The Jobkeeper package is a $1,500/fortnight wage subsidy for employers in respect of employees who suffer a reduction in work or are stood aside as a result of the COVID-19 economic slowdown and is backdated for employees stood aside from jobs since 1 March 2020.

Eligible are businesses which have had a reduction of income of 30% or more since March 2020 over a minimum comparable one month period. Employers will be able to apply for the $1,500 payment for each employee on its books on 1 March 2020, and the payment will then need to be given to employees.

Commencement will be 30 March 2020 with jobkeeper payments to be received by businesses by the first week of May, and payments made now to be reimbursed from the first week in May.

Businesses include companies, trusts, partnerships, sole traders, not for profits and charities.

Employees eligible are full time, part time employees including stood down employees and casual employees who have been with their employer for at least the previous twelve months. Self-employed individuals are also eligible.

Australian residents, New Zealand citizens in Australia who hold a subclass 444 special category visa, and migrants who are eligible for the Jobkeeper Payment or Youth Allowance (other) are all eligible for the Jobkeeper Payment.

Employers must register an intention to apply for JobKeeper payments on the ATO website

Household Support

Payments to Individuals

Payments of $750 to social security, veteran and other income support recipients and eligible concession card holders.

1^st payment from 31/03/2020.

2^nd payment from 13/07/2020 (not available to those eligible for the Coronavirus supplement).

Subsidy For Apprentice/Trainee Wages

Eligible businesses can apply for 50% subsidy of wages for the 9 month period 1 January 2020 to 30 September 2020.

Early Access to Superannuation Allowed

Individuals affected by the Coronavirus able to access up to $10,000 of their superannuation in 2019/2020 and a further $10,000 in 2020/2021 – no tax payable and withdrawals will not affect Centrelink or Veteran Affairs payments, however conditions apply.

Minimum Superannuation Drawdown Rates

Reduced by 50% for 2019/2020 and 2020/2021.

Social Security Deeming Rates Reduction

Reduced lower rate 0.25% reduced upper deeming rate 2.25% from 1 May 2020.

Coronavirus Stimulus Package

Jobseeker Payments (Formerly Newstart)

Payments will temporarily double providing an additional $550/fortnight with assets tests and waiting periods waived.

Available to sole traders and casual workers provided they meet income tests.

Small Business Employer Support

Not for profits and small businesses (turnover <$50million) that employ workers will receive a tax free cash payment of up to $100,000 with a minimum payment of $20,000 to eligible businesses; payments will be delivered by the ATO as a credit on activity statements from late April, based on PAYGW reported, with an additional and equal payment in the July to October 2020 period.

The Commonwealth government is offering a guarantee of 50% of unsecured loans up to $250,000 for up to three years for small business for working capital.

Instant Asset Write Off

The $30,000 threshold is being increased to $150,000 for all businesses for assets purchased for use in the business and first used or ready to use by 30 June 2020!

Accelerated Depreciation Allowance

This investment incentive of 50% write off for eligible assets will apply from 12 March 2020 and be available until 30 June 2021 – existing depreciation rules would continue to apply to the balance of the assets cost.

Should you be affected by the Coronavirus crisis and want further information regarding the government Coronavirus stimulus package, please CONTACT US TODAY .