SA businesses to benefit from $650 million rescue package
26 March 2020, Written by David Simmons
Payroll and land tax relief, the waiver of fees and charges, and a new community and jobs fund are the major pillars of South Australia's $650 million stimulus package.
The Marshall Government says individual businesses and industry sectors facing collapse will reap the benefits of the relief fund as the state teeters on the edge of losing thousands of jobs.
Finalised this afternoon, the package includes the waiving of liquor licence fees for hard-hit hotels, restaurants, cafes and clubs.
South Australia has now committed $1 billion in its fight to save local business. The total spend also includes the establishment of two new funds: a $300 million Business and Jobs Support Fund and a $250 million Community and Jobs Support Fund.
In addition to support for businesses the State Government will provide a one off $500 payment and bring forward the 2020-21 'Cost of Living Concession' for households receiving the Centrelink JobSeeker Payment.
Premier Steven Marshall hopes the $650 million spend will help businesses survive the Covid-19 financial crisis.
"In the space of a few weeks, in some cases overnight, once thriving local businesses and their staff are now facing uncertain futures through no fault of their own and my Government is stepping up to make sure we see them through this period," says Marshall.
"Our Jobs Rescue Package is aimed squarely at keeping as many hardworking South Australians in jobs as possible. For those who have been already let go, we want to see them become re-skilled and employed elsewhere.
"And by either waiving or deferring fees, charges and taxes, we are easing the cash flow burden on businesses at a time when they need it most."
The $650 million stimulus package includes:
Payroll tax relief (Up to $60 million of savings to business)
Land tax relief (Up to $13 million in additional savings)
Fees and Charges
$300 million Business and Jobs Support Fund
$250 million Community and Jobs Fund
Cost of Living Concessions (An estimated additional benefit of about $30 million)
Access to accrued leave for public sector workforce
For more information, and to apply for the funds, email: BusinessandJobsSupportFund@sa.gov.au or CommunityandJobsSupportFund@sa.gov.au.
Updated at 2:54PM AEDT on 26 March 2020.
Author: David Simmons