Page 9 - BOL Apr20 Edition

COVID-19 STIMULUS PACKAGE IN A NUTSHELL

Federal Government
12th March 2020 - $17.6B
• Low income Australians on Centrelink $550 Coronavirus supplement
payments are eligible for a $750 payment on top of the Jobseeker
payment from 31st March 2020 in the payment.
hope that much of this money will go • Temporary Early Release for
directly back into the economy. Superannuation of $10,000, and a
• Employer Cashflow Subsidies to help further $10,000 from 1st July 2020,
keep employees on the payroll. to eligible government payment
• 50% of any wages tax withheld, recipients.
refunded up to $25,000, and a Employer Subsidies
minimum payment of $2,000 even if • Employer Subsidies increase from
no PAYG is withheld from employees. $2,000 to $10,000 as a minimum and 30th March 2020 - $130B
• $150,000 instant asset write off (tax $25,000 to $50,000 as a maximum • Fortnightly $1500 JobKeeper
deduction) for business equipment and a further 100%, spread between Payment for businesses where
purchases before 30th June 2020. June & September 2020 BAS returns. revenue has dropped 30% or more.
• 50% wage subsidies for around • Business Loans up to $250,000, • Rental Tenant Protection introduced.
117,000 Australian apprentices and managed by your bank, underwritten
trainees, up to maximum of $21,000. 50% by the federal government for a Visit www.umbrellaaccountants.com.au/
3 year term with reduced interest and blog or phone 07 3040 0304 for further
20th March 2020 - $66B 6 months deferred repayments. information and practical examples of how
• Accelerated income support for Qld Government the stimulus measures may apply to you.
employees and sole traders that have • low interest loans up to $250,000 or
lost their job or had a 20%+ downturn 50% of PAYG tax withholding for 2019
in sales. financial year, for a 10 year term, with
• Newstart payment has been renamed no interest or repayments in the first
to JobSeeker payment, with extra year.

RED CROSS RESOURCES

Red Cross has recently released some COVID-19 related
information sheets to assist people in managing some of
the impacts on themselves and their families.
Some of the articles include ‘Talking to kids about
COVID-19’, ‘COVID-19 and your mental wellbeing’ and
Coronavirus – tips for self-isolation.

The resources can be accessed via the Red Cross website:
https://www.redcross.org.au/stories/covid-19

Red Cross Lifeblood is urging people to donate blood. To
book an appointment or to find out more information on
how to donate blood please go to the Red Cross Lifeblood
webpage: https://www.donateblood.com.au/

April 2020 www.bestoflocal.com.au 9