There are a number of financial support measures available to individuals as part of the Government Stimulus Package. We’ve summarised them below for you:
Six months of additional income support payments of $550 per fortnight for new and existing eligible recipients of:
Eligible individuals can apply for the income support payments through the MyGov website.
For more information, see the Treasury website’s Fact Sheet on Income Support for Individuals.
Provides two $750 tax-free payments to pensioners, social security, veterans and other income support recipients and eligible concession card holders. The first payments will be made from 31st March 2020 on a progress basis, with 90% of payments to be made by mid-April 2020. The second payments will be made by 13th July 2020.
For more information, see the Treasury website’s Fact Sheet on Payments to support households.
Individuals facing financial hardship caused by coronavirus will have the ability to access up to $10,000 from their superannuation funds in 2019-20 and a further $10,000 in 2020-21.
Eligible individuals can apply online through the MyGov website to access up to $10,000 before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 for approximately three months for the 2020-21 financial year.
The amounts released will not be taxed and will not be included in your taxable income.
For more information, see the Treasury website’s Fact Sheet on early access to superannuation.
Deeming rates have been reduced by a further 0.25 percentage points.
Deeming rates are used for the pension income assessment and therefore impacts how much pensioners receive through the Age Pension.
For more information, see page 2 of the Treasury website’s Fact Sheet on providing support for retirees.
The government is temporarily reducing superannuation minimum drawdown requirements for account based pensions and similar products by 50% for 2019-20 and 2020-21.
This will retain more of a member’s balance in their fund and enable more flexibility in managing their assets.
For more information, see the Treasury website’s Fact Sheet on providing support for retirees.