What are some of the incentives that various federal, state and other bodies have announced to help us all get through this once in a lifetime event?

We have outlined below a summary of the key governments measures to help businesses and investors navigate through the uncertainty as a result of COVID-19. Also, keep in mind that due to the rapid release of information, some details have not yet been provided by the government.

Our team of mortgage brokers might have some ideas on how we can help you reprice, refinance or switch your loans during this pandemic. Want to have a chat, click here?

1st Tranche $10k to $50k Tax Free payment

  • <$50m turnover
  • Held an ABN on 12 03 2020
  • Carrying on business and earned assessable income FY 2019 or made supplies in course or further of an enterprise starting 1 July 2018 and ending before 12 03 2020
  • Based on 100% of PAYGW amount in activities statement from Jan to Jun 2020
  • Integrity Measures (Be Aware

2nd Tranche $10k to $50k tax free payment

  • <$50m Turnover
  • Same tests as per Tranche 1
  • Based on 100% of PAYGW amount in Tranche 1 and paid in activity statement from July to Oct 2020

Instant Asset Write Off $150k

  • <500m turnover
  • Asset must be installed, and ready for use by 30 June 2020
  • Only applies until 30 June 2020

Government Back Loans – SME Guarantee Scheme

  • < $50m turnover
  • 50% guarantee on new loans for SME’s up to $250k
  • Financial Institutions will be providing the products
  • Operates from 1 Apr 2020 to 30 Sep 2020
  • 3 year term Initial 6 mth repayment holiday
  • No security required

50% Subsidy apprentice wages

  • Wage subsidy of 50% of apprentice or trainee wages for up to 9 months from Jan 2020 to Sep 2020
  • If SME not able to retain apprentice subsidy available to new employer
  • Maximum benefit $21k per apprentice or trainee
  • Can register from 2 April 2020
  • Final claim lodged by 31 Dec 2020

JobKeeper Payment

  • Claim $1,500 per fortnight including self-employed individuals for each worker that is employed
  • Includes employees (those let go as well) “on the books” as at 1 March 2020 (no limit on employer size).
  • Maximum period 6mths
  • Turnover <$1BN and turnover reduces by >30% relative to a comparable period 1 yr ago
  • Not subject to Major Bank Levy
  • Turnover >$1BN and turnover reduces by >50% relative to a comparable period 1 yr ago
  • Not subject to Major Bank Levy

Accelerated Depreciation

  • <500m Turnover
  • Not using simplified depreciation rules
  • 50% deduction of the cost
  • Existing depreciation rules apply to the balance
  • Asset must be installed and ready for use by 30 June 2021

Tax Payment Deferral – ATO

  • Ability to vary 2020 PAYGI Instalment to NIL
  • Ability to claim a refund for PAYGI Instalment for Sep 2019 and Dec 2019 qtr
  • Ability to remit any interest and penalties incurred on or after 23 Jan 2020
  • Assisting business to pay ATO debts including low interest payment plans
  • Quarterly reporters can opt in for monthly to get access to GST refunds quicker

Early Access to Super

  • Access $10k before 1 July 2020
  • Access a further $10k from 1 July 2020 until 24 Sep 2020
  • Must be unemployed
  • Eligible to received job seeker payment, youth allowance for job seekers, parenting benefit, special benefit or farm household allowance
  • On or after 1 Jan 2020 either
    • Made redundant
    • Working hours reduced by >20%
    • Sole trader turnover reduced by >20%

7 Steps To Refinancing Guide

Interest rates are constantly changing and if your wanting to potentially save thousands on your home loan, refinancing a home loan is your best option.


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