The Government has announced its economic response to the Coronavirus in the form of a $17.6 billion economic stimulus package. The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs.
Key measures include tax-free payments for income support recipients, a tax-free payment of up to $25,000 for eligible small to medium businesses, a variety of depreciation incentives for business, and a raft of subsidies and support funding for trainees, apprentices and vulnerable regions and industries.
A detailed summary from the National Tax & Accountants' Association is available here.
We await more details about how the measures will be implemented, and how the benefits are accessed. We will pass on any relevant details as they become available.
For any questions related to the measures and how they might affect you, please contact your Accountant or Financial planner, or else contact us.
Published : 12 Mar 2020