Overview of COVID-19 key assistance programs available from the Federal Government.

Key first stimulus package announcements

Instant asset write off

  • Threshold temporarily increased from $30,000 to $150,000 for all new and second hand assets acquired prior to 30 June 2020
  • Available to businesses with turnover <$500m
  • Delivering support for business investment

 
Vary PAYG instalments

  • ATO will allow altering PAYG instalments if the current rate will result in too much income tax being paid. Can vary to zero for March quarter
  • Taxpayers may defer payment of taxes due after 23 January 2020 by up to six months
  • ATO support measures

 
Wage subsidy

  • 50% payment of apprentice or trainee wages for small businesses employing  <20 FTE
  • Paid from 1 January 2020 to 30 September 2020 at 50% of the wage up to a maximum of $21,000
  • Cash flow assistance for business

 
Individual support

 
Black summer innovation

  • Grants up to $25,000 to food and agribusinesses located in affected areas
  • Grants are to be used to support business, product or service innovations

 
Accelerated depreciation

 
Key second stimulus package announcements
 
Not for Profit & SME*

 
SME* guarantee

*SME eligibility is employing people with turnover under $50m
 
Statutory demands

 
Directors’ relief

 
Third stimulus package announcement: JobKeeper payments
 
Employees earning over $1,500

  • Employee continues to receive current wage from employer
  • Government to subsidise the employee wage with $1,500 top-up amount
  • Must have been employed as at March 2020
  • First payment to employers from 1 May 2020
  • Subsidy to last for the next six months
  • $1,500 fortnightly payment is before tax (PAYG is withheld from full amount)

 
Employees earning under $1,500

  • Employee to be paid $1,500 from employer
  • Government to subsidise full wage payment
  • Must have been employed as at March 2020
  • First payment to employers from 1 May 2020
  • Subsidy to last for the next six months
  • $1,500 fortnightly payment is before tax (PAYG is withheld from full amount)

 
Employees stood down

  • Employee must be re-engaged
  • Employee to be paid $1,500 from employer
  • Government to subsidise the full employee wage up to $1,500
  • Must have been employed as at March 2020
  • First payment to employers from 1 May 2020
  • Subsidy to last for the next six months
  • Companies are using the payment to subsidise paid leave to employees
  • $1,500 fortnightly payment is before tax (PAYG is withheld from full amount)      

 
Self-employed

  • Applies to those with a decrease in turnover of 30% or more
  • Receive $1,500 subsidy from the Government
  • First payment to employers from 1 May 2020
  • Subsidy to last for the next six months
  • $1,500 fortnightly payment is paid on a monthly basis

 


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