I know. It really annoying getting another email about Covid 19. You are sick and tired of people telling you to keep safe and well.
But we are grateful that as a community of medical professionals you are doing what you are to keep our country safe and well.
From a financial standpoint, many of you are not operating. Most dental practices are not operating. Medical massage therapists, physios, specialists and many others in the medical space cannot operate.
We feel for you. You find yourself in a position and situation you never thought possible. For the first time the healthcare industry which is usually immune to recessions is severely affected.
Those in mainstream healthcare and hospitals appear to be unaffected but for how long we do not know.
So we do realise that Government Stimulus packages could be a lifeline.
The packages are confusing so we have over the last few weeks bombarded most you with information. We do apologise for this but we also realise that for many of you the information we are giving could be the difference between financial survival and financial ruin. So in case you have been living under a rock with no internet, a summary.
- From Thursday 12 March 2020, the instant asset write-off threshold has been increased from $30,000 to $150,000
- A time-limited 15-month investment incentive (through to 30 June 2021) which will operate to accelerate certain depreciation deductions.
This measure will also be available to businesses with a turnover of less than $500 million, which will be able to immediately deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost. - Small and medium-sized businesses with an aggregated annual turnover of less than $50 million that employ people, may be eligible to receive a total payment of up to $100,000 (with a minimum total payment of $20,000), based on their PAYG withholding obligations.
- A new ‘JobKeeper Payment’ will be available to assist eligible employers (and self-employed individuals) who have been impacted by the Coronavirus pandemic to continue to pay their workers.
Eligible employers will be able to claim a subsidy of $1,500 per fortnight, per eligible employee, from 30 March 2020 (with payments commencing from the first week of May 2020), for a maximum period of six months.
But please note the ATO has informed us that you have to pay $1,500 to each eligible employee the last fortnight just gone and the next fortnight before they will make the first payment to you. How you are supposed to do that when you have limited income we are not sure.
