Announced today, but yet to be passed, are the following proposals …….
- Provide a one-off tax free $750 cash payment to income support recipients, such as age pensioners or Department of Veterans’ Affairs (DVA) income recipients, or holders of eligible concession cards. To be eligible, the person must reside in Australia and be receiving a listed payment or card on 12 March 2020. A person will only receive one payment even if they hold multiple eligible benefits. The payment is expected to be made in mid-April 2020.
- Increasing the instant asset write-off threshold from $30,000 to $150,000 for businesses with aggregated turnover of less than $500 million, effective today. The threshold continues to apply on a per-asset basis, so it can be used for multiple purchases. It is due to cease on 30 June 2020.
- Providing a tax-free cash flow injection of up to $25,000 for businesses with a turnover under $50 million which employ staff. This will be applied automatically through the business lodging its Business Activity Statements and will be based on the amount of tax withheld on employees’ salaries and wages.
There is a fact sheet available from the government here
Lindsay 0413 952 180
