Economic Stimulus Package

In the wake of the current economic environment, the Australian Government has announced a $17.6 billion economic plan to assist the Australian economy, part of which will be allocated to support small to medium sized businesses.

What does that mean for you? 

Treasurer Josh Frydenberg has stated one of the main aims of this stimulus package is to “provide the support businesses need to stay in business and keep Australians in a job”.

Measures that have been put in place to assist small to medium sized businesses, and that may be available to you, include:-

1. The instant asset write off being raised from $30,000 to $150,000 until 30 June 2020, meaning that if your business qualifies, the time to acquire assets is NOW!
2. A cash flow boost of up to $25,000 for eligible small and medium sized businesses (businesses with a turnover of less than $50 million that employ staff, between 1 January 2020 and 30 June 2020). The payment will be tax free.
3. Deferment of tax payments of up to four months.

Maxim are here to assist in any way possible. If you would like to discuss the options that may be available to you, please contact your Client Manager.

For the full media release from the Government visit https://www.pm.gov.au/media/economic-stimulus-package