The Federal Parliament is meeting next week and will pass legislation for businesses and individuals to help navigate the economic impact of the coronavirus pandemic. When this legislation is passed, we will then be able to advise on the exact details of changes that will be implemented.
At present, the following assistance has been announced:
- Instant asset write-off for any assets purchased under $150,000.
- Instant 50% depreciation for any new asset purchased above the $150,000 limit – the remainder will be depreciated at normal rates.
- For businesses with turnover under $50 million, a rebate of up to 50% of the PAYGW tax withheld as part of the March quarter and June quarter BAS’s. This also covers the March through to June monthly BAS’s. The maximum rebate is $25,000.
- A rebate of 50% of the cost of apprenticeship wages, up to a maximum of 10 apprentices and up to a maximum of $7,000 per apprentice per quarter.
- A $750 per person cash payment to all Centrelink recipients.
It also appears that there will be additional specific industry assistance for the tourism and hospitality industries.
Please note: It is likely that there will be additional measures announced in the next week on top of those already published.
The Queensland government have announced two specific measures at this stage:
- A deferral of payroll tax – affecting employees with wages over $1.3 million – for six months.
- A loan facility will be available for small business for up to $250,000 – interest free for the first six months.
Please follow Marsh & Partners to get additional up to date information of the governments proposals. Click here for the latest information. If you have any questions please do not hesitate in reaching out so we can help you navigate the best options for your business.