COVID-19: Government’s 2nd tranche $66b stimulus package – tax free payments of 50% of PAYGw on wages; $550 per fortnight job seeker supplement; SME loan relief; debt distress protection; up to $10k this year and $10k next year (this tranche might actually help…)

On Sunday 22 March 2020, the Government announced an additional $66.1bn economic stimulus package in response to the coronavirus (COVID-19).

This second package includes a $550 per fortnight supplement for job seekers (doubling the current payment), a further $750 stimulus payment for pensioners, cash flow payments up to $100,000 (minimum $20,000) to SME employers and charities, regulatory protection for SMEs and directors (see related TT article), early release of superannuation measures, pension minimum drawdowns reduced by 50%, and deeming rates cut by a further 0.25%.

The first tranche was announced on 12 March 2020 – but this was of little use to distressed businesses (see related TT article).

See below for further detail.

[Tax Month – March 2020]