“When written in Chinese, the word crisis is composed of two characters — one represents danger, and the other represents opportunity.” John F. Kennedy
I am not sure about you, but I have never experienced a crisis such as the Coronavirus, with the landscape changing almost by the hour.
The Stimulus Package announced by the Morrison government last Thursday was a perfect example, coming only days after the Reserve Bank’s unexpected interest rate cut.
In order to help our clients exploit the opportunity in this crisis, we have gone over the Stimulus Package since it’s announcement to identify how our clients can benefit from the various measures. The 3 main area’s that we see will benefit our business clients are:
Employers with turnover less than $50m can receive up to $25k tax free to meet ATO activity statement debts,
Instant Asset Write Off threshold has increased from $30k to $150k, up to 30 June 2020, and
Apprentice wages subsidised by up to 50%.
Click on the link below from the ATO website to read more.
We will be in touch with you shortly as some actions need to be swiftly implemented, while other measures can be implemented as late as May or June 2020. In the meantime, if you have any queries about how this will impact on you or your business then don’t hesitate to contact our office.
Finally, we are currently open for business as usual. We take our Employer Obligations very seriously and at this stage we continue to closely monitor government announcements and will follow any recommendations. We will continue to act deligently and have reassured our staff that we will act appropriately and not put their health at risk, but at this stage it is business as usual.