Accounts NextGen

Various tax, superannuation and income support measures are in place to support individuals and business taxpayers to weather the impact of the COVID-19 outbreak. • Tax-free cash flow boost payments for employers with turnover of under $50m delivered as an automatic credit in the ATO’s activity statement system. • JobKeeper payments for eligible employers to pay employees $1,500 per fortnight, before tax, for up to six months. • Eligible small businesses can access a wage subsidy of 50% of an apprentice or trainee's wage from 1 January to 30 September 2020, capped at $21,000. • Instant asset write-off threshold increased from $30,000 to $150,000 and access expanded to include businesses with an aggregated annual turnover below $500m, for new or second-hand assets first used, or installed to be ready for use between 12 March 2020 to 30 June 2020. • accelerated depreciation deductions for businesses with an aggregated turnover below $500m can deduct 50% of the cost...

Source:  Tax Accountant Melbourne This assistance will assist businesses to manage cashflow challenges and help businesses retain their employees. These two measures are designed to support employing small and medium sized businesses and to improve business confidence. The Boosting Cash Flow for Employers measure also supports the activities of not-for-profits (including charities) at a time where they are facing increased demand for services. The wage subsidy for apprentices and trainees will help to ensure the continued development of the skilled workforce. BOOSTING CASH FLOW FOR EMPLOYERS Summary The Government is providing up to $100,000 to eligible small and medium sized businesses, and not-for- profits (including charities) that employ people, with a minimum payment of $20,000. These payments will help businesses’ and not-for-profits’ cash flow so they can keep operating, pay their rent, electricity and other bills and retain staff. O...