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Covid-19 information & support for businesses

We hope everyone is doing ok out there!

In this post we would just like to provide a short summary of the various support measures that are available to businesses and individuals during this very difficult time.

The main measures for businesses are:

Boosting Cash Flow

- Up to $100,000 credit or cash payment against activity statements equal to 100% of PAYG withheld from employees from March 2020 to September 2020 - Minimum payment of up to $20,000 even if employers aren’t required to withhold tax from employees

Supporting Apprentices + Trainees

– Wage subsidy of 50% of wages paid up to a maximum of $21,000 per apprentice for the 9 months from 1 January 2020 to 30 September 2020

Instant Asset Write-off

– Up to $150,000 per asset can be instantly written off for assets purchased by 30 June 2020. Applies to businesses with turnover up to $500 million.

Accelerated Depreciation Deductions

– Deduction of up to 50% of the cost of an asset in addition to existing depreciation rules.

Support for companies & sole traders (who don't have staff):

The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This supplement will be paid to both existing and new recipients of the eligible payment categories. These changes will apply for the next six months.

The Government is temporarily increasing in the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive.

The package also includes temporary relief for directors from any personal liability for trading while insolvent, and providing temporary flexibility in the Corporations Act 2001 to provide temporary and targeted relief for companies from provisions of the Act to deal with unforeseen events that arise as a result of the Coronavirus health crisis.

The Australian Tax Office (ATO) is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis. Contact the ATO’s Emergency Support Infoline for businesses on 1800 806 218 for more information or to request this help.

SME Guarantee Scheme:

This will provide businesses with funding to meet immediate cash flow needs, by further enhancing lenders’ willingness and ability to provide credit. Businesses with a turnover of up to $50 million will be eligible to receive these loans.

Early access to superannuation:

You can access up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21. You will be able to apply for early release of your superannuation from mid-April 2020.

To view all the various measures in details, please visit

of contact our office for advice, in particular in relation to tax office matters.

No Advice disclaimer:

Important: The information provided on this website, and any subdirectories, information posts published on and are not advice.

Clients should not act solely on the basis of the material contained on this website and the above social media pages. Items herein are general comments only and do not constitute or convey advice per se.

Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas.

This website and social media posts are published as a helpful guide to taxpayers and for their private information.

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