Australian Government stimulus package: useful stuff for businesses, employers and employees

There’s a lot to sift through in the Australian Government’s $130bn stimulus package, designed to counter the impacts of the COVID-19 epidemic. These Treasury-issued fact sheets may help:

Stimulus package cheat sheet

Sole traders

  • Access to Newstart/Job Seeker payment, with an added $550 per fortnight Coronavirus payment
  • Newstart asset test removed; however, Newstart income test remains
  • If income dropped by a minimum of 20%, early access to super of up to $10K.

Companies/NFPs up to $50m

  • Eligible businesses that withhold tax to ATO on employees’ salaries and wages will receive a payment equal to 100% of the amount withheld, to a maximum of $100K.
  • All other eligible businesses that pay salaries and wages will receive a minimum of $10K, even if they’re not required to withhold tax.
  • Easier to secure Business Loans up to $250K – speak with your accountant and your bank.

Free business advice

Realise Business, a government-backed initiative that gives advice and support to Australia’s small businesses and sole traders, can offer free business advice through the NSW Government Business Connect Program and Federal Government Digital Business Solutions Program.

Visit the Realise Business website to learn more about the business advice and workshops offered to small businesses during this difficult time; and/or to book an appointment with a Business Adviser, via phone or video chat, at a time convenient to you.

Check out this short video in which Realise Business CEO Jacqui Attard simplifies the federal government’s Stimulus Package for small businesses (23 Mar 2020).