From: Institute of Certified Bookkeepers

Details as announced as of 12 March 2020, Prior to Legislation being presented. 

It is not law yet!  It is extremely likely to become law. Both sides of Parliament have indicated their support for these measures.

Businesses with turnover below $500m

1/ Instant Asset write off up to $150k per asset – Only until 30 June 2020

2/ 50% instant depreciation for “certain” assets – until 30 June 2021

Employers with turnover below $50m

3/ Credit on BAS for 50% of PAYGW up to $25k

Employers of Apprentices or Trainees with less than 20 Employees

4/ Subsidy of 50% of wages for 9 months to max of $21k

Regional Support

5/ $1b funding made available to support regions on a case by case basis

Newstart & Pensioners – one off

6/ A one off payment of $750

ATO supporting business – no law required

Businesses to apply for these initiatives by contacting the ATO on 1800 806 218

Registered Agents contact the ATO “Agent Disaster Infoline” on  1800 700 724

Case by Case discussion with the ATO to be eligibile

1. 4 month deferral on payments
2. Convert to Monthly BAS
3. PAYG Instalments (Income Tax) can be varied to Nil
4. Remit penalties and interest imposed sine 23 Jan 2020.
5.  Low interest Payment Plans

NOTE:  There is no discretion available for Super Payments.  Super must be paid as per normal.