Torrential rainfall and flooding of NSW and QLD have been devastating, affecting citizens and home and business owners alike for the most part of the year.
But there is light at the end of the tunnel as the QLD government offers support for affected flood victims – one of which targets small business owners.
The damage has been extensive, stretching across two states and debilitating many business owners over the last couple of months.
So, using these small business flood support systems enables the prevention and recovery of small businesses in hard-hit areas such as Brisbane.
But there are a few steps to take before applying for such payments.
We’ll cover the ins and outs of the small business flood support in Brisbane and learn how the latest government support could help your business.
Small businesses vary and are prevalent in various industries such as hospitality, farming, retail, and construction. Therefore, assessing which category your business falls in should be simple enough.
But the eligibility for which government flood relief support is where one should be most attentive.
As long as you are a small business owner and hold an ABN, the business is located within a defined disaster area, and you have been conducting business while affected by the floods, you may be eligible for assistance by means of government flood support payments.
There is an extensive list of guidelines and eligibility, which can be found on the Queensland government site, while the application form itself can be found here.
There are a few hoops to jump through regarding documentation, but it is necessary just like any other grant or payment.
Luckily, there aren’t that many and scrounging up the necessary documentation should be easy enough.
Firstly, a copy of your business’s property lease or most recent local government rates, if owned, must be supplied, along with 5 -10 photographs evidencing direct damage to the business.
Lastly, copies of tax invoices or quotes/estimates for repairs must also be supplied. Flood relief support is straightforward from then on, but supplying your insurance policy and/or claim must also be provided.
As many small businesses are affected by the floods in Brisbane, no two situations are the same. Therefore, government flood relief support varies to accommodate the variety of small businesses.
So, assessing what you need and, most importantly, how much you need is the first step.
In saying that, support for flood victims with small businesses can potentially reach a maximum of $50,000, with an initial payment of $15,000 paid out.
At the same time, a further $35,000 is available to support subsequent claims.
Apart from the obvious, the benefits of receiving the flood relief support payment for small businesses are substantial.
Those eligible to receive the payment can aid their small business by putting it towards the following:
The benefit of receiving the payment is substantial. It may be the saving grace of your business and its future.
Assessing the damage and the projection for success after a natural disaster is of utmost importance, proving invaluable for the ongoing trade of your small business.
Unfortunately, loss of income is not eligible under the Extraordinary Disaster Assistance Recovery Grant scheme.
But just because your business has not been physically damaged, it does not mean that you have to wear all the businesses losses and won’t receive flood relief support from the government.
Alternatively, If you have suffered a significant loss of income due to the floods, you may be eligible for the Disaster Assistance Loan.
The supply of insurance certification and details may rule out any repairs that your insurance would otherwise cover.
However, insurance excesses and items not covered by insurance may be eligible.
If you have multiple small businesses under a single ABN – at separate locations – you may apply for government flood support for each eligible separate business.
But keep in mind that the businesses must all be in disaster-affected areas.
Along with the flood relief support for small businesses, the Queensland government is easing up on tax obligations for those who receive the payment – offering support options for those struggling to meet their tax obligations.
Although paying tax is unavoidable – especially when owning a business – tax payments may not be first on the agenda while navigating your way through a natural disaster.
When the time calls and the dust has settled, the priority of an excellent tax accountant is warranted.
After dealing with such a disastrous event, it is only natural to leave the numbers to the experts as you concentrate on the survival and resurrection of your small business.
Choosing the right tax accountant can be taxing, but fortunately, Brisbane is home to many professionals offering such services.
Valles Accountants, apart from being Brisbane’s number one tax accountants, boast over 35 years of experience.
Navigation of the small business world is tricky. However, along with tax obligations, there are many tax concessions that SMEs (small and medium-sized enterprises) can take full advantage of – all of which we can accommodate while leaving no stone unturned.
With the east coast struck by a natural disaster, government flood relief for small eligible business owners is just the lifeline they need in this trying time.
With an abundance of benefits, the supporting government cash influx is a welcomed helping hand as the nation attempts to recover from this disaster, one small business at a time.