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.

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

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