There has been an enormous amount of information released over recent weeks in relation to COVID-19 and the Government’s response. 

Below is a summary of key points from the Australian Federal Government and the Victorian State Government. The other States and Territories will have similar announcement and measures. The below is relevant for businesses including not for profits and sole traders. The content on the websites below is being updated on a regular basis. 

Australian Federal Government

https://treasury.gov.au/coronavirus

The following is discussed:

Supporting business to retain jobs

• JobKeeper Payment         

Overview Economic Response to the Coronavirus

Support for Individuals and Households

• JobKeeper payment

• Income Support for Individuals

• Payments to support households

• Temporary early release of superannuation

• Temporary reduction in superannuation minimum drawdowns

• Reducing social security deeming rates

Support for Businesses

• Boosting cash flow for Employers

• Temporary relief for financially distressed businesses

• Increasing the instant asset write off threshold

• Backing business investment

• Supporting apprentices and trainees

• Support for Coronavirus-affected regions and communities

Supporting the flow of credit

• Support for immediate cash flow needs for SMEs

• Quick and efficient access to credit for small business

• Reserve Bank of Australia – Supporting the flow and reducing the cost of credit

• Support for Non-ADI and smaller ADI lenders in the securitisation market

• Australian Prudential Regulatory Authority — Ensuring banks are well placed to lend

State Government of Victoria

https://www.sro.vic.gov.au/coronavirus

The following is discussed:

• Payroll tax waived

• Liquor license fees waived

• Land tax deferral

• Victorian Government further assistance - $10,000 grant

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com

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