The Stimulus Package: What You Need To Know

The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus.

The yet to be legislated four-part package focuses on business investment, sustaining employers and driving cash into the economy.

For business

1. Business investment
   • Increase and extension of the instant asset write-off to $150,000 for businesses with a turnover of up to $500 million
   • Accelerated depreciation deductions
2. Cash flow assistance for small and medium sized business
   • Tax-free payments up to $25,000 for employers
   • Wage subsidy of up to 50% of an apprentice or trainee wage
3. Targeted support for severely affected sectors, regions and communities

For individuals

4. Household stimulus payments to drive cash into the economy
   • Tax-free $750 payment to social welfare recipients