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Support for sole traders and small businesses affected by COVID-19 (novel coronavirus)

Community Manager Community Manager
a week ago

Support for business.png

 

As part of the Australian Government’s economic response to COVID-19, we're taking a number of measures to support small businesses and sole traders who have been affected by COVID-19, including:

 

 

Providing cash flow boosts for employers

From 28 April 2020, there will be two tax-free payments of between $20,000 and $100,000 for eligible businesses.

If you’re eligible, you don’t need to apply. These will be automatically credited to your account when you lodge your activity statement.

To find out if you’re eligible, visit Boosting cash flow for employers

 

Increasing the instant asset write-off

From 12 March until 30 June 2020, the instant asset write-off threshold is $150,000 and businesses with an aggregated turnover of less than $500 million are now eligible.

To check your eligibility, visit Instant asset write-off for eligible businesses

 

Accelerating depreciation deductions

If your business has an aggregated turnover of less than $500 million for 2019-20 and 2020-21, you can deduct the cost of depreciating assets at an accelerated rate.

To find out more, visit Backing business investment – accelerated depreciation

 

We can also offer tailored support for your needs and circumstances, including:

 

If you have a question about COVID-19 that we haven’t covered here, ask ATO Community.

 

If you're feeling overwhelmed or getting behind with your tax and super obligations, contact us as early as possible so we can work with you to find a solution.