The Government have issued an economic stimulus package to support small businesses during this ongoing health pandemic.

The Key Tax Measures that form part of the package include:
  • From Thursday 12th March 2020, the Instant Asset Write off has been increased from $30,000 to $150,000 until 30 June 2020.
  • Accelerated Depreciation (Limited over the next 15 months until 30 June 2021. This is limited to NEW Depreciating Assets only.
  • Tax Free Payments of up to $25,000 for eligible small businesses based on their PAYG withholding obligations. These payments will be automatically allocated to your Activity Statement Account after the lodgement of your March BAS (From 28th April 2020.
  • Tax Free Payments of $750 to eligible income support recipients and eligible concession card holders. These payments will commence automatically from 31st March 2020.
  • Administrative Relief from the ATO for some tax obligations for people affected by the Corona Virus outbreak (case by case basis).
  • Wage subsidies to support the retention of apprentices and trainees
  • Assistance to severely affected regions. The Government has committed to set aside $1 billion to support regions  that have been disproportionately affected by the economic impacts of Coronavirus
This could significantly assist small businesses that  are already feeling the strain from the Fires, Floods and now the ongoing developments of Coronavirus.

Time to think about Tax Planning

Now more than ever it is important to consider the implications of any stimulus package and how it can affect your business. A tax planning consult isn't just about how much tax you can save. It is perfect time for reflection, progress and analysis. We can help forecast scenarios based on past events. We can help create budgets to mitigate future cash flow risk.

Tax Planning consultations are now open for April- June. These spots fill up fast, so please book in early to avoid disappointment.

Contact our office on 07 3818 1666 to book now.
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