- March 18, 2020
The Federal Government has announced a $17.6 billion stimulus package to counter any economic downfall that may be caused by COVID-19 (coronavirus). The measures have the potential to provide significant cash flow to business taxpayers in the short term, funded predominantly through the tax system. The package includes: 1.Instant asset write-off threshold increase to $150,000; 2.Accelerated Depreciation Deduction; 3.An instant asset write-off extension; 4. 50% Asset investment incentive; 5. Cash payment to employers of between $2,000 to $25,000; 6.50% wage subsidy for apprentice’s or trainee’s wages; 7. support to regions and communities impacted by the coronavirus, including ATO payment support; and; 8.One off $750 payment to certain concessional recipients. Due to the limited time in which the package applies, taxpayers should immediately consider whether they qualify for these measures and the impact of each of the measures on their business and cash flow.
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