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Covid-19. Financial Support for Australian Businesses

Covid-19. Financial Support for Australian Businesses

Whatever your business, it’s likely that Covid-19 will be impacting you.

You may be dealing with stock shortages, exporting issues, disrupted travel plans, or a sales downturn due to tourist drop off.

As the situation changes and develops across the world, it’s important that businesses develop a workplace response to coronavirus. You’ll want to have a plan on how to look after or protect your staff, how to manage sick leave and self-isolation plus consider issues around privacy.

 

Tax Accounting

 

The Australian government has announced a $200 billion economic stimulus package, with the goal to support Australian’s health, jobs and livelihoods and set up Australia to bounce back.

The stimulus package to support business and recharge the economy includes the following programs:

  • Boosting cash flow for employers – Employers will receive a payment equal to 100 percent of their salary and wages withheld (up from 50 percent), with the maximum payment being increased from $50,000 to $50,000 and the minimum payment increased from $10,000 to $50,000.
  • Increasing the Instant Asset Write-Off – Increasing the instant asset write off threshold from $30,000 to $150,000 and expand access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
  • Supporting apprentices and trainees – Eligible employers can apply for a wage subsidy of 50 percent of the apprentice’s or trainee’s wage paid from 1 January 2020 to 30 September 2020.
  • Backing Business Investment – Accelerated depreciation deductions to support business investment and economic growth over the short term.
  • JobKeeper – payments of $1500 per fortnight for eligible businesses to assist with paying and keeping their employees.

The government’s business site has useful information on support for Australian businesses.

It is changing almost daily and legislation is still being written, especially where the JobKeeper payments are concerned.

Talk to our business coaches about your business and what you could be eligible for.

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