The Australian government has announced a number of measures to stimulate the economy in the wake of Coronavirus impacts. This has been done in 2 separate announcements.
There is a lot of detail to the mechanics and eligibility, so we would advise getting good advice early.
If you would like to discuss how the measures may assist you or your business, we are offering FREE 30-minute Stimulus Assistance Meetings held either by Phone, Facetime or Zoom. You can book your free Covid-19 Stimulus Assistance Meeting HERE
In short, businesses and/or individuals may be able to access:
- Increased Instant Asset Write-off thresholds
- Credits up to 2 x $50,000 (2 x $10,000 minimum) on PAYGW deducted on wages.
- Tax Free Payments via Centrelink
- Additional Supplement to Centrelink payment and easier access to benefits
- Wages Subsidies for Trainees and Apprentices
- A number of ATO concessions, deferrals, and relief, including PAYGI instalments
- Relief regarding Pension drawdown limitsIn addition, the Government announced a number of measures around unsecured loans, by guaranteeing 50%, creating more access to this level of finance. You can access a detailed summary of the key measures put together by the National Tax and Accountants Association HERE