The Coronavirus (COVID-19) is rapidly spreading, with over 150 cases in Australia and three reported deaths. This crisis has severely impacted the economy, weakening the Australian dollar. Now more than ever, businesses need financial guidance from an affordable accountant to navigate these challenges. To support businesses and households, the government introduced a $15 billion stimulus package.
“Keep Businesses in Business and Australians in Jobs”
This package provides cash payments to businesses, wage subsidies for apprentices, and direct financial aid to households. Its goal is clear: keep businesses running and Australians employed. Small businesses with a turnover under $50 million can use these funds for wages or essential investments to counter economic slowdowns.
Additionally, businesses that withhold tax on employee wages will receive a 50% reimbursement of the withheld amount. This payment ranges from $2,000 to $25,000, benefiting 690,000 businesses and 7.8 million employees. To further protect jobs, the government introduced a wage subsidy covering 50% of apprentice wages until September, helping around 120,000 apprentices stay employed.
Another key measure expands the instant asset write-off, boosting sales of new tools, vehicles, and equipment. The threshold increases from $30,000 to $150,000, injecting $700 million into the economy and assisting 3.5 million businesses. According to the Prime Minister, this package aims to help businesses survive, protect jobs, and ensure a strong economic recovery.
Get Expert Help from an Affordable Accountant
If your business is struggling due to COVID-19, we can help. As part of our community support, we offer discounted accounting services, reducing your current fee by up to 20%. Simply email hello@endurego.com, and our affordable accountant will review your financial statements. Together, we’ll create a cost-effective solution tailored to your needs. Let’s secure your business’s future with expert accounting support.
