Coronavirus Stimulus Packages
Please see below a summary of the major stimulus packages designed to keep businesses in business, and Australians in jobs.
People who are aged 22 or over and under Age Pension qualification age, who are unable to attend work because they have been diagnosed with Coronavirus or who are in isolation may qualify for Sickness Allowance or Youth Allowance (or JobSeeker Payment from 20 March 2020) if they do not have any employee leave entitlements, such as sick leave, and they meet general eligibility requirements in respect of residency and income and asset tests.
Young people under the age of 22 who meet the above calculations will also be able to access Youth Allowance.
Anyone who was entitled to the below on 12th March 2020 will receive a one-off lump sum payment of $750.00 – if your family tax benefit is paid in a lump sum you will receive this at the end of the year when you get your lump sum payment.
- Age Pension
- Disability Support Pension
- Carer Payment
- Parenting Payment
- Wife Pension
- Widow B Pension
- ABSTUDY (Living Allowance)
- Bereavement Allowance
- Newstart Allowance
- Youth Allowance
- Partner Allowance
- Sickness Allowance
- Special Benefit
- Widow Allowance
- Family Tax Benefit, including Double Orphan Pension
- Carer Allowance
- Pensioner Concession Card holders
- Commonwealth Seniors Health Card holders
- Veteran Service Pension; Veteran Income Support Supplement; Veteran Compensation payments, including lump sum payments; War Widow(er) Pension; and Veteran Payment
- Veteran Gold Card holders
- Farm Household Allowance
Check individuals fact sheet here
$150,000 immediate asset write off increase
- Businesses with a turnover of less than $500 Million will have access to this concession for assets purchased between 12th March – 30th June, 2020
- All assets under $150,000 will be immediately written off
Tax Free cash flow assistance boost for employers
- Businesses with a turnover of less than $50 Million that employ workers will be eligible for a credit between $2,000 – $25,000 on their activity statement account from 28th April, 2020 upon lodgement of the March, April, May and June, 2020 activity statements
- Businesses will receive a 50% credit of PAYG Withheld up to a maximum benefit of $25,000
- The payment for monthly PAYG lodgers will be calculated at three times the rate (150%) to provide a similar treatment for quarterly lodgers (examples in fact sheet)
- Eligible businesses will receive a minimum of $2,000, even if they are not required to withhold tax
Businesses who employ apprentices and/or trainees
- If a business employs an apprentice/trainee on or before 1st March, 2020 and has fewer than 20 full time employees they will be eligible
- Eligible employers can apply for a wage subsidy of 50% of the apprentice/trainees wages paid for the period 1st January – 30th September, 2020
- Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter)
- Employers can register for the subsidy from early April and final claims for payment must be lodged by 31st December, 2020
To apply please contact the Australian Apprenticeship Support Network (AASN) provider (employers would have to be in contact with one to employ their apprentice)
Additional Business Assistance for those Impacted by COVID-19
- Deferring by up to four months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise
- Allow businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to
- Allowing businesses to vary Pay As You Go (PAYG) instalment amounts to zero for the March 2020 quarter. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters
- Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities
- Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans.
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