We understand how difficult times are at the moment and may continue to be in the future however, please know that you are not alone. We will do our best to keep you informed with the latest information to help you navigate through this.

Below we've included the latest information from the Treasury of the Australian Government as of 30th March 2020 and includes the latest economic response from the Australian Government which targets the three following areas:

Support for Business

Supporting Individuals and Households

Supporting the Flow of Credit

 

SUPPORT FOR BUSINESS

Job Keeper Payment

Businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying employees. Affected employers will be able to claim a fortnightly payment of $1500 per eligible employee from 30 March 2020 for a maximum time of 6 months.

 

For further information please click into the below link for the Fact Sheet or contact our office on 0358215667 so you can speak to your accountant.

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet_Info_for_Employers_0.pdf

 

Boosting cash flow for employers

Eligible Small & Medium employers will receive a payment equal to 100 per cent of their salary and wages withheld with a minimum of $10,000 and maximum of $50,000 payment.

There'll also be an additional payment in the July - October 2020 period where eligible entities will receive an additional payment equal to the total of all "Boosting Cash Flow for Employers" payments they've received.

For further information please click into the below link for the Fact Sheet or contact our office on 0358215667 so you can speak to your accountant:

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Cash_flow_assistance_for_businesses_0.pdf

 

Temporary relief for financially distressed businesses

To assist businesses while they may face financial distress due to COVID-19 The Government have implemented a few safety net measures to lessen the threat of actions that could unnecessarily push a business into insolvency.

The ATO will also tailor solutions for owners or directors of a business who are struggling due to the Coronavirus including temporary reduction of payments or deferrals.

For further information please click into the below link for the Fact Sheet or contact our office on 0358215667 so you can speak to your accountant:

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Providing_temporary_relief_for_financially_distressed_businesses.pdf

 

Increasing the instant asset write-off

The instant asset write-off threshold has been increased to $150,000

Click the below link for The Government Fact Sheet on "Support for Business Investment"

https://treasury.gov.au/sites/default/files/2020-03/Fact_Sheet-Delivering_support_for_business_investment.pdf

 

Backing Business Investment

Businesses with turnover less than $500 million can deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset's cost through to 30 June 2021.

 

Supporting apprentices and trainees

Eligible employers can apply for a wage subsidy of 50% of the apprentice or trainee's wage for 9 months from 1 January 2020 to 30 September 2020.

 

 

SUPPORT FOR INDIVIDUALS

Job Keeper Payment

Eligible Businesses who have been impacted by the Coronavirus will be able to access a wage subsidy to continue paying their employees. Eligible employee's will receive a minimum wage of $1,500 per fortnight.

For further information please click into the below link for the Fact Sheet:

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet_Info_for_Employees_0.pdf

 

 

Income Support for individuals

Expanded eligibility to income support payments of $550 to be paid to both existing and new recipients of Job Seeker payment, Youth Allowance Job Seeker, Parenting payment, Farm Household Allowance and special benefit.

For further information please click into the below link for the Fact Sheet:

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Income_Support_for_Individuals_0.pdf

 

Payments to support households

2 separate payments of $750 to social security, veteran and other income support recipients and eligible concession card holders. First payment to be made from 31 March 2020 and the second payment is to be made from 13 July 2020.

For further information please click into the below link for the Fact Sheet:

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Payments_to_support_households_0.pdf

 

Temporary early release of Superannuation

Individuals who are affected by the Coronavirus can access up to $10,000 of their superannuation in 2019-20 and an additional $10,000 in 2020-21.

For further information please click into the below link for the Fact Sheet:

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Early_Access_to_Super_2.pdf

 

Support for Retirees - Reducing social security deeming rates

As of 1 May 2020 the upper deeming rate will be 2.25 per cent and the lower deeming rate will be 0.25 per cent.

For further information please click into the below link for the Fact Sheet:

https://treasury.gov.au/sites/default/files/2020-03/factsheet6providingsupportforretireestomanagemarketvolatility-25march2.pdf

 

SUPPORTING THE FLOW OF CREDIT

Quick and efficient access to credit for small business

The Government will provide a temporary exemption from responsible lending obligations for lenders providing credit to existing small business customers.

 

Reserve Bank of Australia (RBA) - Supporting the flow and reducing the cost of credit

The RBA announced banks will have access to at least $90 billion in funding at a fixed interest rate of 0.25%. In addition the RBA has reduced the cash rate to 0.25% and is taking active steps to target a 0.25% yield on 3-year Australian Government Securities.

For further information on "Supporting the flow of credit"  please click into the below link for the Fact Sheet:

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Supporting_the_flow_of_credit_1.pdf

 

IF YOU NEED SUPPORT

 

Emergency Relief - https://www.dss.gov.au/our-responsibilities/communities-and-vulnerable-people/programs-services/emergency-relief

 

Centrelink Support - https://www.servicesaustralia.gov.au/individuals/news/more-financial-support-people-affected-coronavirus

 

National Debt Help Line | 1800 007 007 | https://ndh.org.au/

 

Australian Government | https://www.australia.gov.au/

 

Australian Taxation Office | https://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/COVID-19/?=redirected_covid19_call_centre

 

Fairwork - Coronavirus and Australian workplace laws | https://coronavirus.fairwork.gov.au/

 

Beyond Blue | 1300 224 636 | https://www.beyondblue.org.au/

 

Lifeline | 13 11 14 | https://www.lifeline.org.au/

 

If you'd like some relief with your mortgage or loan repayments contact your bank or financial provider. Most banks are taking active measures to help through this difficult time including pausing loan repayments.

The information on this page has been obtained from the Australian Government Treasury website https://treasury.gov.au/.

OUR OFFICE

The PlayLab staff are still working behind the scenes however we have closed the doors to The PlayLab to help keep our staff, co-workers and the wider community safe and healthy.

If you need us, we're still here working away just give us a call on 0358317529 or email play@theplaylab.com.au