Market and Business Update #5 – COVID-19 & NSW Stimulus Package Posted on March 17, 2020
Business to receive further support:
Further to the $17.6 billion Federal Stimulus Package announced last week, the NSW Government announced this morning a second stimulus package that will apply to health and business industries.
The NSW Government will inject $2.3 billion into healthcare, business and cleaning.
$1.6 billion will go towards business, with the intention of protecting jobs. $450 million of that has been allocated to waive payroll tax for businesses with payrolls of up to $10 million for three months to June 2020. $80 million of this will go towards fee waivers for small business such as cafes, restaurants and those in trades who are likely to be impacted by social limitations.
$700 million will go towards increased health facilities to deal specifically with COVID-19, including testing kits and clinics, ventilators and medical equipment. Increased capacity in Intensive Care Units (ICU) is also supported by this budget.
$250 million will be made available for additional cleaners in public places such as schools and state-owned buildings.
More than $750 million will be spent on capital works and maintenance of public assets.
Businesses looking to understand how the Federal and State Stimulus package impacts them should contact us. We have appointed an in-house Stimulus Package specialist, Steve Walker and we are working through cases on PAYG and BAS discounts, Trainee and Apprentice wage subsidies, instant asset write offs and now, payroll tax.
Markets face difficulties:
ASX futures down 4.1% at 7AEDT. It is likely markets will fall further. Markets don’t like uncertainty. The medical community is working tirelessly to protect the community. News will come.
Look after each other. Put public health and safety first. Stay calm and focused on doing the next best thing for you, your family, your business and your future. Trying times are times for trying.
If you are concerned about your finances, please contact us. We are here to support you.
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