The Boosting Cash Flow for Employers measure will deliver up to $25,000 tax free back to small and medium businesses with an annual turnover under $50 million that employ staff, providing temporary cash flow support. The payment will be delivered by the ATO as a credit in the activity statement system from 28 April 2020 when statements are lodged.
The Instant Asset Write-Off threshold has been increased from $30,000 to $150,000 and expanded to include businesses with an annual turnover of less than $500 million (up from $50 million). Once the legislative changes take effect, this will apply to new or second- hand assets first used or installed between 12 March 2020 and 30 June 2020.
The JobKeeper payment is intended to provide wage subsidies to businesses that are significantly affected by COVID-19. You can register to receive updates from the ATO regarding the Job Keeper subsidy on the ATO website.
To assist businesses experiencing financial difficulty as a result of COVID-19, the ATO is implementing a series of relief options, including payment deferrals and releases from some tax debts. Note that these relief options will not be automatically applied. You need to contact the ATO to discuss your eligibility.
Phone: ATO Emergency Support Infoline on 1800 806 218
For further information visit the ATO website at ato.gov.au