Supporting Apprentices and Trainees

Aim To support small businesses retain their apprentices and trainees. Benefit Eligible employers can apply for a wage subsidy of 50% of their apprentice’s or trainee’s wage paid between 1 January 2020 to 30 September 2020. Maximum reimbursement of $21,000 per eligible apprentices or trainee ($7,000 per quarter) Eligibility Available...

Supporting the flow of credit

  Aim To mitigate the adverse economic impact on businesses by providing access to affordable credit. The RBA, together with the Government and APRA will provide at least $90 billion of credit at a fixed interest rate of 0.25% to banks and other lenders. Banks and other lenders will provide...

The Higher Instant Asset Write-Off (IAWO) Threshold

Aim Assist business purchase new equipment and decrease tax payable Benefits The IAWO has increased from $30,000 to $150,000 and increased eligible businesses with a turnover of under $500m (previously $50m) Eligibility Businesses with a turnover under $500m which will benefit an additional 5,300 businesses and 1.9m Australians. Applying Proposal...

Temporary relief for financially distressed businesses

  Aim Protecting Directors and small businesses from creditors, allowing them to continue trading and giving the economy the best chance at moving forward.  Benefits A temporary increase in the threshold for a creditor to initiate bankruptcy proceedings from $2,000 to $20,000 An increase in the time period for debtors to...

Boosting cash flow for employers

Aim To increase business confidence, help employers to retain staff and keep business operations going.   Benefit The Government will provide between $20,000 to $100,000 tax free cash payment to eligible small and medium sized businesses, and not-for-profits (including charities) that employ people. There is also an additional payment between...

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