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ARTICLE · 27 MARCH 2020

COVID-19 stimulus package – keeping your business healthy

McCullough Robertson
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This targeted stimulus package addressed financial challenges from the national and international spread of COVID-19.

AustraliaTax
Melinda Peters
Melinda Peters
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Late last week the Federal Government announced a targeted stimulus package to address the financial challenges which result from the national and international spread of COVID-19.

The stimulus package has been broken into four parts:

  • supporting business investment;
  • providing cash flow assistance to help SMEs keep business and employees;
  • targeted support for the most affected areas; and
  • household stimulus payments.

The package provides a mix of tax-related concessions available to the end of the 2020 or 2021 financial years, and cash payments or subsidies to both individuals and businesses. Legislation will be introduced to Parliament to cover the below provisions, which is expected to be passed by 26 March 2020.

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