We attach herewith a summary of the governments proposed stimulus package to assist Australians deal with the impact of the coronavirus.
Of particular interest for business’ is the increase in instant write off from $30,000 to $150,000. There is also a significant increase in depreciation write offs for the purchase of new assets up until the 30 June 2021.
There is a tax-free payment for employers of up to $25,000 who pay PAYG instalments for employees. It will be based on the details in your Business Activity Statements for the quarters ended 31 March 2020 and 30 June 2020. For once it may be beneficial to lodge your March and June BAS early.
Please read through the summary and contact our office if you have any queries.
View the Economic Stimulus Package.
