COVID-19 Economic Stimulus Package: Here’s What It Means For You

19 Mar COVID-19 Economic Stimulus Package: Here’s What It Means For You

The effects of the coronavirus crisis is taking its toll on people which is why the West Australian Government has announced an economic stimulus package worth $607 million.

businesswoman looking at laptop
Covid-19 Economic Stimulus Package for WA

This is on top of the $17.6 billion stimulus package the Morrison government announced last week.

Here are the inclusions in the most recent stimulus package:

$17,500 one-off grant for businesses

Small to medium businesses with a payroll of between $1 million and $4 million will receive a one-off grant of $17,500.

On top of that, changes to the payroll tax exemption threshold are being brought forward, in an effort to support 11,000 businesses. The threshold was previously lifted from $850,000 to $950,000, with an increase to $1 million scheduled for January 2021. That will now happen six months earlier, on July 1, 2020.

Small businesses which pay less than $7.5 million in taxable wages each year can apply to defer their payroll tax payment to July 21, 2020.

Household fees and charges frozen

$402 million is directed towards funding the freezing of household fees and charges until at least July 1, 2021. Freeze will apply to entire ‘household basket’, including

  • electricity
  • water
  • motor vehicle charges
  • emergency services levy
  • public transport fares

Energy Assistance Payment (EAP) doubled to $600 to support vulnerable Western Australians, including pensioners.

Support for Seniors and Vulnerable Western Australians

This include pensioners, the elderly and people with disabilities. They will be able to visit Coles and Woolworths stores an hour early from Tuesday, 17 March 2020, with an extended trading permit to be granted by the Commissioner for Consumer Protection.

Other updates

The Australian Government has updated their travel advice for all Australians to overseas travel:

  • Anyone arriving in Australia from overseas will be required to self-isolate for 14 days. 
  • International cruise ships will be banned from docking in Australia for at least 30 days.
  • All Australians are advised to reconsider their need for overseas travel at this time.

The Australian Government has also banned all non-essential, organised gatherings of 500 or more people.

Three COVIID-19 testing clinics opened in metropolitan Perth on Tuesday 10 March 2020 – they will operate between the hours of 8am-8pm, 7 days a week.

Current advice from the Government

  • Go about your business as usual, remain calm and use common sense. 
  • Protect yourself through quality personal hygiene like you would in the winter flu season – this includes covering coughs and sneezes, washing hands often with soap or sanitiser and staying away from work or school if you are unwell.
  • Continue to follow the advice of health authorities – anyone instructed to self-isolate by a doctor or medical professional must take the request seriously, stay home and not put others at risk.
  • Know the facts by sourcing accurate information, from credible sources such as the Department of Health

Need more details or have further questions how to access the stimulus package for your business? Call 0408 081 082 today.

References:

https://www.wa.gov.au/organisation/department-of-the-premier-and-cabinet/coronavirus-covid-19-western-australian-government-response

https://www.abc.net.au/news/2020-03-16/wa-coronavirus-covid-19-economic-stimulus-package-explained/12060548

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