Legislation giving effect to income and business support and tax and superannuation measures in response to the COVID-19 outbreak has been enacted.
This includes key tax and superannuation measures contained in the Coronavirus Economic Response Package Omnibus Bill 2020 (Act No 22 of 2020) and income support measures contained in the Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Bill 2020 (Act No 23 of 2020). These bills also include measures introduced or amended in the second stimulus package. The Omnibus Bill also includes the amendments to increase the Medicare levy and Medicare levy surcharge low-income thresholds for the 2019-20 income year, in line with CPI.
Treasury has prepared a range of factsheets on:
-business cash flow boost
–increasing the instant asset write-off
–payments to individuals and households
–assistance for apprentices and trainees
-release from superannuation