There is a lot of information coming out in the media re the various Government Stimulus Measures & Incentives. We are finding that clients at times are misinterpreting their eligibility to receive the incentives and also how they work in practice. We have assisted a number of clients who felt convinced their business could not survive the current climate and were not fully aware of what Government incentives are available to assist in keeping their business alive at this time.
Rather than regurgitating all of the information in detail, we summarise the main incentives as follows:
- Instant asset write off from $30,000 to $150,000 for new or second hand assets acquired until 30 June 2020
- A 50% deduction of the cost of an eligible new asset where the investment is made by 30 June 2021
- A cashflow boost for businesses that employ people, with a minimum payment of $20,000 to a maximum of $100,000
- Jobkeeper Payment – the Government will pay $1,500 per fortnight per employee for up to 6 months for eligible employers
- Payroll tax – business paying payroll tax may be eligible for a full refund of payroll tax paid for the year ended 30 June 2020
- Temporary early release of superannuation of $10,000 for the 2020 FY and a further $10,000 for the 2021 FY
Please contact us so that we can help you with your situation and identify your eligibility to the Government incentives.
Planning to navigate through the current climate
Whilst things are very tough at the moment we can work with you to help you identify solutions you may not have considered.
There is also planning that is required now, so that you are ready once the recovery period commences.
Again, please contact us for support during these challenging times.