The Government has updated details for it’s latest Coronavirus support package for Business.
As at 31/3, the following support initiatives have been announced (extracted from treasury.gov.au on 31/3/2020)
“The Australian Government is supporting Australian businesses to manage cash flow challenges and retain employees. Assistance includes cash flow support to businesses and temporary measures to provide relief for financially distressed businesses.
- JobKeeper payment
- Boosting cash flow for employers
- Temporary relief for financially distressed businesses
- Increasing the instant asset write-off
- Backing business investment
- Supporting apprentices and trainees”
Many clients have asked us about the JobKeeper and Boosting Cash Flow payments, here are the links:
JobKeeper Payment: Around 6 million workers will receive a fortnightly payment of $1,500 (before tax) through their employer. This initiative is also available to eligible sole traders and the self employed. Businesses must show more than 30% reduction in turnover comparable to comparable period a year ago.
https://treasury.gov.au/coronavirus/jobkeeper
Boosting cash flow for employers: The Government is providing up to $100,000 to eligible small and medium-sized businesses, and not for-profits (NFPs) that employ people, with a minimum payment of $20,000.
https://treasury.gov.au/coronavirus/businesses
For more information, go to
https://treasury.gov.au/coronavirus
