Did your Tasmanian business suffered hardship and loss due to the pandemic? The government has introduced Border Closure Critical Support Grant TAS under the COVID-19 Micro & Small Business program. It is formulated to provide funding to Tasmanian micro and small businesses that have suffered severe hardship as a result of the lockdowns and border restrictions. The entries to avail the benefits are open now and the closing date is 08th October 2021.
To get funds, applicants must be able to demonstrate that their business experienced:
- a reduction in turnover of at least 30% as a consequence of the lockdown
- a reduction in visitors being able to travel to Tasmania due to border restriction
- a reduction in the ability to provide, sell, or import/ export goods and services
Grant funding amounts will be determined based on a business’s turnover (exclusive of GST):
- Tier 1 – $7,000 (annual turnover of $25,000 to $49,999)
- Tier 2 – $14,000 (annual turnover of $50,000 to $1 million), (no employees)
- Tier 3 – $35,000 (annual turnover of $50,000 to $1 million), (currently employ staff)
- Tier 4 – $60,000 (annual turnover of $1 million to $5 million), (currently employ staff)
- Tier 5 – $110,000 (annual turnover of $5 million to $10 million), (currently employ staff)
What Is The Eligibility Criteria?
Eligible Tasmanian micro and small businesses will get funding amount that varies on your business category. The targeted businesses are those operating in the tourism, hospitality, arts, events, seafood and transport sector. To be eligible, applicants must be:
- able to demonstrate suffering severe hardship as a result of lockdowns
- a Tasmanian business with a minimum annual turnover of $25,000
- a business that has not received a grant under the previous Business Hardship – Border Closure Critical Support Grant.
- registered for goods and services tax (GST) with an active ABN
- actively operating business that has suffered at least a 30% reduction in turnover
- actively using the Check-in TAS App, or register at the time of submitting an application.
If you are eligible, apply at https://www.business.tas.gov.au/ under grants and loans for COVID-19 Micro and Small Business – Border Closure Critical Support Grant. If you are in need of professional assistance to help you guide through the process or apply on your behalf, feel free to contact our tax consultants at KPG Taxation.