COVID-19 UPDATES

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Government Incentives

A helpful & historical list of COVID-19 initiatives run by the Australian and State Governments.

With the World Health Organisation declaring COVID-19 a pandemic, it’s important to remain aware and vigilant in these uncertain times. Mainly, keep a close eye on how things are progressing, stay safe and abide by all health regulations and recommendations.

At Machines4U, we are taking our own precautionary measures and are glad to see the Australian government taking action with their economic stimulus packages.

We want to keep all of our buyers and sellers informed on the situation, and showcase how you can benefit from these stimulus packages. So, we've compiled the most relevant information for you below.

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The Stimulus Packages

The Scott Morrison government has now released 3 economic stimulus packages since March 12th, totalling $213.7B to keep Aussies in jobs, businesses in business and households supported. Of that, billions are being invested to create incentives to encourage businesses to spend.

 

Where is this money going, and how will it benefit you?

 

Asset Write-Off: All small, medium and larger businesses in Australia with a turnover of up to $5 billion a year will be eligible for tax write-offs of all assets up to $150,000 until June 30, 2022. Read more.

 

JobKeeper Program: Eligible businesses will be able to claim a fortnightly payment of $1,500 per eligible employee from 30th March 2020, for a six-month period.* As of 21st July 2020, the Government has announced an extension of the JobKeeper Payment until 28th March 2021, specifically targeted to employers who continue to be affected by Coronavirus. Read more about this here.

 

Energy Bills: Energy providers have been asked to assist businesses affected by COVID-19. Offers from providers will vary. Read more here. 

 

Trade Mark COVID-19 Helpline: If you have an opportunity to explore different goods and services to those currently covered under your registered trade marks, then IP Australia are here to help you.  Read more.

 

Aus Export Assistance: For export businesses that have been affected by COVID-19 and require financial assistance. Read More. 

 

Free Financial Counselling: For eligible regional small businesses affected by COVID-19. Read more here.

Businesses with annual turnover of

LESS THAN

$50M

Wage Subsidy:

$31.9B will be allocated to boost cash flow for employers for eligible small and medium-sized businesses, up to $100,000. This will be delivered by the ATO, starting late April. 

Asset Write Off:

Eligible businesses can write-off new and used assets (such as concrete tanks, tractors or delivery trucks) up to $150,000 (up from $30,000) first used or installed between 12/03/20 - 31/12/2020. Read more.

Tax relief:

Businesses can deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.

Coronavirus SME Guarantee Scheme:

The Commonwealth will guarantee 50% of an eligible loan through participating banks, with a maximum loan of $250,000 over 3 years for eligible businesses.

Commercial Tenancies:

A hold has been put on evictions over the next 6 months for those in financial distress due to COVID-19. Rent reductions are available from landlords in the form of waivers or deferrals. These are based on the tenant’s reduction in trade during COVID-19. Read more.

LESS THAN

$500M

Asset Write Off:

Eligible businesses can write-off new and used assets (such as concrete tanks, tractors or delivery trucks) up to $150,000 (up from $30,000) first used or installed between 12/03/20 - 31/12/2020. Read more.

Tax relief:

Businesses can deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.

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Plus a further $1B regional community fund to support hard-hit regional areas and industries, including agriculture, education and tourism. Read more about this here.

On 1 April, the Australian Government announced measures to help secure freight access for Australian agriculture and fisheries exporters.

The new $110M International Freight Assistance Mechanism will assist Australia’s agricultural and fisheries sector by helping them export their high-quality produce into key overseas markets, with return flights bringing back vital medical supplies, medicines and equipment.

These are testing times, but 14 years down the track—we’ve seen similar hard times, such as the GFC in 2008-2012, and from our experience, now is not the time to hang back. Now, more than ever, projects and work like yours is what keeps Australia moving. So it's time to take advantage of these subsidies, buy the right machinery, and dig deep.

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At Machines4U we are dedicated to helping you buy better and sell faster, despite these trying times. We aim to keep everyone informed and do our best to help businesses stay steady through the uncertainty.

Sincerely,

founder

Steve Krebs and Luke Bruce

Machines4U Co-Founders