Many businesses and organisations will have changed the way they operate to respond to the challenge of COVID-19. There are new measures designed to help businesses and their employees deal with the COVID-19 outbreak. We want to help customers understand the tax implications of these changes.
COVID-19 support schemes
The government announced several schemes to support businesses and organisations impacted by COVID-19.
COVID-19 Support Payment
The COVID-19 Support Payment (CSP) was for viable and ongoing businesses or organisations facing a reduction in revenue due to COVID-19 circumstances.
Temporary loss carry-back scheme
The loss carry-back scheme was only enacted for the 2020 and the 2021 years.
Businesses expecting a loss in either the 2020 year or the 2021 year could use that loss to offset profits they made the year before. In other words, they could carry the loss back 1 year to the preceding income year.
Small Business Cashflow Scheme
Your business or organisation may be eligible for a loan from the Government.
Small Business Cashflow Scheme
Resurgence Support Scheme
The Resurgence Support Payment was for viable and ongoing businesses or organisations facing a reduction in revenue due to an alert level increase of 2 or higher.
Natural disasters
Farmers, fishers and growers may be able to make late deposits or request early refunds from the Income Equalisation scheme.
Income equalisation assistance for farmers fishers and growers