CORONAVIRUS – ECONOMIC STIMULUS PACKAGE
Below are some major takings from the announced economic measures:
Employers with employees and withholding tax payments will receive payments- with employers set to receive a first payment equal to 100 percent of their salary and wages withheld, up to a maximum of $50,000, when businesses lodge their activity statements for the 28 April and 28 July quarterly due dates. And another $50,000 in the new financial year to confront fears of widespread lay-offs. Eligible businesses that pay salary and wages will receive a minimum payment of $20,000, even if they are not required to withhold tax.
Instant asset write-off threshold, increasing from $30,000 to $150,000.
The government will provide a guarantee of 50% for new unsecured loans to be used for working capital.
The government will offer SMEs up to $21,000 per apprentice $7,000 per quarter for the first three quarters of 2020.