COVID-19 (Coronavirus) Update

The ACT government will offer rate rebates to all Canberra homeowners and tax relief for small businesses as part of a $137 million package designed to deliver rapid-fire stimulus to an economy bracing for a major coronavirus-induced downturn.

Recognising the extremely challenging times ahead, the Tasmanian government is providing a $420 million support package aimed to sustain its economy and keep Tasmanians in work.

With employees one of the most important assets in running a successful business, it’s important to retain and support them in the wake of COVID-19.

Financial support is available to help minimise the impact of the COVID-19 outbreak on your business.

The Northern Territory Government is delivering a $120 million Jobs Rescue and Recovery plan to help keep Territorians in jobs.

The Australian Government has announced measures to support businesses impacted by the coronavirus (COVID-19). If you’re a sole trader, learn what your business can get and where to go for help.

The instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). This applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this timeframe.

A time limited 15 month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deductions. This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.

Provides up to $100,000 back to small and medium-sized businesses, with a minimum payment of $20,000 for eligible businesses. The payments will provide cash flow support to businesses with a turnover of less than $50 million and not-for-profit entities that employ staff.  The payment will be tax free.

You may be able to claim deductions for your work-related expenses. Work-related expenses are expenses you incur on items used to earn your income working in the building and construction industry.

The government is allowing individuals affected by COVID-19 to access up to $10,000 of their superannuation in 2019–20 and a further $10,000 in 2020–21. Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.

Helpful occupation guides and information for tax time.

If you’re an employee who works from home, you may be able to claim a deduction for expenses relating to that work.

Helpful occupation guides and information for tax time.

If you’re an employee who works from home, you may be able to claim a deduction for expenses relating to that work.

The ATO has prepared a range of resources to assist people in the building and construction industry during this difficult period.

As many individual’s working situations may have changed due to the Coronavirus pandemic, it is now more important than ever that building and construction workers understand how to best prepare and lodge their tax returns, to ensure they claim their applicable deductions. The ATO has launched its Tax Time 2020 campaign to help building and construction workers understand how to best prepare and lodge their tax returns.

The ATO are hoping to reach out to as many building and construction workers as possible with the attached resource kit and would really appreciate your support in sharing this across your website, newsletter and/or social media networks.

Attached are a number of specific resources you can share. These include:

1. Construction Worker Tax Time Poster – This poster provides helpful information on which expenses building and construction workers can and cannot claim at tax time.
2. Building and Construction Toolkit – This toolkit contains five posters (apprentice, construction worker, engineer, office worker and tradie). It also contains a general work-related expense guide for the building and construction sector.
3. Working from Home – Use this information to see what you can claim as expenses during the period that you have had to move from the office to your home.
4. The ATO are also encouraging employers looking to take advantage of the JobKeeper payment to register for updates at www.ato.gov.au/JobKeeper  and the ATO will contact people as soon as more information is available.