JobKeeper and Government Support

Last updated: 9 April 2020

The government has recently released a variety of support measures for individuals. Whilst the different types of support may not apply to all members, the list is as follows: 

▪️ JobKeeper Payment, businesses impacted by the Coronavirus will be able to access a wage subsidy from the Government to continue paying employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum of 6 months. Employees will receive a notification from their employer that they are receiving the JobKeeper Payment if applicable. The majority of employees will need to do nothing further. Further details about the scheme and frequently asked questions can be found HERE.

▪️ Tax-free early access to superannuation, up to $10,000, from mid-April to before 1 July 2020. Up to a further $10,000 will be available from 1 July 2020 for approximately 3 months, applications are made through ATO. Early access to superannuation for hardship cases are available to individuals who are: 

  •  unemployed; 

  •  eligible for a job seeker payment; or 

  •  on or after 1 January  2020:
            ▪️ made redundant; 
            ▪️ reduction in working hours by 20% or more; or  
            ▪️ if a sole trader — the business was suspended or reduction in turnover of 20% or more. 

▪️ Halving of minimum pension drawdown requirements for 2019–20 and 2020–21. 

▪️ The previously announced $750 payment for income support recipients and concession cardholders will now be two separate payments: one from 31 March 2020 and the other from 13 July 2020. There will also be a new time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight from 27 April for the next 6 months. 

▪️ Income support recipients will also have: 

  • expanded access 

  • reduced means-testing 

  • reduced waiting times 

  • claims accelerated 

  • the application process streamlined 

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