Economic Assistance for Business in Response to the Coronavirus
We have seen markets crashing and event cancellations at a large scale nationwide, alongside travel bans and tourist cancellations related to the Covid-19 worldwide pandemic. The Australian Government have announced cash flow assistance for small business, including:
- A 50% tax free payment for PAYGW reported on the BAS over 6 months for amounts up to $25k with a minimum of $2k.
- Support for apprentices and trainees with a wage subsidy of 50% of the trainee or apprentices wage for nine months.
- Instant asset write-off extension.
- One-off tax-free payments to welfare recipients and pensioners.
- Targeted support for business in regions and communities most significantly affected.
To check out eligibility criteria for these initiatives and more information, visit the Treasury announcement.
The ATO has also created a webpage specifically for updates regarding COVID-19, including a dedicated hotline for businesses impacted by the pandemic: 1800 806 218.
We will keep you updated with developments to these announcements which are not yet law, although some measures are being implemented immediately.