Small Business Grants WA

To assist small businesses with the ongoing impact of COVID-19, the WA state government has released a series of business grants since the pandemic started.

Currently the following grants are available for WA businesses:

–          Small Business Hardship Grants (December 2021 and extended program)
–          Payroll tax waiver
–          Tenant Rent Relief Scheme
–          Landlord Rent Relief Incentive
–          Tenant Rental Credit Scheme (State Government tenants)

For the hospitality and events industry, the following grants are available:

–          Alfresco support package
–          Waiver of Liquor Licensing fees
–          Event Supplier Support Program

Different eligibility criteria applies to each grant so check the website for details.  If you need assistance applying for the grant please contact us.

Important note: the grants received will likely taxable income to the business so please make sure it is declared in the business’s tax return in the year of receipt.

WA Small Business Grants

Applications are open for the Small Business Assistance Grant – December 2021.  This grant is to assist small businesses impacted financially by the Covid-19 restrictions put in place between 23rd December 2021 and 4th January 2022.

This grant offers up to a maximum of $12,500 to eligible businesses and specifically applies to the hospitality sector, music events industry and creative and performing arts sectors.

Eligible employing businesses will receive $1,130 for each impacted day (up to a maximum of $12,500), while eligible non-employing small businesses will receive $400 for each impacted day (up to a maximum of $4,400).

Click here to view the eligibility criteria.

Applications close 4 pm Thursday 31st March 2022 (AWST).

Business Budget Measures

The 2021-2022 Federal Budget has been announced on 11 May 2021, with a few welcoming measures for small businesses. Here are two main measures that would benefit your business once it becomes law.

Temporary full expensing extension

Businesses with an aggregated turnover of less than $5 billion will be able to continue to fully expense the cost of new depreciable assets and the cost of improvements to existing eligible assets in the first year of use.

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Another year has gone by … FBT Year Ends on 31 March – what you need to do

The 2022 FBT year ends on 31 March 2022. (Really?) Yes, that date is not an error as the Fringe benefits tax (FBT) year runs from April to March (unlike the Australian tax year which runs from July to June). It can be confusing at times.

What is FBT?

FBT is the short for Fringe Benefits Tax. It is a tax imposed on employers who provide certain fringe benefits they provide to their employees, including their employees’ family and associates.

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Want to minimise tax when selling your business?

Are you a business owner who is considering selling your business, but is unsure what the tax implications are?

When it comes to selling your business, there are many decisions to make, and sometimes these decisions may impact your tax liabilities on sale. It is therefore wise to speak to an expert about the road ahead before starting the journey of selling.

If a business is sold without having extensive analysis of its tax implications, you may end up having to pay up to 47% tax on the profit. However with proper consultation well before the sale, you may be able to reduce the income tax liability down (sometimes to nil!). The difference can be enormous when the profit is huge.

For example: a business sale with profit of $3m, with 47% tax, your share to keep is $1.59m, however with a 0% tax, you get to keep $3m. That’s a difference of $1.41m!

Below are some concessions you may be able to use to minimise your tax.

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