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I AM A SOLE TRADER

Financial support is available to help minimise the impact of the COVID-19 pandemic to South Australian businesses.

These support options are available for sole traders, employers, companies and Registered Training Organisations to work towards saving South Australian jobs, safeguarding the state’s economy and minimising the economic impact.

Find out more about the South Australian Government and Commonwealth support and explore what options are available to you and your business below.

Sole trader and other entities

If you are a sole trader, partnership or beneficiary of a trust and do not employ any staff, there are several support measures available to support your business.

 
  • JobKeeper Payment

    The JobKeeper Payment is a subsidy for eligible businesses impacted by COVID-19 to help sole traders and other entities retain their jobs and continue to earn an income.
     
    Affected sole traders will be able to claim a fortnightly payment of $1,500 as an eligible business participant from 30 March 2020, for a maximum period of 6 months.
     
    Timing: The subsidy started on 30 March 2020, with the first payments to be received by eligible business participants in the first week of May. Businesses can register their interest on the Australian Taxation Office website.
     
    For more information about the payment and eligibility, visit the Australian Government Treasury website.
  • Deferred loan repayments for six months

    The Australian Banking Association has announced they will defer business loan repayments for most businesses affected by COVID-19 for six months. Contact your bank to enquire.

    For more information and contact details, visit the Australian Banking Association website.
  • Instant asset write-off

    Under normal circumstances, individual assets less than $30,000 are eligible for the instant asset write off. The Government has lifted this threshold to $150,000. This applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this timeframe.
     
    Eligibility: Businesses with aggregated annual turnover of less than $500 million (up from $50 million). 
     
    Timing: The instant asset write-off is claimed back via a business tax return.

    For more information, visit Increasing the instant asset write-off.
  • Backing Business Investment

    This 15-month investment incentive supports business investment and economic growth over the short term by accelerating depreciation deductions.  
     
    Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost. 

    This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021. An eligible asset is one that is new and not previously held by another entity (other than as trading stock), and must not be an asset to which an entity has applied depreciation deductions or the instant asset write-off rules.

    For more information, visit Backing Business Investment.
  • Increased and accelerated income support

    Over the next six months, the Commonwealth Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus Supplement to be paid at a rate of $550 per fortnight.  
     
    Eligibility: The temporary Coronavirus Supplement will be a fortnightly payment on top of your new or existing income support payment. 
     
    You’ll automatically get the supplement if you’re getting one of these payments: 
    • JobSeeker Payment 
    • Youth Allowance for job seekers 
    • Parenting Payment 
    • Farm Household Allowance 
    • Special Benefit. 
    In addition, you may receive a one-off payment of $750 from the Commonwealth Government and a one-off payment of $500 from the South Australian Government.

    If you aren’t already receiving a payment, you can register your intent to claim by visiting the Services Australia website. Your payments, if approved, will be backdated to this initial registration date.
     
    Timing: The Coronavirus Supplement will be automatically applied to payments from 27 April 2020.

    For more information, visit Increased and accelerated income support.
  • SME Guarantee Scheme

    The Coronavirus SME Guarantee Scheme provides eligible lenders with funding to help small and medium enterprises (SMEs) get access to working capital and support them through the impact of COVID-19.
     
    Eligibility: SMEs with a turnover up to $50m.
     
    Timing: The Scheme commenced early April 2020 and is available for new loans made by participating lenders until 30 September 2020.

    Those interested in the Coronavirus SME Guarantee Scheme are encouraged to approach their financial institution for more information. Alternatively, visit Supporting the flow of credit.
  • Early access to superannuation

    Sole traders whose business has been suspended or who have experienced a reduction of turnover of 20 per cent or more due to COVID-19 can access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. 
     
    Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments. 
     
    Individuals and sole traders can apply for early release of their superannuation from mid-April 2020.

    For more information, visit Early access to superannuation.
  • Rent relief

    Rent relief is now available for business tenants of government buildings who have been forced to close, or have been significantly impacted by COVID-19. The State Government will provide full rent relief to impacted tenants of commercial, retail, industrial and other non-residential site from the date the business was closed or impacted, up until 30 June 2020.

    The State Government has introduced new regulations for commercial leases to protect tenants from eviction and provide greater certainty around dispute resolution and rent relief. Covering the six-month period from 30 March to 30 September 2020, the regulations mean no affected commercial tenant can be evicted for non-payment of rent or for reducing their hours of business. They will also assist with the negotiation, mediation and resolution of disputes. Affected tenants are generally those with an annual turnover of up to $50 million which are eligible for, or receiving, the JobKeeper wage subsidy.

    A land tax relief package will provide eligible landlords with a 25 per cent reduction on their 2019-20 land tax liability on affected properties. For more information, visit COVID-19 relief.