Through our membership with Chartered Accountants Australia & New Zealand, we have received details in relation to the recent announcement of the Government’s new strategies to help businesses as a result of COVID-19 outbreak. There are 2 parts: An Economic Stimulus package Support measures for those affected by COVID-19. Please read the following information. You are welcome to refer your questions to us and we will assist you. “The Government has announced a $17.6 billion economic stimulus package to support the Australian economy and households while dealing with the significant challenges posed by the spread of the coronavirus, COVID-19. The package has 4 parts: Delivering support for business investment: increase in the instant asset write off threshold from $30,000 to $150,000 until 30 June 2020 providing a time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million, will be able to deduct an additional 50% of the asset cost in the year of purchase. These measures will support over 3.5 million businesses (over 99% of businesses), employing more than 9.7 million employees or 3 in … Continue reading Business Assistance Relating to Coronavirius