We have prepared a Table of key areas of COVID-19 Federal Tax, Cash Flow, Regulatory and Stimulus Measures, including:

SUPPORT FOR BUSINESS

• Enhancing the instant asset write-off
• Backing business incentive
• ATO Administrative relief
• Boosting cash flow for employers
• Assistance for apprentices and trainees and the activation sector
• Appropriation (Coronavirus Economic Response Package) Act (No.1)
• Appropriation (Coronavirus Economic Response Package) Act (No.2)
• JobKeeper Payment – Wage subsidy plan
• Assistance for Severely Affected Regions
• Changes in Foreign Investment Review Board rules
• Providing flexibility in the Corporations Act
• Temporary relief for financially distressed individuals and businesses
• Child care
• Early Childhood Education and Care Relief Package
• Principles related to Commercial and Residential Tenancies
• University Funding Package to support domestic students
• Fraudulent schemes to exploit COVID-19 measures

SUPPORT FOR INDIVIDUALS AND HOUSEHOLDS

• Stimulus payments for households to support growth
• Reducing social security deeming rates
• Additional support for income support recipients
• Simplifying deductions for working from home

SUPPORT FOR THE FLOW OF CREDIT

• Banking industry response to support business and households
• Guarantee of Lending to Small and Medium Enterprises
• Quick and efficient access to credit for small businesses
• The Australian Business Growth Fund availability of patient capital
• Structured Finance Support
• Supporting the flow and reducing the cost of credit – RBA
• Ensuring banks are well placed to lend – APRA

The Table sets out the measures and comments on various aspects by Mills Oakley.

As indicated, certain measures raised are relevant to Support for Business, some to Support for Individuals and Households and some relate to Support for the Flow of Credit. The JobKeeper measure is of great benefit potentially to eligible employees and some self-employed, but as the payments are made to businesses that are employers the measure is listed under Support for Business.

Some measures relate to tax relief, many relate to avenues to get extra cash in times of need including through waiver, deferral, available credit, many relate to support for employers and their employees, many relate to stimulus of economic activity and some relate to regulatory protections or easing of rules to protect certain businesses and individuals. The measures are extensive and there may be more to come. This Table is just in relation to Federal measures. We have issued a separate Table on State & Territories Taxes and Other Relief, here.

We would be pleased to discuss any of the measures with you and assist in advising on measures that may assist you based on your circumstances.

Ross Higgins
Partner
Private Advisory, Melbourne
Tel: 0403 601 541
[email protected]