Small businesses and individuals impacted by the recent suspension of live exports are being offered Government assistance packages, after it was revealed the move left some businesses in precarious positions.
The Business Assistance Payment provides a one-off, lump sum payment of $5 000 to eligible businesses to assist in alleviating some of the immediate pressures. The payment will be assessable income and will not be exempt from tax. Eligible businesses can claim for the payment until 30 September 2011.
An Income Recovery Subsidy is also available for employees, small business people and farmers who can demonstrate they’ve experienced a loss of income as a direct result of the temporary suspension. Claims for the subsidy will be accepted until 5 September 2011.
A Business Hardship Payment of $20,000 for eligible farm and non-farm business enterprises is also in the process of being finalised. For more information on this payment, please phone 1800 808 869.