Stimulus package to help Australians
The Prime Minister has just announced a $17.6 billion economic plan today, to assist small businesses and households through the uncertain times ahead due to the Coronavirus.
How will the stimulus package help you?
A household stimulus one-off payment of $750 will be paid to pensioners, social security, veteran and other income support recipients and eligible concession card holders. Payments will be tax free and will be paid from 31 March 2020 and expect to be paid to 90% of the recipients by mid-April.
Cash flow assistance for employers of small & medium-sized businesses with turnover under $50 million who employed staff between 1 January to 30 June 2020. Eligible businesses will receive between $2,000 to $25,000 in a form of tax-free payment from the government.
Employers with apprentices will be eligible for a wage subsidy of 50% of the apprentice/trainee’s wage for up to 9 months from 1 January 2020 to 30 September 2020.
Instant asset write off threshold will be increased from the current $30,000 to $150,000 to encourage businesses to purchase equipment/vehicles, this will finish on 30 June 2020.
A 15 month investment incentive will be in place to assist businesses with $500 million turnover, so they can deduct 50% of the asset cost in the year of purchase. This finishes on 30 June 2021.
More details can be found here.
We hope everyone take necessary precautions according to the health department and stay healthy during the outbreak, if you require assistance, or are financially stressed about your tax situation, we are only a phone call/email away!