The $607 million stimulus package announced by the Western Australian Government yesterday afternoon, has outlined several elements that will impact clients of AWT Accountants, particularly those who own small businesses.

Small businesses will receive a payment of $17,500 if their payroll is between $1-$4 million, with planned changes to payroll tax exemption also being brought forward. Initially, the threshold increase was planned to be introduced in January 2021 from $950,000 to $1 million. This change will now be effective as of 1 July 2020. Also, small businesses with an annual payroll of less than $7.5 million will be given the option to defer their payroll tax payment until 21 July 2020.

Paid sick leave was another major topic covered in the announcement. Public sector workers (including casuals) will be provided with 20-days of COVID-19 sick leave, which is in addition to any other previously accrued leave. To qualify for this leave, a person must have:

• Caught the virus themselves
• Be in self-isolation due to the virus
• Be required to care for family members if schools and childcare centers are closed.
• Are otherwise unable to attend wok due to reasons directly related to the virus.

If you have any questions about the Western Australian stimulus package or other tax-related issues caused by the virus outbreak, please feel free to contact us at AWT Accountants. While we expect challenging times ahead, we will continue to move forward and ensure we provide the best service possible to our clients.