On 12 March 2020, the Australian Government announced a $17.6 billion targeted stimulus package to support the Australian economy through the challenges of the coronavirus.
The package is designed to keep small businesses afloat and employees in work, and will focus on supporting the most affected sectors. The government has stated that the measures are temporary, targeted and scalable.
The main areas of support relevant to small businesses are:
- Cash flow payment of up to $25,000 for employers
- 50 per cent wage subsidy for apprentices and trainees
- Increase in the instant asset write-off threshold to $150,000
- 50 per cent accelerated depreciation for investments
If disruption to your business operations causes you to fall behind with your tax and super obligations, contact the ATO on 1800 806 218 or speak to your tax professional so that they can work with you to find a solution.
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