Insolvency Reforms 2021
To support WA tourism businesses to reactivate and adapt to a gradual reopening of the travel market, the WA Government, through Tourism WA, has committed $10.4 million to the Western Australian Tourism Recovery Fund, under the WA Tourism Recovery Program.
This Fund gives eligible small tourism businesses including accommodation providers, tour and transport operators and tourism attractions or experience businesses with annual Australian taxable wages of less than $1 million, an opportunity to apply for a $6,500 cash payment.
New laws to provide support for commercial and residential tenants and landlords
The Residential Tenancies (COVID-19 Response) Bill 2020 will introduce:
- a moratorium on eviction for six months except in limited circumstances including, for example: if a tenant is causing serious damage to the property or injury to the landlord or a person in adjacent premises; the landlord or tenant is experiencing undue hardship; a tenant is experiencing family violence and the perpetrator needs to be evicted; the tenant abandons the premises; or the agreement is frustrated;
- a prohibition on rent increases during the emergency period;
- that any fixed term tenancy agreement due to expire during the emergency period will continue as a periodic agreement;
- relieving lessors of the obligation to conduct ordinary repairs if the reason they cannot do so is COVID-19 related financial hardship or a lawful restriction on movement; and
- enabling a tenant to end a fixed term tenancy prior to its end date without incurring break lease fees (tenants will still be liable for damage and rent arrears).
The laws will apply equally to tenants in public and private housing, park homes as well as boarders and lodgers.
Updated information relating to these changes is available on the Consumer Protection website.
Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months.
ATO has information for small businesses to help them through the COVID-19 impact.
Financial assistance, eligibility and timing for new government support is found here.