Australian Government's Economic Response to Coronavirus

The Australian Government has announced an economic response totaling $17.6 billion across the forward estimates to protect the economy by maintaining confidence, supporting investment and keeping people in jobs. Additional household income and business support will flow through to strengthen the wider economy.

The Australian Government has announced a COVID-19 support package for businesses that includes:

Cash flow payment of up to $25,000 for employers
50 percent wage subsidy for apprentices and trainees
Increase in the instant asset write off threshold to $150,000
50 percent accelerated depreciation for investments

The WA State Government has also announced it will be providing relief for business through its own stimulus package including:

* $607 million stimulus package to support WA households and small businesses in the wake of COVID-19
* $114 million in additional measures to support small businesses
* Small businesses that pay payroll tax will receive a one-off grant of $17,500
* $1 million payroll tax threshold brought forward by six months to July 1, 2020
* Businesses impacted by COVID-19 can defer payroll tax payments until July 21, 2020

Further resources and information relating to the Federal Government’s program and others have been provided below:

To find out if this applies to your business go to: https://business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business or speak to your accountant.

The Small Business Development Corporation offers free and confidential guidance to small businesses and can assist with disruptions to business.

The Australian Tax Office will also assist businesses experiencing financial difficulty. This may include tax payment deferrals. To find out more go to: https://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/COVID-19/

The Western Australia Department of Health is providing information about the health impacts of coronavirus here: https://healthywa.wa.gov.au/coronavirus