Payments to Individuals
Payments of $750 to social security, veteran and other income support recipients and eligible concession card holders.
1st payment from 31/03/2020.
2nd 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 .