#coronavirus #coronaviruseconomicstimulus #sme #taxbenefits
Following the announcement by the Morrison Government on 12 March, 2020, the economic stimulus package has been released to assist Australians as the world deals with the impact of the spread of this pandemic.
In short, the package targets five major groups. Here's what each will receive:
The Government promised that payments to welfare recipients will start on March 31, 2020. More than 90 per cent of payments are "expected to be made" by mid-April. Legislation will be introduced into Parliament later this month to give effect to these measures. All legislation is expected to pass. Treasurer Josh Frydenberg said $11 billion of the $17.6 billion package would be paid by the end of June.
In terms of allocation, about $8bn is for businesses, $4 bn for depreciation & write-off tally and about $5 bn for welfare recipients.
What’s for small businesses?
For further information, please refer to: https://www.pm.gov.au/media/economic-stimulus-package