Government Stimulus
The government has released a $17.6 billion investment package to support the Australian economy to help it respond to the effects of the coronavirus.
This package contains measures for businesses and individuals and is designed to provide support and cash directly into the economy.
Measures for Businesses include:
- An extension to the instant asset write off and accelerated depreciation claims
- Tax free payments to certain employers
- Wage subsidies for employers of apprentices
- Targeted support for other industries, communities and regions
Measures for households are at this point a once off payment for social welfare recipients.
The government is also expected to release a second round of stimulus but we do not know when or what it will contain.
State governments have also announced a range of measures targeted at businesses and individuals – some these will be automatically paid and others will require further action.
The ATO have also announced a range of measures and these include:
- Deferral of activity statement payments of up to four months
- Removing the need to make a March 2020 PAYG instalment and refunding both September 2019 and December 2019 PAYG instalments
- A remission of penalties and interest from 23 January 2020
- Low interest payment plans
- Granting relief in exceptional circumstances
We expect that the effects of the Coronavirus will be deep, will hurt us all and will be felt for some time.
We ask that you contact us for advice if you have any questions or require any assistance.
