Federal government - Coronavirus information and support for business
Posted on by Carmen
Please find Coronavirus information and support for business below:
Coronavirus information and support for business
Find financial assistance, eligibility and timing for the new government support for Australian businesses. We'll be updating this page as new information is available.
Specific initiatives:
Increasing the Instant Asset Write-Off
The instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). This applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this timeframe. Link to more information
Backing Business Investment (BBI)
A time limited 15 month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deductions. This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021. Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset cost. Link to more information. Link to more information
Boosting cash flow for employers
Provides $25,000 back to small and medium-sized businesses, with a minimum payment of $2,000 for eligible businesses. The payment will provide cash flow support to businesses with a turnover of less than $50 million that employ staff. The payment will be tax free. Link to more information.
Supporting Apprentices and trainees
If you employ an apprentice or trainee you may be eligible for a wage subsidy of 50 per cent of their wage paid from 1 January 2020 to 30 September 2020. You can register for the subsidy from early April 2020. Link to more information.
Employer and business obligations
Find out how to meet your employer and business obligations and isolation requirements if you're affected by the coronavirus. Link to more information.
Travelling for work
If you need to travel overseas for work, make sure have the right travel advice and know how to protect yourself and others if you're affected by the coronavirus.