Government announces increased tax benefits in response to the Coronavirus

13 Mar Government announces increased tax benefits in response to the Coronavirus

The Government has recently announced its $17.6 billion economic stimulus package in response to the Coronavirus.

Key Tax Measures that have been introduced include:

• From 12th March 2020, the instant asset write-off threshold has been increased to $150,000 until the 30th June 2020.
• A 15-month investment incentive which will operate to accerlerate certain depreciation deductions
• Tax Free payments of up to $25,000 for eligible small and medium businesses
• Tax-free payments of $750 for social security, veteran and other income support recipients and eligible concession card holders.
• Administrative relief from the ATO.

For a more detailed summary click the link below.

Coronavirus Economic Response

Please feel free to contact the office if you have any further questions.