NSW Floods: Payments, Loans, Assistance and Tax Relief

The NSW Small Business Commissioner has activated Disaster Recovery Funding Arrangements in 34 local government areas.

Concessional loans
Loans of up to $130,000 at a fixed concessional interest rate may be available to small businesses, primary producers and non-profits (subject to certain eligibility criteria) that have been directly impacted.

Disaster Recovery Payment
One-off financial assistance for individuals at a rate of $1,000 per eligible adult and $400 per eligible child. Claims for this payment can be lodged with Services Australia for a period up to 6 months.

Disaster Recovery Allowance
A fortnightly income supplement that is available to primary producers and sole traders who have lost income as a direct result of the disaster.

For more information, and on eligibility criteria and lodgment of claims, visit Services Australia website or call 180 22 66 for claims assistance.

The NSW Rural Assistance Authority is also offering Disaster relief low interest loans to primary producers, small business, non-profit organisations, sporting and recreation clubs. It also offers transport assistance to primary producers.

Queensland floods: payments, loans, assistance and tax relief

The Queensland Government’s Small Business Disaster Recovery Grant provides funding of up to $10,000 (excluding GST) to eligible businesses. Funding may also be available for building, plant and equipment repairs for small businesses as a flood-proofing measure. Application guidelines and terms and conditions applies.

ATO flood assistance

The ATO is offering assistance with meeting tax obligations for those impacted by floods in NSW and South-East QLD.

Assistance includes extra time to pay debt or lodge tax forms such as activity statements, help find lost TFNs, re-issue income tax returns, activity statements and notices of assessment, help reconstruct lost or damaged tax records, prioritise any refunds owed, set up a payment plan tailored to circumstances, including an interest-free period, and remit penalties or interest. More information is available here or phone 1800 806 218.

Flood assistance from financial institutions
Australian Bankers Association member banks are offering a range of services to help farmers and small businesses affected by floods. These can include deferral of scheduled loan repayments, waiving fees and charges, debt consolidation, deferring interest payments and upcoming credit card payments, and increasing emergency credit card limits.

Non-bank financial institutions also offer flood support services.

For more information, please contact financial institutions or for banks’ hardship teams, go to www.ausbanking.org.au/doingittough.

If you have queries, please do not hesitate to contact either our Wagga Wagga or Temora Office.