COVID-19 Updates from The Studio
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COVID-19 / Update from The Studio



The health and safety of residents and staff of The Studio is paramount. With this in mind and in light of recent Government advice, we have decided to temporarily suspend access to The Studio.

 

We will review this decision on a month to month basis. Our aim is to re-open access as soon as it is safe to do so.

 

The Studio team is of course only an email away ( community@thestudio.org.au or hello@thestudio.org.au)  or for our residents and virtual community, a Slack channel away.

 

The Studio team is busy activating virtual events and other activities for our residents and for The Studio virtual community (to join, see link HERE or on our home page).

 

 

The Australian Department of Health has just launched the COVIDSafe app, as part of its efforts to slow down the spread of the virus.

Downloading the app is completely voluntary. You may download it here.

To get more info about how it works & how your data is going to be kept private, read the FAQ.

In order to assist the The Studio community and the wider start-up ecosystem, please see below a summary of the current Federal, State and Local (City of Sydney) Government Support available:

 

QUICK LINKS:

Other Timely Resources

 

1) Small Business Support Grant of $10,000

 

The NSW COVID-19 Small Business Support Grant of $10,000 will be available to eligible NSW small business owners. The application form will be available on the Service NSW website by 17 April. To check whether your business is eligible, click below link.

 

Find out more.

 

2) Tax-free Cash Flow Boost

Through the Australian Taxation Office (ATO), the Government will provide tax-free cash flow boosts of between $20,000 and $100,000 to eligible businesses, delivered through credits in the activity statement system, when eligible businesses lodge their activity statements.

 

Find out more.

 

3) Early access to superannuation for sole traders

 

The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.

 

Find out more.

 

4) Six-month Relief for Businesses Struggling from the COVID-19 impact

The Government is temporarily increasing the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive. The package also includes temporary relief for directors from any personal liability for trading while insolvent, and providing temporary flexibility in the Corporations Act 2001 to provide temporary and targeted relief from provisions of the Act to deal with unforeseen events that arise as a result of the Coronavirus health crisis.

 

Find out more.

 

5) Small Business Loan Repayment Deferral

If your business has loan facilities of up to $10m, and has been impacted by the coronavirus pandemic and lock downs, Australian banks will defer loan repayments for 98% of all businesses affected by COVID for 6 months

 

Find out more.

 

6) Coronavirus SME Loan Guarantee Scheme

The Government will provide eligible lenders with a guarantee for loans with the following terms:

 

  • SMEs, including sole traders, with a turnover of up to $50 million.
  • Maximum total size of loans of $250,000 per borrower.
  • Loans will be up to three years, with an initial six month repayment holiday.
  • Unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.

 

Find out more

 

7)  JobKeeper Payment: Wage Subsidy Program

The Government is introducing a wage subsidy program, The JobKeeper Payment,  designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain their job and continue to earn an income. 

 

Find out more.

8) Retaining Apprentices & Trainees

The Government is supporting small businesses to retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage paid during the 9 months from 1 January 2020 to 30 September 2020.

 

Find out more.

 

9) Payroll Tax Discount

 

Payroll tax customers whose total grouped Australian wages are $10 million or less for the 19/20 financial year will have a discount applied to their tax liability when you lodge your Annual Reconciliation.

 

Find out more.

 

10) Backing business investment – accelerated depreciation

 

Measures introduced in March 2020 provide an incentive to businesses with aggregated turnover of less than $500 million for the 2019–20 and 2020–21 income years, to deduct the cost of depreciating assets at an accelerated rate.

 

Find out more.

 

11) Instant Write Off

 

The higher Instant Asset Write-Off (IOWA) threshold provides cash flow benefits for businesses that will be able to immediately deduct purchases of eligible assets each costing less than $150,000. The threshold applies on a per asset basis, so eligible businesses can immediately write‑off multiple assets.

 

Find out more.

 

Free Educational Resources

 

TAFE NSW, in conjunction with the NSW Government, is offering a number of fee-free* short courses that can be completed in just days or weeks, offering practical skills and experiences across a range of industries.

 

Find out more