Our summary of the government assistance packages due to the COVID 19 outbreak
(Individuals including Sole Traders)
| JobSeeker - Income Support for individuals
<Updated 28 March 2020>
The government is temporarily expanding eligibility to income support payments and establishing a new Coronavirus supplement. This supplement will be paid to both existing and new recipients including,
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sole traders, individual partners in partnerships & the self-employed
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contract workers
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permanent employees who are stood down or lose their employment
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casual workers
Asset testing for JobSeeker Payment, Youth Allowance Jobseeker and Parenting Payment will be waived for the six month period. Income testing will still apply to the person’s other payments, consistent with current arrangements.
People will not be permitted, and will need to declare that they are not, accessing employer entitlements (such as annual leave and/or sick leave) or Income Protection Insurance, at the same time as receiving Jobseeker Payment and Youth Allowance Jobseeker.
The process for claiming such payment will be accelerated and the application process will be streamlined.
Also, the government will provide two separate payments of $750 to social security, veterans and other income support recipients and eligible concession card holders residing in Australia.
Application for Jobseeker ⇒ https://www.servicesaustralia.gov.au/individuals/services/centrelink/jobseeker-payment
| Temporary early access to superannuation
<Updated 28 March 2020>
The government is proposing to allow eligible individuals up to $10,000 of their superannuation before 1 July 2020 and a further $10,000 from 1 July 2020 (for approximately three months). To apply this early release, at least one of the following must apply to you:
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Be unemployed
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Eligible to receive certain CENTRELINK benefits
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On or after 1 January 2020,
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you were made redundant; or
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your working hours were reduced by 20 per cent or more; or
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if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20 per cent or more
People accessing their superannuation will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
Eligible people will need to apply directly to the ATO through the myGov website. Applicants will need to certify that they meet the above eligibility criteria. The ATO will then make a determination as to their eligibility, and if eligible, they will advise the relevant super fund to make the payment directly to the recipient.
Further details from:
Disclaimer:
Information based on facts we have summarised to the above updated date. We have not considered your personal circumstances and should you wish to consider it, please seek professional advice.