Australia’s government on 23 March 2020 introduced legislative packages to implement measures announced in tranches 1 and 2 of the economic response to the coronavirus (COVID-19) pandemic.
In this report, $ = Australian dollar
The tax measures included in the “Coronavirus Economic Response Package Omnibus Bill 2020” propose to:
Another package—the “Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Bill 2020”—proposes to provide that the Commissioner of Taxation make cash-flow “boost payments” to eligible entities.
The government announced further economic support measures on 22 March 2020 to further its tranche 1 stimulus package and the action taken by the Reserve Bank of Australia. The measures are designed to “cushion the economic impact of the coronavirus” and provide minimum payments for eligible small and medium-sized businesses, and not‑for-profits (including charities) that employ people.
More information is available on the Treasurer’s website.
Read a March 2020 report prepared by the KPMG member firm in Australia
The Victorian state government announced an “economic survival and jobs package” to assist the local economy during the COVID-19 pandemic. The Victorian package, among other items, would:
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