Are you eligible for a slice of the 17.6 billion government initiatives?

The Federal Government has announced a $17.6 billion stimulus package to counter any economic downfall that may be caused by COVID-19 (coronavirus).

The measures have the potential to provide significant cash flow to business taxpayers in the short term, funded predominantly through the tax system. The package includes:

(Click on each of the 6 links below to find out more)

1. an instant asset write-off extension;

2. a 50% asset investment incentive;

3. a cash payment to employers of between $2,000 to $100,000;

4. a 50% wage subsidy for apprentice's or trainee's wages;

5. support to regions and communities impacted by the coronavirus, including ATO payment support; and

6. Unsecured Loans up to $250,000 with no payments for 6 months, rates from 5% p.a. on 3 Year terms.

Due to the limited time in which the package applies, taxpayers should immediately consider whether they qualify for these measures and the impact of each of the measures on their business and cash flow.