The Australian Government have announced a further economic stimulus package to support the economy, small business and households in dealing with the economic impact of Coronavirus. https://business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business
What's in it for you?
Small business will have access to :-
- An Increase in the Instant Asset Write off threshold from $30,000 to $150,000 until 30 June 2020.
- Accelerating depreciation rates on existing business assets.
- Tax Free Cash Boost for Employers of between $20,000 and $100,000 based on 100% of the eligible PAYG Withholding for Employees. The BAS and IAS liabilities from March 20 to June 20 will be reduced for this credit to a maximum of $50,000 and cash refunds paid if appropriate. Based on the amount of support received for the March 20 to June 20 period employers will also receive an identical amount of support for the June 20 to September 20 period if they continue to employ.
- 50% wage subsidy for Employers with eligible Apprentices and Trainees
- Other ATO administrative concessions including deferral of tax payments and interest free payment arrangements.
Households will have access to :-
- $750 tax free stimulus payment for Pensioners, Social Security recipients and income support and concession card holders starting 31 March 20.
Please contact Dickfos Dunn for assistance accessing these benefits.