Covid-19. Financial Support for Australian Businesses

Covid-19. Financial Support for Australian Businesses

Whatever your business, it’s likely that Covid-19 will be impacting you.

You may be dealing with stock shortages, exporting issues, disrupted travel plans or a sales downturn due to tourist drop off.

As the situation changes and develops across the world, it’s important that businesses develop a workplace response to coronavirus. You’ll want to have a plan on how to look after or protect your staff, how to manage sick leave and self isolation plus consider issues around privacy.

The Australian government has announced a $17.6 billion economic stimulus package, with the goal to support Australian’s health, jobs and livelihoods and set up Australia to bounce back.

The stimulus package to support business and recharge the economy includes the following programmes:

  • Boosting cashflow for employers – Temporary cash flow support for small businesses that employ staff. Payments will be a minimum of $2,000 and up to $25,000 tax free, for eligible businesses.
  • Increasing the Instant Asset Write-Off – Increasing the instant asset write off threshold from $30,000 to $150,000 and expand access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
  • Supporting apprentices and trainees – Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage paid from 1 January 2020 to 30 September 2020.
  • Backing Business Investment – Accelerated depreciation deductions to support business investment and economic growth over the short term.

The government’s business site has useful information on support for Australian businesses.

Talk to us about your business and what you could be eligible for.