TaxWise Individual April 2020

Coronavirus stimulus measures

This edition of TaxWise is dominated by the Federal government and ATO measures in response to the Coronavirus (COVID-19) pandemic.

The main tax and super measures are:

  • enhancing the instant asset write-off;
  • an accelerated depreciation rate;
  • boosting cash flow for employers;
  • early release of super; and
  • reducing the minimum drawdown amounts.

Other measures include:

  • stimulus payments to households;
  • additional support for income support recipients; and
  • guarantee of lending to SMEs. We will look at these measures in more detail, but contact your tax agent if you have any questions.

TaxWise Individuals April 2020