Government Response to the Coronavirus

Posted 12 Mar

Government Response to the Coronavirus

The Government is backing businesses to help the economy withstand and recover from the economic impact of Coronavirus.

In summary:

  • Previous $30,000 instant asset (P&E)  write-off now increased to $150,000 (for business with an annual turnover of less than $500M) up until 30 June 2020. After 30 June 2020 it reverts back to $1,000, not $30,000).
  • A 50% instant write-off for new P&E, with balance to be depreciated using normal rules. Applies to business with an annual turnover of less than $500M. Applies from today until 30 June 2021 (must be installed by 30 June 2021). If eligible the $150,000 instant asset would be your first choice.
  • 50% PAYGW credit: employers with a turnover of less than $50M will receive a 50% credit against their PAYGW when they lodge their activity statements for the periods up to and including June 2020. The discount is capped at $25,000 with a minimum payment of $2,000 (even if no tax was withheld).
  • 50% wage subsidy for apprentices and trainees (1/1/20- 30/09/20). Maximum $21,000 per employee. Only applies to small employers (<20 full time employees). Employee must be in training as at 1 March 2020.
  • $750 one off payment per person for welfare recipients (50% Pensioners) from March 31.

To find out more about how the Government will be delivering support please click on the links below 

Fact_sheet-Assistance_for_businesses.pdf

Fact_sheet-Assistance_for_regions.pdf

Fact_sheet-Support_for_business_investment.pdf


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