Economic Stimulus Package announced by Prime Minister

The Morrison Government has announced a $17.6 billion economic plan with the following key features included.

  • Effective today, increase of instant asset write off threshold to $150,000 (from $30,000) and expand access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
  • Effective today, accelerated depreciation deductions to 30th June 2021 allowing businesses with a turnover of less than $500 million, to deduct an extra 50% of the asset cost in the year of the purchase.
  • Tax free payments for eligible small and medium sized businesses, by up to $25,000 with a minimum payment of $2,000, that employ staff between 1 January 2020 and 30 June 2020. Businesses will receive payments of 50% of their Business Activity Statements or Instalment Activity Statement from 28 April 2020.
  • Eligible employers can apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage for up to 9 months from 1st January 2020 to 30th September 2020.
  • A tax-free payment of $750 to pensioners, social security, veteran and other income support recipients and eligible concession card holders.
  • $1 billion to support those sectors, regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus and administrative relief for certain tax obligations, including deferring tax payments up to four months.

*** These measures are subject to being passed by Parliament.


Should you have any queries in regards to the above please contact our office on 03 9807 1344 or email us at