In case you missed it, the federal government has announced a relief package for individuals and businesses in response to the coronavirus. The proposed package includes;
BOOSTING CASH FLOW FOR EMPLOYERS
- The Boosting Cash Flow for Employers measure will provide up to $25,000 back to business, with a minimum payment of $2,000 for eligible businesses. The payment will be tax-free.
- A 50% wage subsidy for apprentices and trainees in businesses with up to 20 employees during the 9 months from 1 January 2020 to 30 September 2020 (up to a maximum of $21,000 per eligible apprentice or trainee). Read More
- The Government will provide a one-off $750 payment to around 6.5 million social security, veteran and other income support recipients and eligible concession card holders. There will be one payment per eligible recipient. The payment will be exempt from taxation. Read More
BACKING BUSINESS INVESTMENT (BBI) AND INCREASING THE INSTANT ASSET WRITE-OFF
- Increasing the instant asset write-off from $30,000 to $150,000, for businesses with annual turnover up to $500 million until 30 June 2020. The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets.
- The Government is introducing a time limited 15 month investment incentive to support business investment and economic growth over the short-term, by accelerating depreciation deductions. The key features of the incentive can be found here. Read More
SUPPORT FOR CORONAVIRUS-AFFECTED REGIONS AND COMMUNITIES
- The Government has set aside an initial $1 billion allocation to support those regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education. Read More
If you have any questions about the eligibility of your business or yourself individually, our Brisbane accountants are just a phone call away. We are here to help.
Dean Vane: D.Vane@uhyhnseq.com.au
Lauren Steinheuer: L.Steinheuer@uhyhnseq.com.au