The Stimulus Package – March 2020
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.
- 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
- 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
- Targeted support for severely affected sectors, regions and communities
- Household stimulus payments to drive cash into the economy
- Tax-free $750 payment to social welfare recipients