Morrison government's coronavirus bills
WHAT IS IN THE CORONAVIRUS PACKAGE?
- 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.
- $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.
- 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.
- Waiver of aviation fuel excise.
- Rebate for domestic security screening
- Extra absence days to offset days taken off because of coronavirus
- Low income thresholds for individuals and families in line with CPI
- $444.6 million for a "retention bonus" to ensure the continuity of the workforce in residential and home care, and funding for facilities.
- 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