Government stimulus for farmers
The Federal Government announced a $17.6 billion stimulus package to counter the economic downturn from COVID-19.
Key components for grain farmers include:
- Increasing the Instant Asset Write-off (to $150,000)
- Accelerated depreciation deductions
- Boosting cashflow for employers with grants and subsides
- Assistance to businesses to identify alternative export markets or supply chains
The Government has increased operations of the business.gov.au 13 28 46 contact centre. It is now open seven days a week and will be answering calls from 7am to 11pm AEST.
The hotline will provide the latest information on the response to COVID-19 and how this affects businesses, including how to access financial support available through the national stimulus package.
The Government is introducing a subsidy program to support employees and businesses. The JobKeeper Payment is designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain their job and continue to earn an income.
Further information via the ATO website.