The SWOT Analysis in the Profession
March 30, 2020
Covid-19 – Summary of Measures Bangladesh
May 29, 2020

Covid-19 - Summary of Measures



Cash flow Boost

The Government is providing tax-free cash flow boosts of between $20,000 and $100,000 to eligible businesses (for businesses with an annual turnover of under $50 Million and employing staff).

Employers will receive a payment equal to 100 per cent of their PAYG tax withheld, with the maximum payment of $100,000.

This will automatically be paid as credits in the ATO activity statement system, after you lodge activity statements (from lodgement of 31 March 2020- Quarterly/Monthly statements).

In the event the business’s ATO account has a credit balance, this will be refunded by the Australian Taxation Office within 14 days.

JobKeeper Payment

Under the JobKeeper Payment, businesses impacted by the coronavirus will be able to access a subsidy to continue paying their employees. The Government will provide a fortnightly payment of $1,500 per eligible employee until September 2020.

Employers will need to pay eligible employees* a minimum of $1,500 (before tax) per fortnight to claim the JobKeeper payment. This will be paid to the employer in arrears each month.

JobKeeper payments can be made for the period beginning 30 March 2020. However, the payments to eligible employers will commence in the first week of May 2020.

Eligible employers are those with an annual turnover of less than $1 billion who have assessed that they have had a revenue reduction of 30% or more.

Sole traders, business owners and some other entities (such as partnerships, trusts or companies) may be entitled to the JobKeeper Payment scheme under the business participation entitlement.

There are additional requirements for employers with a turnover of over $1 billion.

* Eligible employees are full time, permanent part-time and casual employees (if they were employed as a casual for over 12 months) as at 1 March 2020. The commencement of this was 30 March 2020.

Increase in the instant asset write off

From 12 March 2020 until 30 June 2020 the instant asset write-off:

  • threshold is $150,000 (up from $30,000); and
  • eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million).

Federal - Business Loans

  • The Federal government has also announced they will be guarantee up to 50% of the new business loans issued for entities with turnover of up to $50M.

Other Measures

The ATO has provided the following options as possible ways to obtain tax relief.

  • The ATO may allow payments for income tax, GST, PAYG instalments, FBT and excise to be deferred – for up to six months.
  • Taxpayers can vary their quarterly PAYG instalment for the March 2020 quarter. The ATO has indicated it will not apply penalties or charge interest to varied instalments for the 2020 income year.
  • The ATO may remit interest and penalties incurred after 23 January 2020.
  • The ATO may be prepared to enter into ‘low interest’ payment plans.
  • If you have any questions regarding this or any of the other initiatives offered to those affected by the current disruption, please contact Frank Allen at