In response to the Coronavirus crisis, the Federal Government has outlined new measures in a stimulus package worth nearly $18 billion. Australian Businesses will be some the biggest beneficiaries in an effort to boost the economy and save jobs. Here is a summary of the changes outlined in the plan that will benefit SMEs
SUPPORT FOR BUSINESS INVESTMENT
The following measures have been designed to assist Australian businesses and economic growth in the short term:
INCREASING THE INSTANT ASSET WRITE-OFF
- Threshold increased from $30,000 to $150,000
- For businesses with aggregated turnover of less than $500 million
- The $150,000 threshold applies on a per asset basis so eligible businesses can immediately write-off multiple assets
- Applies for new or second-hand assets first used or installed ready for use by 30 June 2020.
There are numerous other benefits for small businesses to assist in easing the impact of the Coronavirus, including cash-flow assistance and support for apprentices and trainees, as well as payments for lower income households.