The Federal Government has announced several measures to assist businesses impacted by the Coronavirus. Some of these measures include:
- Increasing the instant asset write-off threshold from $30,000 to $150,000. Access has also been expanded to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). This applies until 30 June 2020, for new or second-hand assets first used or installed ready for use in this timeframe.
- Backing Business Investment with a time limited 15-month investment incentive over the short term, by accelerating depreciation deductions. This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.
- Boosting cash flow for employers by providing $25,000 back to small and medium-sized businesses, with a minimum payment of $2,000 for eligible businesses. The payment will provide cash flow support to businesses with a turnover of less than $50 million that employ staff. The payment will be tax free.
- Supporting Apprentices and trainees with some employer eligible for a wage subsidy of 50 per cent of their wage paid from 1 January 2020 to 30 September 2020. You can register for the subsidy from early April 2020.
In addition, yesterday the Reserve Bank of Australia cut interest rates to an all-time low.
More information on financial assistance eligibility can be found here at Business.gov.au.
Other levels of Government have also announced measures to support businesses in these difficult times.
Yesterday, Brisbane City Council waived all small business charges, rents, levies and permit fees effective immediately to help Brisbane businesses through this challenging period. It is hoped more local councils will follow their lead. The Chamber of Commerce and Industry Queensland (CCIQ) have also been assisting members with business resources and up to date information for employers on their coronavirus page.
What about my responsibilities as the sponsor of a visa holder?
The Department of Home Affairs has not released specific advice to sponsors unable to meet their responsibilities in relation to visa holders'employment.
If your business has had to implement changes which impact the employment of visa holders, please contact us for advice.
Migration Plus will continue to update our clients as information becomes available.