On 30 March 2020, the Australian Government released further elements to its economic response to the coronavirus (COVID-19), which include:
- Eligible employers (with turnovers of under $1 billion that have taken a 30% hit and turnovers of over $1 billion that have taken a 50% hit) receiving a $1,500 per fortnight ‘job keeper payment’ before tax for each employee as at 1 March who has either been stood down since that date or will be kept on over the next six months; and
- An increase to the Centrelink Partner Income Test to $79,000 (from $48,000).
The Government has also announced that foreign investments into Australia will require approval, regardless of value or the nature of the foreign investor.
Please refer to this BDO Tax Technical Update for more detail.