Hire And Rental News

Economic stimulus package to help business

A $17.6 billion economic stimulus package announced by the Morrison Government today in response to the Coronavirus crisis is focused on helping small and medium sized businesses to stay in business and to keep Australians in jobs.

The package has four parts:

Business boost

To assist business the government will:

The government will also commit $4.8 billion to provide a one-off $750 stimulus payment to pensioners, social security, veterans and other income support recipients and eligible concession card holders.

Plus $1 billion will be committed to support those sectors, regions and communities disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education.

The Government is also offering administrative relief for certain tax obligations, including deferring tax payments up to four months. This is similar to relief provided following the bushfires for taxpayers affected by the coronavirus, on a case-by-case basis.

The HRIA partners with business advisory, HLB Mann Judd who are available to talk with all HRIA members as required.

2 Comments

  1. peter holmes March 17, 2020

    CAN SOMONE PLEASE CONFIRM THAT THE INSTANT ASSET WRITEOFF IS AVAILABLE FOR HIRE COMPANIES WHEN BUYING NEW EQUIPMENT. THANKS.

    Reply
    1. Martin Sinclair March 30, 2020

      Hi Peter, we get this question frequently, but there’s not short answer unfortunately. HLB Mann Judd has looked into this issue and it is dependent upon the individual circumstances of the hire company. I would recommend contacting HLB Mann Judd via the HRIA Member hotline to discuss your specific situation. Sorry I can’t be more help! MS

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