Deputy Commissioner of Public Groups & International Rebecca Saint announced that the new measures to help the economy withstand and recover from the economic impact of COVID-19 have received Royal Assent and been passed into legislation.
The ATO has updated its website with essential information about the tax and superannuation changes, including:
- backing business investment by accelerating depreciation deductions
- increasing the instant asset write-off, making more businesses eligible
- providing cash flow assistance for employers
- giving individuals early access to their superannuation
Because each of the measures have different timings, eligibility, and processes, with some applied automatically and others requiring an application, the ATO recommends that businesses use ato.gov.au/coronavirus as the primary source of information for the latest available support.
For help based on individual circumstances, the ATO can be contacted on 1800 806 218. Alternatively, the Large Service Team can be contacted for administrative assistance.