The government is temporarily expanding eligibly to income support payments and establishing a time-limited Corona-virus supplement to be paid at a rate of $550/fortnight. Paid to both existing and new recipients of the JobSeeker Payment, Youth Allowance jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit. It will be paid for the next 6 months.
The instant asset write off has increased from $30,000 to $150,000 for businesses with aggregated annual turnover of less than $500 million.
Taxpayers can delay or vary their Pay As You Go Instalments down to nil for the March 2020 quarter and claim back credits for instalments paid in the September and December 2019 quarters.
The government will provide a one-off $750 payment to holders of certain concession cards and people who receive certain allowances. There will be one payment per eligible recipient. This payment will be tax free. There will also be a second payment of $750 paid on the 13 July 2020 for social security, veterans and other eligible concessional card holders.
Those who will receive the payment are those receiving or holding:
- Age Pension
- Disability Support Pension
- Carer Payment
- Carer Allowance
- Parenting Payment
- Wife Pension
- Widow B Pension
- ABSTUDY (Living Allowance)
- Austudy
- Bereavement Allowance
- Newstart Allowance
- Youth Allowance
- Partner Allowance
- Sickness Allowance
- Special Benefit
- Widow Allowance
- Farm Household Allowance
- Family Tax Benefit A
- Family Tax Benefit B
- Double Orphan Pension
- Pensioner Concession Card
- Commonwealth Seniors Health Card
- Veteran Gold Card
Assistance for severely affected regions
The government has set aside $1 billion to support the regions that have been most severely affected by the economic impacts of the Corona-virus. This includes those areas heavily reliant on industries such as tourism, agriculture and education.
This includes waiving fees and charges for tourism businesses that operate in the Great Barrier Reef and the Commonwealth National Parks, however it does also include providing relief for some tax obligations for those affected by the outbreak. The ATO is setting up a temporary shop front in Cairns with dedicated staff specialising in assisting small businesses, and is considering other ways to enhance its presence in other affected regions.
The government is moving quickly to implement this package and has introduced this package of bills into parliament for urgent consideration in the final sitting for March 2020.
If your business and your ability to meet any of your tax liabilities is at all impacted due to the Corona-virus outbreak, click here to contact us and we will endeavour to assist you in any way we can.
