COVID-19  •  Companies news

Bentleys released a Tax summary update per state following COVID-19 crisis

Our Corporate member Bentleys has put online a comprehensive summary of the tax support measures announced to date, per state.

Governments worldwide are starting to implement both lockdown and support measures to deal with the COVID-19 (Coronavirus) pandemic.

In Australia, the Federal Government has released two rounds of stimulus measures, and most state and territory governments have announced their own support measures, for businesses and affected areas. 

Latest updates:

On 22 March 2020, the Federal Government announced a second round of stimulus support measures given the severity that the Coronavirus lockdown and associated precautionary measures have had on the Australian economy. The second round measures are much more significant than the first and these support measures now represent an unprecedented 10% of Australia’s gross domestic product (GDP).

In particular the second round measures comprise of two main business components. The first is targeted at providing additional support for employers of small business and medium sized enterprises (SMEs) to soften the deepening economic hardship over the coming months. The second is to deal with already financially distressed businesses such as those facing creditor demands or at risk of facing bankruptcy proceedings as a result of the Coronavirus impact.

The Prime Minister has also announced further support measures will be released in the future with the Federal Budget now put hold. With new additional lockdown measures to be introduced, it is expected that these support measures will be critical to the survival of many businesses. Bentleys will continue to monitor these changes and provide updates as soon as they become known.

Bentleys has summarised those key measures announced in the second stimulus package for businesses, their employees and other targeted areas, including earlier announcements in a table, available here.

Source: Bentleys