Grower Support Guide

We know it’s not just business as usual and understand the significant impact the current situation is having on you and your community.

The health and safety of our employees, families, business partners and customers continues to be our top priority and we know you can’t just put a hold on the growing season and understand how integral timing is to the delivery of your end product.

With so much information in the public domain it can be hard to digest exactly what is relevant, and what steps to take to access the financial support you need.

Below is a snapshot including the numerous support packages for small businesses and households recently announced by the government. We’ve also compiled a series of links including reference fact sheets to help you navigate what is available.

Information and Industry Updates

The situation surrounding the coronavirus (COVID-19) continues to impact our way of life in Australia and across the globe, we want to assure you that we are here to support you through these tough times.

As you continue to operate, we will continue to be open for business. Manufacturing in South Australia will run in its normal schedule to support irrigation as an ‘essential service’ for the supply of water.

We are in constant contact with our business partners and are working together to ensure our products are available to you when and where you need them.

We understand that many businesses in Australia are experiencing financial hardship as a result of the challenging economic conditions created by the outbreak of the coronavirus (COVID-19).

We also understand that you may need financial assistance to continue to supply much needed produce during these challenging conditions created by the outbreak of the coronavirus (COVID-19).

The ATO has announced support measures to help Australians experiencing financial difficulty as a result of the COVID-19 outbreak.

These measures include:

  • Defer (by up to six months) payment dates of amounts due through the BAS, income tax assessments, fringe benefits tax assessments and excise
  • Allow businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to their GST refunds
  • Vary PAYG instalment amounts to zero for the March 2020 quarter. Note that businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters
  • Remit any interest and penalties incurred on or after 23 January 2020, that have been applied to tax liabilities
  • Allow affected businesses to enter into low interest payment plans to help pay existing and ongoing tax liabilities

Visit the ATO website or contact their support line on 1800 806 218 for more information.

To stimulate investment and bolster the economy, the Government is providing a 15-month investment incentive for eligible businesses by accelerating depreciation deductions on assets acquired from the 12th of March 2020 up until the 30th of June 2021.

If your business has a turnover of less than $500 million, you’ll be able to deduct 50% of the cost of an eligible asset upon installation, with existing depreciation rules only applying to the balance of the asset’s cost.

To be eligible, the depreciating asset must be:

  • new and not previously held by another entity
  • not be an asset to which an entity has applied depreciation deductions or the instant asset write-off rules

Specific criteria apply to small business entity and other business entities. For more information and to see if your business is eligible, see the complete factsheet.

For more information, visit the business.gov.au coronavirus information and support page here.

The Government is increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expanding access to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 31 December 2020.

For more information and to see if your business is eligible, see the complete factsheet.

The JobKeeper payment is a temporary scheme designed to assist businesses to maintain their workforce throughout the crisis.

The Government will provide $1,500 per fortnight, per employee for up to 6 months provided the following conditions are met:

  • your business has an annual turnover of less than $1 billion and you estimate your turnover has fallen/ or will likely fall by 30 per cent or more
  • your business has an annual turnover of $1 billion or more (or is part of a consolidated group for income tax purposes with turnover of $1 billion or more) and you estimate your turnover has fallen or will likely fall by 50 per cent or more
  • your business has an annual turnover of less than $1 billion and you estimate your turnover has fallen/ or will likely fall by 30 per cent or more
  • your business has an annual turnover of $1 billion or more (or is part of a consolidated group for income tax purposes with turnover of $1 billion or more) and you estimate your turnover has fallen or will likely fall by 50 per cent or more

The payment is available for all eligible employees (full-time, part-time, long-term casuals and stood down employees). The JobKeeper Payment is also available to the self-employed.

For more information on eligibility, see the complete factsheet.

You can also register your interest online.

Tax-free cash flow boosts of between $20,000 and $100,000 will be provided to eligible businesses to retain staff and boost business confidence. Directed at small to medium business, the boost will be delivered as credits when you lodge your activity statement.

You do not need to apply, however if you are eligible, the first amount will automatically be credited to your account upon lodgement of your activity statement. Note that credits will not be applied until after the 28th of April 2020.

Your business will be eligible for the boost provided you meet the following criteria:

  • held an active ABN on 12 March 2020
  • has an aggregated annual turnover under $50 million
  • made eligible payments that the business is required to withhold from (even if the amount required to be withheld is zero).

The cashflow boost is available for eligible small or medium businesses, including not-for-profit organisations, sole traders, partnerships, companies or trusts.

For more information on eligibility, see the complete factsheet.

For more information & advice contact Toro Customer Service.
Ph. 1300 130 898

Subscribe form more industry news

Location

Find a Toro dealer near you

Enter your suburb or postcode