COVID-19 Economic Response Package receives Royal Assent

The Coronavirus (COVID-19) Economic Response Package Omnibus Bill 2020 received Royal Assent on 24 March 2020 and is now law. The package included various changes which were announced in the two stimulus packages released recently by the Government.

 
Major changes for businesses and individuals include:
 
  • A boost to cash flow for businesses with employees from $20,000 up to a maximum of $100,000
  • Increased instant asset write off deductions for businesses
  • Accelerated depreciation deductions for businesses
  • Loan guarantees for certain businesses
  • Temporary relief for financially distressed businesses
  • Income support for individuals and households
  • Temporary early release of superannuation
  • Temporary reduction of minimum superannuation drawdown rates
For details we have covered recently and for further information in relation to the changes, please click on the links below:
12 March 2020 - Coronavirus Stimulus package
22 March 2020 - Coronavirus Second Stimulus package

To assist you in cutting through the noise, we have created a page that brings together local, national and global insights to help clients manage and mitigate the risks. This page can be accessed by clicking here and we recommend checking for regular updates.

Our COVID-19 Management Plan is a summary of key issues businesses will need to navigate over the coming months. You can download the COVID-19 Management by clicking here.