Business Update – 23 February 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Australia Welcomes Back International Tourists
After almost two years, vaccinated international tourists and business travellers began arriving in Australia with few restrictions. Prime Minister Scott Morrison said 1.2 million people had visas to enter Australia with 56 international flights due to touch down in the first 24 hours of the border reopening.
NSW Unveils $1 Billion Support Package for Businesses
The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak. The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.
Pandemic Leave Disaster Payment
People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.
You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.
The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.
A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.
You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.
Support for Small Businesses
If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.
Booster Shots Now Required To Be Fully Vaccinated
Australians will need to receive booster shots to be considered fully vaccinated against COVID-19, although authorities said foreign travellers will continue to need only two shots to enter the country. If you haven’t received a booster within six months of your second dose, your vaccination status will be considered “overdue”.
$22 Million Health and Medical Research Support
Six Australian health and medical researchers are set to receive a share of $22.9 million through the National Health and Medical Research Council (NHMRC) Partnership Project scheme to further ground-breaking research that will improve health and treatment outcomes for Australians.
Safe Transition Industry Support Package
The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.
Rapid Antigen Tests Now Free for Some Australians
Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:
- Pensioner concession card
- Commonwealth seniors health care card
- DVA gold, white or orange card
- Health care card
- Low-income card
If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.
Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended
The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.
The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.
Research: Businesses Turn to International Talent
More than 70% of Australian business leaders plan to hire international talent on a permanent basis in 2022 and 61% plan to hire international talent on a contract basis to sustain their talent pipeline, according to research from Robert Half Australia.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.
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The information in this newsletter / factsheet is factual but general in nature. It should not and is not to be construed as advice at any level whatsoever. Because it contains general information that has not been tailored to your personal circumstances it may not be suitable information for you. You must always seek personal financial or taxation advice prior to acting on this information. Further, as many of the comments in this newsletter / factsheet are general in nature, anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.