Accountant's Minute 223
On Thursday, 12 March 2020 the Prime Minister announced a stimulus plan to curb the economic impact of the coronavirus and to keep “Australians in jobs and businesses in business”.
The package, which aims to provide an immediate stimulus to the economy, will be worth $17.6 billion of which $11 billion is expected to be spent before 30 June 2020.
Targeted at SMEs:
To ensure integrity, businesses which pay the Australian Taxation Office income tax on their employee's salary and wages either quarterly or monthly, will receive a payment equal to 50% of the amount withheld, up to a maximum of $25,000 over the 4 month period.
The money will be available over the 4 months of March, April, May and June and the maximum that a business will be entitled to access in that period is $25,000.
Eligible businesses that pay salary and wages but are not required to withhold tax will receive a minimum payment of $2,000.
Where a business can’t afford to hold onto an apprentice, the subsidy will be available to a new employer.
Initiatives Targeted at Businesses with Turnovers up to $500 Million:
The government will expand the instant asset write off scheme from 12 March 2020 until 1 July 2020 for businesses with turnovers up to $500 million which will be able to instantly write-off assets valued at up to $150,000.
We would like to invite you to participate in a Free Webinar – “Survival!”
With the theme being “How Can You Assist Your Clients to Survive the Difficult Times Caused by COVIC-19 Coronavirus and Natural Disasters in 2019/20?
When – Thursday, 19 March 2020 at 11:30 AM AEST/12:30 PM AEDT – to register please click here.
You can obtain more information by clicking on to “Want To Know More?”
I invite you to view the Accountants Minute video which gives you more details on the “Coronavirus Stimulus Package for SMEs”.
For more details on strategies to assist you to guide your clients during these “very difficult times”, please visit www.essbiztools.com.au/Survival In Difficult Times/Learn More.
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Episode 223 - Coronavirus Stimulus Package for SMEs
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