On 12th March 2020, the Australian Government announced a number of financial measures which included support for small businesses through the unfolding health crisis.  The small business highlight from the points are:

1. Business investment instant asset write-off, for expenditure before mid-2020. The government has expanded the existing scheme by lifting the threshold from $30k to $150k and expanding the coverage to firms with a turnover of up to $500 million (previously was $50 million).

2. Business investment accelerated depreciation measure.  This incentive is for the 15 months to mid-2021, for businesses with a turnover up to $500 million.

3. Boosting cash flows for small and medium-sized businesses for the period to mid-2020. The aim is to encourage firms to continue employing staff. The payment, up to $25k a business, is in effect a partial refund on tax withheld by the ATO on income tax paid by firms for their employees.

4. Boosting cash flows for small businesses via a wage subsidy for retaining apprentices and trainees.

Be sure to consult the ATO website for the complete and official details.