THE $23B FEDERAL CORONAVIRUS STIMULUS PLAN
HELP FOR PENSIONERS AND WELFARE RECIPIENTS
* Deeming rate cut by 50 basis points, with an average benefit of $219 a year
* A $750 one-off, tax-free payment from March 31 for about 6.5 million people.
FOR CASUAL WORKERS
* Immediate access to the sickness payment if they need to self-isolate.
TO HELP TOURISM AND TRADE
* A $1 billion fund for communities hurt by coronavirus flow-on effects
* The ATO will open a shopfront in Cairns help small business
* About $6.7 billion over four years for individual $25,000 tax-free payments for businesses turning over up to $50 million a year
* The minimum payment for business will be $2000
* The amount will be 50 per cent of tax withheld to the ATO on employees’ wages
* The government hopes it will benefit 700,000 businesses and 7.8 million workers
* From Friday to July 1, the instant asset write-off for businesses will rise from $30,000 to $150,000
* It will be expanded to businesses with an annual turnover of up to $500 million instead of $50 million, at a cost to the federal budget of $700 million
* $3.2 billion for businesses with a turnover of less than $500 million to deduct an extra 50 per cent of asset costs in depreciation
* It’s expected to help 3.5 million businesses
TO KEEP APPRENTICES EMPLOYED
* Small businesses with fewer than 20 employees will get up to $7000 each quarter for apprentices as a wage subsidy
* Employers will get a wage subsidy equal to 50 per cent of the apprentice or trainee’s wage from January 1 to September 30
* Apprentices must have been with a small business as at March 1
* The total cost is expected to be $1.3 billion over two years.
Source: Australian Government