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