1st ECONOMIC STIMULUS PACKAGE
The Federal Government yesterday, 12th March 2020, announced an economic stimulus package to assist in supporting the economic effects of the coronavirus (COVID-19) outbreak. This includes:
For businesses
- Instant asset write-off threshold increased from $30,000 to $150,000 for businesses with aggregated turnover of less than $500M for the year ending 30 June 2020;
- 15 month investment incentive (through to 30 June 2021) to support businesses investing in asset installation (50% deduction);
- Between $2,000 and $25,000 in cash flow assistance to support retaining staff for small businesses by reducing PAYG withholding obligations to 50% for the six months ending 30 June 2020; and
- 50% wage subsidies for businesses with trainees/apprentices for up to nine months from 1 January 2020 to 30 September 2020.
For individuals
- One off $750 payment to social security, veteran and other income support recipients and eligible concession card holders.
Once this announcement is enacted into law, and we have all the details, we will contact you with more information.
Article posted on Friday 13th March, 2020