The Government is providing cash flow assistance for eligible businesses in the form of two separate measures. The following is a broad summary of the key aspects of the stimulus package in response to the Coronavirus, as recently announced and enacted.
The Commonwealth Government yesterday released the second stage of its stimulus plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work and businesses in business.
With the current concerns within the community about the COVID-19 coronavirus, we wanted to let you know about the proactive steps Carrick Aland is taking to minimise the potential impact on the provision of our services.
The ATO is expected to adopt a ‘benign approach’ to PAYG instalment variations in the wake of recent disasters. Business and farm operators should seek assistance to talk with us about where your profit is year to date and what options you may have to vary instalments.
The Government announced changes to the Drought loan scheme. The biggest change is the enhancement of Drought loan terms to offer 2 years interest free, 3 years interest only and 5 years principal and interest. Loans are for amounts of up to $2 million.