Federal Government Relief Measures
Tranche 1
$10k-$50k tax free payment
- Less than $50mn turnover
- Held an ABN on 12 Mar 2020
- Carrying on a business and earned assessable income in FY19 OR made supplies in course or further of an enterprise starting 1 Jul 2018 and ending before 12 Mar 2020
- Based on 100% of PAYGW amount in activity statement from Jan to Jun 2020
- Integrity measures apply
Tranche 2
$10k-$50k tax free payment
- Less than $50mn turnover
- Same tests as per Tranche 1
- Based on 100% of PAYGW amount in Tranche 1 and paid in activity statement from Jul to Oct 2020
JobKeeper Wage subsidy
- $1500 per fortnight per employee
- Less than $ 1billion revenue and revenue reduced by over 30%
- More than $ 1billion revenue and revenue reduced by over 50%
50% subsidy apprentice wages
- Wage subsidy of 50% of apprentice or trainee wages for up to 9 months from Jan to Sep 2020
- Max benefit $21k per apprentice or trainee
Instant Asset Write Off $150K
- Less than $500mn turnover
- Asset must be installed and ready for use by 30 Jun 2020
- Only applies till 30 Jun 2020
Accelerated Depreciation
- Less than $500mn turnover
- Not using simplified depreciation rules
- 50% deduction of cost
- Existing depreciation rules apply to the balance
- Asset must be installed and ready for use by 30 Jun 2021
Government Backed Loans
- 50% guarantee on new loans for SMEs
- Financial institutions will be providing the products
State Government Relief Measures
NSW
Payroll Tax
- Taxable wages less than $3mn
- Annual liability reduced by 25%
- Done at the time of annual reconciliation
- Mar, Apr or May 2020 payment not required for monthly payers
VIC
Payroll Tax
- Taxable wages less than $3mn
- Payroll tax refund of first 3 quarters
- Last quarter no payment required
QLD
Payroll Tax
- Deferred until 31 Jul 2020
- Deferred dates 3 Aug 2020
- Interest Free Loans
- Up to $250k
- 12 months interest free
WA
Payroll Tax
- Threshold increased to $1mn from 1 Jul 2020
- Taxable wages < $7.5mn apply to defer monthly tax payments until 21 Jul 2020
- Taxable wages between $1mn and $4mn grant of $17500