Central Coast Accountants

The Coronavirus Economic Stimulus Package for Individuals

Published on April 30, 2020 at 12:00 AM


Coronavirus – Covid-19, what does this all mean to Employees and Individuals generally?

Income Support Payments to be increased to $550 per fortnight for the next 6 months for existing and new recipients of:-

  • JobSeeker Payment
  • Youth Allowance JobSeeker
  • Parenting Payment
  • Farm Household Allowance
  • Special Benefit

Payments of $750 to Centrelink recipients (excluding those receiving JobSeeker allowance and the like), expected to be paid by mid April 2020. A further $750 to be paid on 13 July 2020.

Individuals in financial distress can access up to $10,000 of their superannuation before 1 July 2020 and a further $10,000 from 1 July 2020 for another 3 months.

These payments will be tax free. Eligible individuals will be able to apply online through MyGov.

You need to be either unemployed, or eligible to receive JobSeeker, or from 01/01/2020 your working hours were reduced by 20% or more.

If you’re a sole trader, your business must have ceased or had a reduction in turnover of 20% or more since 1 January 2020.

A reduction in the minimum drawdown requirements for account based pensions by 50% for 2019/2020 and 2020/2021.

Employees may be entitled to the JobKeeper payments of $1,500 per fortnight if their employer is able to access the JobKeeper payment scheme.

Employees should contact their employer to see if the employer was able to register for the payment.

JobKeeper payments are assessed on a monthly basis and employers have to provide information to the ATO monthly.

Payments are to be made over the next 6 months.