Details of the Federal Governments stimulus package to help get the Australian economy through the Covid-19 Coronavirus pandemic:
The instant asset write off has been increased to $150,000. For capital items purchased from today 12th March 2020 until 30 June 2020 you will be able to claim an immediate deduction, no need to depreciate the item over a number of years. This is an increase from the previous limit of $30,000.
First year depreciation deduction increased to 50%. This is an increase on the normal 15% allowed for the first year of a pooled capital item. This measure runs until 30 June 2021.
Automatic cash payments to small businesses with employees. Payments of between $2,000 and $25,000 will be made via the ATO to small and medium businesses with employees. Calculated as 50% of PAYG Withholding between 1 January 2020 and 30 June 2020.
Apprentice wage subsidy. Subsidies of 50% of apprentice’s or trainee’s wages for up to 9 months for the period between 1st January 2020 and 30th September 2020. Available for businesses with less than 20 full time employees.
household payment of $750. Targeted at those who are receiving various welfare payments such as Newstart (including Farm Household Allowance), Veterans and the Age Pension as well as eligible concession card holders, this payment will start to be made from 31st March.
Regional & Community Support Fund. To be negotiated with the States and Territories, this will be targeted at regional tourism and exporters.
Usual ATO disaster relief provisions. Deferral of lodgement deadlines are available and you may be able to access refunds quicker. See the ATO website Dealing With Disasters
GQ Tax 