Support for business to prevent virus hit

Rebecca Gredley

THE $23B FEDERAL CORONAVIRUS STIMULUS PLAN

HELP FOR PENSIONERS AND WELFARE RECIPIENTS

* Deeming rate cut by 50 basis points, with an average benefit of $219 a year

* A $750 one-off, tax-free payment from March 31 for about 6.5 million people.

FOR CASUAL WORKERS

* Immediate access to the sickness payment if they need to self-isolate.

TO HELP TOURISM AND TRADE

* A $1 billion fund for communities hurt by coronavirus flow-on effects

* The ATO will open a shopfront in Cairns help small business

FOR BUSINESS

* About $6.7 billion over four years for individual $25,000 tax-free payments for businesses turning over up to $50 million a year

* The minimum payment for business will be $2000

* The amount will be 50 per cent of tax withheld to the ATO on employees' wages

* The government hopes it will benefit 700,000 businesses and 7.8 million workers

* From Friday to July 1, the instant asset write-off for businesses will rise from $30,000 to $150,000

* It will be expanded to businesses with an annual turnover of up to $500 million instead of $50 million, at a cost to the federal budget of $700 million

* $3.2 billion for businesses with a turnover of less than $500 million to deduct an extra 50 per cent of asset costs in depreciation

* It's expected to help 3.5 million businesses

TO KEEP APPRENTICES EMPLOYED

* Small businesses with fewer than 20 employees will get up to $7000 each quarter for apprentices as a wage subsidy

* Employers will get a wage subsidy equal to 50 per cent of the apprentice or trainee's wage from January 1 to September 30

* Apprentices must have been with a small business as at March 1

* The total cost is expected to be $1.3 billion over two years.

Source: Australian Government