Tax relief amid coronavirus shocks
THOUSANDS of Queensland businesses impacted by coronavirus will get some tax relief, with news they'll be able to defer their payroll tax bills for six months.
Deputy Premier and Treasurer Jackie Trad will today (MONDAY) announce the new relief measure for small to medium businesses that take a hit to their bookings, turnover, contracts or profit because of the escalating, international health crisis.
The support comes ahead of a meeting of the Government's health subcommittee today, following which Premier Annastacia Palaszczuk will outline to Queenslanders how their lives will be impacted if there is an outbreak.
She yesterday did not rule out movement restrictions, saying "we will do whatever it takes to contain if there is an outbreak here".
Meanwhile, the payroll tax deferral will apply to all businesses with an annual Australian wage bill of up to $6.5 million who will self-assess the impacts of the virus.
It means businesses who had been due to pay their next monthly bill of up to $20,500 next Monday will now get a breather, with those that have prepaid to be contacted by the Office of State Revenue.
"Small and medium businesses are especially vulnerable to these external shocks, so we
are giving them the option to defer their payroll tax obligations for six months, backdated to
when the travel ban started on 1 February," Ms Trad told The Courier-Mail.
"This is one of the ideas put to me when I visited Cairns last month to hear directly from tourism operators about the kinds of impacts COVID-19 was having on their businesses."
The Office of State Revenue will work with affected businesses to create repayment plans for the deferred tax liabilities.
"We've known from the start the impact of the virus is evolving, so our measures to address
it must evolve as well," Ms Trad said.