The Federal government has released a series of measures specifically targeted at business continuity. Measures include; instant asset write-off, business investment support, cashflow boost for employers and support for apprentices and trainees.
We have provided an overview of these here with links though to the appropriate departments for specific details.
Increasing the Instant Asset Write-Off
18 March 2020] The instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). This applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this timeframe. [ Link for full details ]
Boosting cash flow for employers
[14 March 2020] Provides $25,000 back to small and medium-sized businesses, with a minimum payment of $2,000 for eligible businesses. The payment will provide cash flow support to businesses with a turnover of less than $50 million that employ staff. The payment will be tax free. [ Link for full details ]
Backing Business Investment (BBI)
[12 March 2020] A time limited 15 month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deductions. This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021. Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset cost. [Link for full details]
Supporting apprentices and trainees
[16 March 2020] If you employ an apprentice or trainee you may be eligible for a wage subsidy of 50 per cent of their wage paid from 1 January 2020 to 30 September 2020. You can register for the subsidy from early April 2020. [Link for full details]
Assistance for affected regions, communities and industries
[14 March 2020] $1 billion has been set aside to support regions and communities most significantly affected by the Coronavirus. These funds will be available to assist during the next few months and over the year ahead to ensure these communities are well placed to recover. [Link for full details]
Support for existing government program participants and applicants
[17 March 2020] If you’re an existing government program grantee and have been impacted by the coronavirus, you may be eligible to seek additional time to meet your reporting obligations or to complete your project. [Link for full details]
Employer, finance and business obligations
[16 March 2020 Find out how to meet your employer and business obligations and isolation requirements if you’re affected by the coronavirus: Tax support, health and superannuation.[Link for full details]
Travelling for work
[14 March 2020] If you need to travel overseas for work, make sure have the right travel advice and know how to protect yourself and others if you’re affected by the coronavirus.[Link for full details]