This morning, the Australian Government launched a multi-billion economic stimulus package with the aim to support Australian businesses and jobs.
Prime Minister Scott Morrison has today announced that the Australian Government will provide an economic stimulus package primarily to assist small to medium local businesses, welfare recipients and wage assistance for apprentices and trainees, in response to the challenges posed by the ongoing spread of coronavirus.
The economic stimulus package will place $17.6 billion into the Australian economy, to be used before 30 June 2021.
If you have a small to medium business and have employees, and have a turnover of less than $50 million, your business may receive a tax free payment of up to $25,000.
The government will also provide a one-off stimulus payment of $750 to welfare recipients and pensioners primarily, which will include those who are currently under Newstart, the disability support pension, carers’ allowance, youth allowance, veterans support payments and family tax benefit.
Employers with less than 20 employees will also be entitled to a 50% wage subsidy for apprentices. As an employer, you will receive up to $21,000 per apprentice.
You will also be entitled to further assistance from the ATO, who will be providing extra support for anyone effected by the virus, with a four month extension of many tax obligation deadlines.
The Australian Government has now released a fact sheet on the economic stimulus package. Click here to read all the information that you need to know about the stimulus package. For more information on the Australian Government’s economic response to the Coronavirus (COVID-19) click here.
Please don’t hesitate to contact our team at Allan Hall Business Advisors should you have any queries or questions regarding the economic stimulus package.