Coronavirus: Northern beaches tradies welcome financial rescue package
Sydney tradies worried about the economic impact of the coronavirus have welcomed the Government’s financial stimulus package.
Manly
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Tradies on the northern beaches have welcomed the Government’s stimulus package to keep small business afloat during the coronavirus crisis.
Ben Donald, a carpenter and builder who owns Graphite Constructions, said the financial boost was much needed.
He said he had heard of older tradies taking less work so younger guys could get enough days to support their families.
Mr Donald, 44, of Balgowlah, said he had one full-time apprentice and another 16-year-old part-time apprentice and the money would certainly help support them and his business.
“The stimulus package will help pay a percentage of their wage,” he said.
“We seem to be pretty alright at the moment but the word is that it is slowing down and I don’t think it is just the coronavirus, I think it was slowing anyway.”
Matt Jones a qualified plumber from Dee Why and an expert on the website Tradiematepro, said the stimulus package will help protect apprentice tradies and trainees during the coronavirus upheaval and tradies should investigate to see whether they qualify.
“It is a fantastic and very generous incentive,” Mr Jones said.
“It’s tax paying businesses that prop the country up and they need support right now.”
Mr Jones, who also produces a business podcast for tradies called The Site Shed, said he was advising them to help make clients feel at ease during the pandemic by wearing masks and being stringent about hygiene.
Mackellar Liberal MP Jason Falinski said up to 6.5 million individuals and 3.5 million businesses would be directly supported by the Government’s financial boost.
“Just as we have acted decisively to protect the health of the Australian people, based on the best evidence and medical advice, our support package responds to the economic challenges presented by this pandemic in a timely, proportionate and targeted way,” he said.
“Our plan will back Australian households with a stimulus payment to boost growth, bolster domestic confidence and consumption, reduce cash flow pressures for businesses and support new investments to lift productivity.
“Australia is not immune to the global coronavirus challenge but we have already taken steps to prepare for this looming international economic crisis.”
WHAT DOES THE STIMULUS PACKAGE LOOK LIKE?
•Businesses with a turnover of less than $500 million will be able to deduct an additional 50 per cent of the asset cost in the year of purchase through to June 20, 2021.
•An increase in the instant asset write off threshold from $30,000 to $150,000 for businesses with aggregated annual turnover of less than $500 million until June 30, 2020.
•Additional cashflow support to businesses with a turnover of less than $50 million that employ staff, between 1 January 2020 and 30 June 2020. The payment will be tax free
•Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage for up to nine months from January 1 2020 to September 20 2020.