Coronavirus has inflicted unimaginable pain on the world and Australia is facing its share of problems. It is no secret businesses – from tradies and sole traders to small and medium size business and even the big businesses are hurting and hurting bad. The Federal government has announced various measures including health and COVID-19 Stimulus economic packages to help ease the pain. But it can be a daunting task to unpack such measures and many people need help to understand what it all means for the ordinary mum and dad business people.
On the first day of sitting, the Federal Parliament has rushed through $84 billion in financial support – COVID-19 economic stimulus – for businesses, workers, and students affected by the coronavirus outbreak, before going on a five-month-long break.
“The measures that have been passed by the Parliament today represent the most significant support for the Australian economy and community since the war,” said Treasurer Josh Frydenberg.
The COVID-19 economic stimulus package is designed to help Australian economy functioning and hopes to have a workable economic infrastructure on the other side of this pandemic – when it is over or under control.
NTAA or the National Tax and Accountants Association has put together a document making it easier for people to understand in a document which makes it a lot simpler to comprehend the economic packages announced. To read the full document, click here.
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