Coronavirus: Government Economic Support for Australian Businesses

A number of measures offering financial support for businesses during the global coronavirus pandemic have been included in a $189 billion economic plan announced by Prime Minister Scott Morrison.

This economic stimulus package is designed to help keep businesses in business and keep Australians in jobs during what is an incredibly difficult and challenging time for everyone.

What support is available for businesses?

• Small businesses with apprentices - Eligible employers can apply for a wage subsidy of 50% of an apprentice or trainee's wage for up to nine months, between January 1 2020 and September 30 2020. If a small business is unable to retain an apprentice, the subsidy will be available to a new employer that employs an apprentice
• Small to medium-sized businesses - Businesses with a turnover of less than $50 million that employ staff (between January 1 2020 and June 30 2020) will be eligible for a cash flow support payment. This tax-free payment will be a minimum of $10,000, up to $50,000. Around 690,000 Australian businesses, employing 7.8 million people, will be eligible, as well as around 30,000 not-for-profits (including charities). The payment will be available from April 28th, 2020
• Businesses (excluding the very largest) - The instant asset write-off threshold has been raised from $30,000 to $150,000, and now includes businesses with aggregated annual turnovers of up to $500 million until June 30 2020. There is also an extra depreciation deduction to encourage investment
• Severely-affected businesses - An additional $1 billion fund is available to help businesses, regions and communities disproportionately affected by the economic impacts of the Coronavirus. This will include those heavily reliant on industries such as tourism, agriculture and education

How do businesses get paid?

• Apprentice wage subsidies - Eligible businesses will be able to register for apprentice wage subsidies from April 2 2020
• Cash flow support - Eligible businesses will receive payments of 50% of their Business Activity Statements (BAS) or Instalment Activity Statement (IAS) from April 28 2020, with refunds to then be paid within 14 days
• Asset write-offs - Eligible businesses will benefit the next time their tax is calculated

For the very latest advice and information, you should regularly check the page below.

Government Coronavirus (COVID-19) Health Alerts

State and territory governments are also releasing their own measures of support and advice. You can check all the latest information below.

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