COVID-19 Government Stimulus

Businesswoman Sitting By Window Reading Documents

To update on our earlier email today, Scott from marketing has announced an update this morning that may be relevant to you and your employment/current family financial position.

A second-stage $66 billion economic stimulus package has been announced this morning with the additional stimulus including the following:

  • Job seeker, Youth Allowance, Parenting Payment and Special benefit allowances will be temporarily doubled providing an extra $550 a fortnight for individuals.  The Government will waive asset tests and waiting periods to access these payments.
  • There will be a second one-off payment of $750 made on the 13th of July 2020 for those receiving government payments.
  • Individuals under financial hardship  will have access up to $10,000 of their super tax-free this financial year, and an additional $10,000 next financial year.
  • Superannuation minimum draw down requirements for pensioners have been reduced by half to 2% p.a. for retirees for the 2020 and 2021 financial years.

If you’d like some help understanding how this latest round of Government stimulus affects you, or have any general tax questions please email me at [email protected] and I will be more than happy to assist.

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