The Government is backing businesses to help the economy withstand and recover from the economic impact of Coronavirus.
Previous $30,000 instant asset (P&E) write-off now increased to $150,000 (for business with an annual turnover of less than $500M)
up until 30 June 2020. After 30 June 2020 it reverts back to $1,000, not $30,000).
A 50% instant write-off for new P&E, with balance to be depreciated using normal rules. Applies to business with an annual turnover of
less than $500M. Applies from today until 30 June 2021 (must be installed by 30 June 2021). If eligible the $150,000 instant asset would be
your first choice.
50% PAYGW credit: employers with a turnover of less than $50M will receive a 50% credit against their PAYGW when they lodge their activity
statements for the periods up to and including June 2020. The discount is capped at $25,000 with a minimum payment of $2,000 (even if no
tax was withheld).
50% wage subsidy for apprentices and trainees (1/1/20- 30/09/20). Maximum $21,000 per employee. Only applies to small employers (<20
full time employees). Employee must be in training as at 1 March 2020.
$750 one off payment per person for welfare recipients (50% Pensioners) from March 31.
To find out more about how the Government will be delivering support please click on the links below