CoVID-19 - Advice for RFNSW Members

Dear Member

Please find following advice from our partner AiGroup and the federal government to assist your business in the current CoVID-19 environment.

I am about to head into a meeting with the Deputy Minister and other associations including the ATA to discuss how the government can further assist our industry at this uncertain time.

Best regards

Simon O’Hara

Road Freight NSW

BP Offer for our Members

Government Assistance for CoVid-19

Summary fact sheet

A summary fact sheet about the Government's approach is attached below.

Support for business investment

The package includes two measures to support business investment:

A 50 per cent investment allowance for the purchase of eligible assets (including trucks and trailers), with existing depreciation rules applying to the balance of the asset's cost. The allowance will be available to businesses with a turnover of less than $500 million. There is no cap on the value of an asset that can be depreciated using the allowance. The allowance will be available until 30 June 2021.

The expansion of the instant asset write-off, with the threshold to be increased from $30,000 to $150,000, and access expanded to businesses from a turnover of less than $50 million to less than $500 million. The extended write off will be available until 30 June 2020. The instant asset write off will apply to both new and second hand assets.

Cash flow assistance for business

The package also includes measures to support small and medium business cash flow:

Assistance for small and medium businesses with aggregated annual turnover under $50 million to cover the costs of employee wages and salaries equal to 50 per cent of PAYG withheld for businesses that withhold tax, with a minimum of $2,000 and a maximum of $25,000 over six months. Businesses that pay salary and wages but are not required to withhold tax will also receive the minimum payment of $2,000. This will be a tax free payment, benefiting around 690,000 businesses employing 7.8 million people.

A wage subsidy of 50 per cent of an apprentice's or trainee's wage for nine months. The subsidy of up to a maximum of $21,000, will be available to businesses employing fewer than 20 full-time employees who retain an apprentice or trainee, or, where a small business is not able to retain an apprentice, the subsidy will be available to a new employer. This will support up to 70,000 small businesses employing around 117,000 apprentices.

The fact sheet for this measure is also attached.

ATO administrative relief and help for severely affected regions

The Australian Tax Office will provide administrative relief for certain tax obligations (similar to relief provided following the bushfires) for taxpayers affected by the coronavirus outbreak, on a case-by-case basis. Taxpayers can contact the ATO on 1800 806 218 or visit the ATO website at ato.gov.au for further information.

The Government will also provide direct assistance for regions severely affected by the economic consequences of the virus.

The fact sheet for these measures is attached.

Other measures

The Government will also provide support direct to households. The details are available athttps://treasury.gov.au/coronavirus

Image
  • fb.png
  • tw.png
  • in.png
  • go.png

Road Freight NSW contact details

56 Fitzroy Street Marrickville NSW 2204

Tel: (02) 9557 1205

info@rfnsw.com.au

www.roadfreightnsw.com.au

The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.

Please click here to unsubscribe from our mail list.