Business with premises
If you are a Northern Territory (NT) business with premises, you can access the following support.
SME Recovery Loan Scheme
The Australian Government is providing additional support to small and medium sized businesses (SMEs) who continue to deal with the economic impacts of the COVID‑19 crisis.
Requirements for SMEs to have received JobKeeper during the March quarter of 2021 or to have been a flood affected business in order to be eligible under the SME Recovery Loan Scheme, will be removed.
As with the existing scheme, SMEs who are dealing with the economic impacts of the coronavirus with a turnover of less than $250 million will be able to access loans of up to $5 million over a term of up to 10 years. Other key features of the SME Recovery Loan Scheme include:
- The Government guarantee will be 80 per cent of the loan amount.
- Lenders are allowed to offer borrowers a repayment holiday of up to 24 months.
- Loans can be used for a broad range of business purposes, including to support investment.
- Loans may be used to refinance any pre-existing debt of an eligible borrower, including those from the SME Guarantee Scheme.
- Loans can be either unsecured or secured (excluding residential property).
The loans will be available through participating lenders until 31 December 2021.
Further information can be found on the Treasury website.
Small Business CX Grant
The $5 million Small Business CX Grant is a one-off grant for small businesses looking to enhance their customer experience in the Territory for locals and visitors alike.
Customer experience enhancements should address front of house improvements for customers.
Applications are now closed.
Northern Territory Government support
Find out what other support is available for Territory businesses, go to the Grants directory on the Northern Territory Government website.
Australian Government support
Boosting Apprenticeships Commencement Wage Subsidy
The $1.2 billion Boosting Apprenticeship Commencements wage subsidy will support businesses and Group Training Organisations to take on new apprentices and trainees, to build a pipeline of skilled workers to support sustained economic recovery.
Find out more on the Australian Government's Department of Education, Skills and Employment website.
JobMaker Hiring Credit
The $4 billion JobMaker Hiring Credit will provide businesses with an incentive to take on additional employees aged between 16 and 35 years old. Around 450,000 positions for young Australians will be supported through the JobMaker Hiring Credit.
Find out more on the Australian Government's Budget 2020-21 website.
Local Jobs Program
The Local Jobs Program brings together expertise, resources and access to funding at the local level to focus on reskilling, upskilling and employment pathways for people in each region.
Read more on the Local Jobs Program on the Australian Government's Department of Education, Skills and Employment website.
The Australian Government is lowering taxes by over $50 billion over the forward estimates, including around $9 billion in 2020-21 and an additional $32 billion in 2021-22. These include:
- Temporary full expensing to support investment and jobs (instant asset writeoff) - tax benefit
- Temporary loss carry-back to support cash flow - tax benefit
- Fringe benefit tax exemption for employers that provided retraining activities and redeploy their workers to new roles within the business - tax benefit
- Expansion of business tax concessions by increasing the turnover threshold from $10 million to $50 million - tax benefit
- R&D tax incentive - for small companies (turnover less than $20 million) the R&D offset will increase to 18.5%; for larger companies, the intensity test will streamline from four to two tiers - tax benefit.
Read more about lowered taxes on the Australian Government's Budget 2020-21 website.
Business Events Grant opportunity
The Business Events Grants helps Australian businesses take part as buyers or sellers at business events.
Events must be pre-approved and held from 1 January to 31 December 2021. These may include:
It aims to ease the financial pressure for event organisers and to encourage businesses to attend business events.
To find out more, go to the Australian Government's Business website.