We understand things are a little unusual and it can be hard to keep track of the latest news around Government incentives for your business. So, to ensure you can continue spending time where it matters, we are doing the groundwork and staying on top of the news for you! Here are the key details on our Australian Government’s multi-million-dollar stimulus package for small to medium sized businesses.
Increasing instant asset write-off
Instant asset write-offs have increase from $30K to $150K. This will apply to both new and second-hand assets, used or installed, before 30 June 2020.
Support for apprentices
Fifty per cent wage subsidy for apprentices’ wages for nine months from 1 January 2020 to 30 September 2020.
Boosting your cash flow
Through the Australian Tax Office (ATO), the Government will provide tax-free cash flow boosts for between $20,000 and $100,000 to eligible businesses, delivered through credits in the activity statement system, when eligible businesses lodge their activity statements.
Casual employee income support
Casual employees who can’t work because they are sick or need to self-isolate will have waiting periods waived to access income support payments.
Business management advice
The Government is introducing a subsidy program to support employees and businesses. The JobKeeper Payment is designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain their job and continue to earn an income.
In short, the JobKeeper Payment provides impacted employees with a $1500 payment, per fortnight, to keep them connected to the business.
Employers will be eligible for the subsidy if their business has a turnover of less than $1 billion and their turnover has fallen by more than 30%.
If you are a business and would like to declare your interest in the initiative, click here.
State based support
Additionally, to this each state has its own initiatives in place to support small and medium businesses and their employees through the COVID-19 outbreak. Here are the links to the relevant websites:
As always Reece will continue to support you and your business so you can continue to deliver essential services and protect our communities.