page headers Coronavirus

Morrison government's coronavirus bills

Morrison_governments_coronavirus_bills.jpg

WHAT IS IN THE CORONAVIRUS PACKAGE?

FOR BUSINESS

  • Expanded instant asset write off from March 12 to June 30, rising from $30,000 to $150,000 and available to businesses with an annual turnover between $10 million to $500 million
  • Businesses with a turnover of less than $500 million can deduct an extra 50 per cent of asset costs in depreciation
  • $25.2 billion over four years for individual $100,000 tax-free payments for businesses turning over up to $50 million a year
  • The minimum payment for business will be $20,000
  • The amount will be 100 per cent of tax withheld to the ATO on employees' wages.
  • $100 million to the Australian Business Growth Fund
  • Temporary relief for businesses from certain obligations under the Corporations Act
  • Minimum amount of debt owed before bankruptcy proceedings begin will temporarily be boosted to $20,000 instead of $5000.
  • Lending guarantees to banks that small and medium enterprises have taken loans with.

INDIVIDUALS

  • $750 for recipients of welfare and veterans' income support, farm household allowance, family tax benefit, and holders of the pensioner concession card, commonwealth seniors health card or commonwealth gold card
  • A second $750 payment for all of the above, other than those on farm household allowance. It won't be given to people who receive the coronavirus supplement payment.
  • From April 27, $550 fortnightly boost to jobseeker or youth allowance recipients, and to parenting payment, special benefit and farm household allowance
  • Initially for six months and it's exempt from the assets test, liquid assets test and waiting period.

ACCESSING SUPER

  • Up to $10,000 from superannuation on compassionate grounds, which can be done in two releases.
  • Minimum drawdown rates for pensioners cut in half.

APPRENTICES AND TRAINEES

  • Small businesses with fewer than 20 employees will get up to $7000 each quarter for apprentices as a wage subsidy, equal to half the apprentice or trainee's wage from January 1 to September 30.

AVIATION

  • Waiver of aviation fuel excise.
  • Rebate for domestic security screening

CHILDCARE

  • Extra absence days to offset days taken off because of coronavirus

MEDICARE

  • Low income thresholds for individuals and families in line with CPI

AGED CARE

  • $444.6 million for a "retention bonus" to ensure the continuity of the workforce in residential and home care, and funding for facilities.

OTHER

  • A $1 billion tourism and trade fund for communities hurt by coronavirus flow-on effects
  • $15 billion fund to help smaller lenders
  • Intergenerational report delayed until mid-2021.

© AAP 2020