Government Announcements in response to Coronavirus Updates for Individuals
March 24, 2020
The Government has released Stimulus packages to assist Individuals to cope with the COVID-19 Virus.
The stimulus package will help boost income support payments, access superannuation
The Prime Minister has warned that there are “No Quick Solutions” and that business should prepare for the next 6 months of disruption.
In Summary:
| What | Who | When |
|---|
| $750 x 2 cash payment for individuals | ||
|---|---|---|
| Pensioners and all recipients of Newstart allowance, disability support payments, carers allowance, youth allowance, veterans support and the family tax benefit will receive the payment. health care card holders will also receive the cash payment. | The first payment will be made from 31 March 2020 and the second payment will be made from 13 July 2020 | |
| More Information |
| Ability to access Newstart/Jobseeker benefits with waiting periods & asset tests waived. Special amount of $1,100 per fortnight for people affected by COVID-19 | ||
|---|---|---|
| Sole traders affected - earning less than $1,086 per FN (single) | Now - more info | |
| Employees who have lost their jobs | ||
| Income Limits detailed here |
| Ability to Access Super | ||
|---|---|---|
| • Capped at $10K for the 2019/2020 financial year | • you are unemployed; or | Now - you can apply directly to the ATO through the myGov website: www.my.gov.au. You will need to certify that you meet the above eligibility criteria. |
| • A further $10K for the 2020/2021 Financial Year | • you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or | After the ATO has processed your application, they will issue you with a determination. |
| • Tax free | • on or after 1 January 2020: you were made redundant; or your working hours were reduced by 20 per cent or more; or if you are a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more. |
| Temporarily reducing superannuation minimum drawdown rates | ||
|---|---|---|
| Temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50 per cent for 2019-20 and 2020-21. | This financial year and next financial year. | |
| This measure will benefit retirees with account-based pensions and similar products by reducing the need to sell investment assets to fund minimum drawdown requirements. |
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