Morrison stimulus package: What it means for business
The Morrison Government’s stimulus package is designed to keep business in business and Australian’s in jobs. Various packages have been activated;
A Tax-free cashflow boost for employers. Up to $25,000 is available to help pay wages or for investment to protect against a downturn in activity. The payment is open to businesses with a turnover of less than $50 million. Eligible businesses that withhold tax on employee salary and wages will automatically receive a payment equal to 50% of the amount withheld. The minimum payment is $2,000 and maximum is $25,000 and will be available for businesses who lodge business activity statements for the March and June quarters. Read the Fact sheet
Apprentice wage subsidy. Small businesses with fewer than 20 full-time workers will receive 50% of an apprentice or trainee’s wage. For each apprentice or trainee, the Government will provide up to $7,000 in wage assistance per quarter. The wage subsidy will be open to businesses with fewer than 20 full-time workers and employers of any size that re-employ someone who loses their position as a result of the coronavirus downturn. Read the Fact sheet
Boosted instant asset write-off. Businesses with turnover of less than $500 million are eligible for an expanded instant asset write-off for asset investments of up to $150,000. The threshold applies on per asset basis, businesses can immediately write-off multiple assets. Read the Fact sheet
Accelerated depreciation. Businesses with turnover less than $500 million will be able to access a 15 month investment incentive by accelerating depreciation deductions. Read the Fact sheet
The ATO. The ATO will provide administrative relief for certain tax obligations
(similar to relief provided following the bushfires) for taxpayers affected by the Coronavirus outbreak, on a case-by-case basis. Contact the ATO on 1800 806 218 or visit the ATO website at ato.gov.au for more information.
Income support. People who are unable to attend work because they have been diagnosed with the Coronavirus or who are in isolation, may qualify for income support if they do not have any employer leave entitlements. Read the Fact sheet
If you need further help, or we can be of assistance at all – please call us on 0407 503 886.
If your business is being affected by coronavirus (COVID-19) there are resources that can help:
HealthCare professionals – Department of Health FREE training module. When you have finished the module you may go to the self service area of the MAA website and update your CPE points. This is a 30 minute video for health professionals – find out more >>here
For information and assistance on any aspect of your employment obligations, the Victorian Chamber Workplace Relations Advice Line (03) 8662 5222 can help.
WorkSafe Victoria are working as part of a whole-of-government approach to mitigate the risk of Coronavirus in Victoria. Read more here
If the impacts of Coronavirus (COVID-19) are causing financial hardship for your business, your bank may have practical ways to help. Australian banks have hardship teams ready to assist you with your financial arrangements, depending on your circumstances. Download the Fact sheet for more information
Support is also available to you and your family from Lifeline (13 11 14) and Beyond Blue (1300 22 4636 or online chat).
Now is the time for all of us to come together as a community and be ready for the re-bound. We will be working on providing services to you via video link or conferences via video as well. Do not forget we are here as the Shepparton Chamber of Commerce & Industry to support you our members, so if you have something you wish us to bring up at various levels of Government then get in touch, we might be able to help or certainly point you in the right direction.
Please complete the following survey, so that we are able to find out the pressing issues for our local businesses survey which takes about 2 mins to complete.
Download the official commentary from the Australian Chamber of Commerce and Victorian Chamber of Commerce & Industry.
Most of all, we are in this together.. and we will get out of it.