Bureau of Statistics (ABS) recently published data on small businesses for the strange and uncertain year that was (and still is) 2020.
In summation, the general consensus of cash-strapped small businesses throughout Australia is owning and operating a small business right now is tough, to say the least.
However, it looks like there may be light at the end of the tunnel, as Australians are favouring buying and supporting local.
Let’s have a further look at the statistics:
- 35% of Australian small businesses are expecting it to be difficult or very difficult to meet financial commitments over the next three months,
- 41% of businesses experienced a revenue drop in August,
- 22% had an increase in overall operating expenses,
- 59% reported capital expenditure decisions largely influenced by economic uncertainty,
- While 40% based their decisions on future, expected customer demand for products.
There’s a shining light at the end of 2020 though, and hope for Queensland Small businesses, and it’s in the form of:
- Queensland Government support (more on that later),
- The approaching sales boom of the Christmas shopping season and,
- An increase in consumer support for buying from and supporting local small businesses.
Resilient, adaptable and resourceful – that’s three ways to sum-up many Queensland small businesses and it’s seen through contactless delivery systems, online shopping and digital pivoting.
Allianz Australia research showed of 78% respondents have greater motivation to support local small business, so let’s see what the Queensland State Government is doing to help, too.
Queensland Government support for businesses
The following information has been provided by the Queensland Government’s COVID-19 Fiscal and Economic Review, and addresses the support packages available for Queensland businesses:
- $1 billion concessional jobs support loan facility which is interest free for the first 12months
- $950 million payroll tax relief, incl. refunds, payment holidays and deferrals
- $360 million payroll exemption with JobKeeper payments
- $40 million land tax relief and payment referrals where eligible
- $249 million for extension to current payroll and land tax relief measures
- $50 million for deferral of gaming machine taxes for clubs and pubs
Support for businesses
- $1.5 billion in support for large/regionally significant businesses and assistance for workers
- $196 million in Small Business Adaption Grants program – grants of up to $10,000
Support for the tourism and fisheries sector
- $27.8 million for COVID-19 aid package for tourism and fisheries sector
- $50 million in support for tourism businesses, theme and animal parks
Other support measures
- $100 million electricity relief for small businesses
- $54.5 million to support essential public transport
- $11 million to support the arts sector
- $2.3 million to support Far North Queensland port-related businesses
- $0.2 million in support for Aboriginal and Torres Strait Islander businesses.
As you can see, there’s likely a package or a combination of support relief to ease the financial burden of the pandemic. To understand and capitalise on these packages, talk to your Gold Coast small business accountant.
Gold Coast small business accounting
By supporting small and local, adapting to change and taking advantage of Queensland specific support initiatives, small businesses in Queensland have a fighting chance to stay alive.
For peace of mind and clarity, trust in Crest Accountants for small business accounting.
Need help with small business accounting?
Contact Crest Accountants today for small business accounting advice and services.