COVID-1 9 STIMULUS PACKAGE 2 - FAMILITES AND SMALL BUSINESS
The Government yesterday released a second, far reaching $66.1 bn stimulus package to support the economy for the impact of the coronavirus. See below what you will get in simple words: The stimulus measures are not yet legislated. We are still waiting for the finer details: Small Business: Tax Free Payments: · Small Business employing staff will get two payments of minimum $10000 and Maximum $50000 based on the PAYG TAX reported in the March BAS and June BAS. The minimum amount of $10k is payable to those who have staff, but they are not deducting any tax or the tax deducted is not more than $10k for the March Quarter. · The first payment will be released after the March BAS is lodged but the amount payable on the BAS will be first deducted from the Incentive Amount. · Second Payment will be released after the June BAS and September BAS are lodged but the incentive amount payable over these periods will be same as for t