Watch this space for your latest updates for sole traders!!
The Australian Government has announced measures to support business impacted by the Coronavirus (COVID-19). If you’re a sole trader without employees, you are eligible for:
Under normal circumstances, individual assets less than $30,000 are eligible for the instant asset write off. The Government has lifted this threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020.
Read more about the increased instant asset write-off .
A time-limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct 50 percent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.
Learn more about Backing Business Investment.
The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This supplement will be paid to both existing and new recipients of the eligible payment categories. These changes will apply for the next six months.
Find out about the increased and accelerated income support.
The Government has created an initial $1 billion support fund to provide assistance to industries and regions severely affected by the economic impacts of Coronavirus.
Read more about the assistance for affected regions, communities and industries.
This will provide businesses with funding to meet immediate cash flow needs, by further enhancing lenders’ willingness and ability to provide credit. Businesses with a turnover of up to $50 million will be eligible to receive these loans.
Learn more about the Coronavirus SME Guarantee Scheme.
You can access up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21. You will be able to apply for early release of your superannuation from mid-April 2020.
Read more about early access to your superannuation.
The Australian Tax Office (ATO) is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis. Contact the ATO’s Emergency Support Infoline for businesses on 1800 806 218 for more information or to request this help.
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