ECONOMIC SUPPORT PAYMENT
FIRST $750 PAYMENT
The Economic Support Payment of $750 will be paid directly into accounts registered with Services Australia from March 31, 2020.
Payments will be made over several weeks, with most paid out by April 17, 2020.
This payment is available to those on the Age Pension, Disability Support Pension, Carer Payment, Carer Allowance, Parenting Payment, Wife Pension, Widow B Pension, ABSTUDY (Living Allowance), Austudy, Bereavement Allowance, Newstart Allowance, Jobseeker Payment, Youth Allowance, Partner Allowance, Sickness Allowance, Special Benefit, Widow Allowance, Farm Household Allowance, Family Tax Benefit A, Family Tax Benefit B and Double Orphan Pension.
If you have a Pensioner Concession Card, Commonwealth Seniors Health Card or Veteran Gold Card or if you receive the Department of Veterans’ Affairs Veteran Service Pension, Veteran Income Support Supplement, Veteran Compensation payments, including lump sum payments or War Widow(er) Pension, you will also receive this payment.
SECOND $750 PAYMENT
If you are eligible for the above payment, you will also receive a second payment of $750, which the Government will begin paying from July 13, 2020.
This will also be paid automatically into your account registered with Services Australia.
For more information on the Economic Support Payment, please click here to be directed to our website article.
$550 CORONAVIRUS SUPPLEMENT
The Government has also implemented a six-month temporary Coronavirus Supplement payment for new and existing income support recipients. They will provide an extra $550 per fortnight for people who receive the JobSeeker Payment (formerly known as Newstart Allowance), Youth Allowance, Sickness Allowance, ABSTUDY (Living Allowance), Austudy, Parenting Payment, Partner Allowance, Widow Allowance, Farm Household Allowance and Special Benefit.
This extra payment will automatically be paid to eligible people and will begin from April 27, 2020 along with any usual payments.
For more information on the Coronavirus Supplement, please click here to be directed to our website article.
SUPPORT FOR BUSINESSES
BOOSTING CASH FLOW FOR EMPLOYERS’
The government is providing up to $100,000 to eligible small and medium sized businesses and not for-profits – including charities – that employ people, with a minimum payment of $20,000.
The purpose of this payment is to boost cashflow and allow organisations to keep the lights on – and keep employees on the books.
Under the scheme, which builds upon the first stimulus package, employers will receive a payment equal to 100 per cent of their salary and wages withheld (up from 50 per cent), with the maximum payment being increased from $25,000 to $50,000.
In addition, the minimum payment is being increased from $2000 to $10,000. The payment will be available from April 28, 2020.
And from July 28, 2020, eligible businesses will receive an additional payment equal to the total of all of the Boosting Cash Flow for Employers payments received.
For more information regarding the support for businesses, please click here to be directed to our website article.
$1500 JOBKEEPER SUBSIDY
Under the Government’s $130 billion JobKeeper Subsidy package, all eligible businesses that have been impacted by the Coronavirus will be able to access a wage subsidy from the Government to allow them to keep paying their employees.
Eligible employers will be able to claim a fortnightly payment of $1,500 per eligible employee from March 30, 2020, for a maximum of 6 months.
These payments will automatically be paid to eligible businesses and eligible employees won’t have to do anything to claim this subsidy.
The first payments are to be received by employers in the first week of May 2020.
For more information on the JobKeeper Payment, please click here to be directed to our website article.
To support small businesses to retain their apprentices and trainees, eligible businesses can apply for a wage subsidy of 50 per cent of the apprentice’s, or trainee’s wage paid during the 9 months from 1 January 2020 to 30 September 2020.
Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter).
Employers can register for the subsidy from early April 2020. Final claims for payment must be lodged by 31 December 2020. For further information on this subsidy and to apply please visit https://treasury.gov.au/coronavirus/businesses#apprentices
Eligible individuals will be able to access some of their superannuation early as a result of the impacts of COVID-19. These payments will be tax free and the money withdrawn will not affect Centrelink or Veterans’ Affairs payments.
Individuals will be able to access up to $10,000 before July 1, 2020 and up to $10,000 after July 1, 2020. You will be able to apply for this through your MyGov account from mid-April, 2020.
For more information regarding early access to superannuation, please click here to be directed to our website article.
From May 1, 2020 the Government is reducing the social security deeming rates by a further 0.25 per cent on top of the deeming rate change announced with the first package. The lower deeming rate will be 0.25 per cent and the upper deeming rate will be 2.25 per cent.
As always please do not hesitate to contact us to review your situation and determine what action is required. We can be reached, as always on our office number (02) 4958 1829 or at email@example.com.