COVID-19 Summary of Government Support available at 30 April 2020

COVID-19 Summary of Government Support available at 30 April 2020

https://moneysmart.gov.au/covid-19/financial-assistance

 

JobKeeper Payment

The JobKeeper Payment will help businesses to keep people in their jobs so they can earn an income, even if their hours have been cut.

Eligible businesses can access $1,500 a fortnight for 6 months to keep paying eligible employees. The JobKeeper Payment is also available to people who are self-employed.

Your employer will notify you if you’re receiving the JobKeeper Payment. Most employees won’t need to do anything, except:

  • if you have multiple employers, you must notify your employer who is your primary employer
  • if you’re not an Australian citizen, you must notify your employer of your visa status so they can check you’re eligible
  • if you’re currently receiving an income support payment, you must notify Services Australia of your new income

For information on eligibility and how businesses can apply, visit The Treasury website.

 

Financial payments and support

 

Income support payments

Extra income support payments will be available for people affected by COVID-19:

  • a temporary fortnightly $550 coronavirus supplement from 27 April 2020 if you’re getting an eligible payment
  • expanded eligibility for some payments to make them easier to claim
  • a crisis payment if you need to self-isolate, are in severe financial hardship and you can get an income support payment

 

Household support payments

There are two automatic $750 Economic Support Payments. If you’re living in Australia and get an eligible payment, you will get two $750 payments:

  • between 12 March and 13 April 2020, and
  • from 13 July 2020

 

Free child care

The Government will cover the cost of child care so families won’t be charged child care fees.

 

 Early access to super

From 20 April, some people can apply to access up to $10,000 of super in 2019-20 and another $10,000 in 2020-21.

You can apply to access your super if you are:

  • you are unemployed
  • 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
  • on or after 1 January 2020, either
    • you were made redundant
    • your working hours were reduced by 20 per cent or more
    • If you are a sole trader, your business was suspended or there was a reduction in your turnover of 20 per cent or more

Your super is your retirement savings. Before you apply to access your super consider all your options.

 

Reduced drawdown and deeming rates for retirees

 

Drawdown rate for account-based pensions

If you have an account-based pension or a similar product, reduced drawdown rates will apply for 2019-20 and 2020-21. This will reduce your need to sell investment assets to fund minimum drawdown requirements.

Find the reduced drawdown rates on The Treasury website.

 

Deeming rates for the Age Pension and income support

From 1 May 2020, the upper deeming rate will be 2.25 per cent and the lower deeming rate will be 0.25 per cent.

For more information visit The Treasury website.

https://www.servicesaustralia.gov.au/individuals/subjects/affected-coronavirus-covid-19/if-you-need-payment

 

JobSeeker Supplement Payment

The Coronavirus Supplement is a fortnightly $550 payment on top of any eligible income support payment. The supplement is available from 27 April 2020. It is added to income support payment if you’re eligible.

 

 Financial support for businesses

To help financially distressed businesses, the Government will:

  • provide up to $100,000 to eligible small and medium-sized businesses, and not for-profits that employ people
  • provide the $1,500 JobKeeper Payment each fortnight for 6 months to keep paying eligible employees and people who are self-employed
  • provide temporary relief for financially distressed businesses
  • increase the instant asset write-off to $150,000
  • provide a 15-month business investment incentive
  • subsidise up to 50 per cent of apprentice and trainee wages for 9 months

 

For more information and other financial support in your state or territory, visit business.gov.au

 

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