COVID-19

Government incentives and relief

what you need to know

Key topics and dates

Date

Description

2020

1 MARCH

JobKeeper

First week payments will be made by ATO to employers

12 MARCH

First Payment

Eligible businesses that withhold tax to the ATO on their employees’ salary and wages will receive a payment equal to 100% of the amount withheld, up to a maximum payment of $50,000.

The payment will only be available to active eligible employers established prior to 12 March 2020.

*See Calendar for lodgement details

12 MARCH

Backing Business Investment

The asset acquired must be a new asset that can be depreciated under Division 40 of the Income Tax Assessment Act 1997 (i.e. plant, equipment and specified intangible assets, such as patents) acquired after 12 March 2020 and first used or installed by 30 June 2021.

30 March

JobKeeper

JobKeeper subsidy applies to payments after this date

30 March

Pay as you go instalments

If you are a quarterly pay as you go (PAYG) instalments payer you can vary your PAYG instalments on your activity statement for the March 2020 quarter. You can do this by lodging a revised activity statement before your instalment is due and before you lodge your tax return for the year.

30 MARCH
– 12 april

JobKeeper

First 14 day fortnight period  which qualifies for subsidy. Note the payment needs to have been made to employees by 12 April 2020. 

28 April

Cashflow assistance

The payment will be delivered by the Australian Taxation Office (ATO) as a credit in the activity statement system from 28 April 2020 upon businesses lodging eligible upcoming activity statements. Where the credit places the business in a refund position, the ATO will deliver the refund within 14 days.

1-8 May

JobKeeper

First week payments will be made by ATO to employers

1 July

Early release superannuation

Eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020. 

1 July

Payroll tax relief with grouped Australia wages of no more than $10M

The tax-free threshold will increase from $900,000 to $1, million for the financial year commencing on 1 July 2020.

28 July

Payroll tax relief with grouped Australia wages of no more than $10M

Payroll tax customers whose total grouped Australian wages for the 2019/20 financial year are no more than $10 million will have their annual tax liability reduced by 25% when they lodge their annual reconciliation, which is due on 28 July.

.

1 July
– 24 september

Early release superannuation

They will also be able to access up to a further $10,000 from 1 July 2020 until 24 September 2020.

July – October

Additional Payment

Eligible businesses that continue to employ staff will receive an additional payment of up to $50,000 on tax withheld from employees’ salary and wages for the July to October 2020 period.

*See Calendar for lodgement details

Up to 12 september

Payment deferrals

If you or your business has been impacted by COVID-19, the ATO can work with you to defer some payments and vary instalments you have due, such as income tax, activity statement (including PAYG instalments), FBT and excise payments to 12 September 2020

14-27 Septemeber

JobKeeper

Final 14 day fortnight period  which qualifies for subsidy. Note the payment needs to have been made to employees by 27 Sept 2020.