Stimulus Relief Summary
A number of measures have been put in place to support Australians and the economy in response to the Coronavirus. This article outlines the Government stimulus available.
We have put together some information to summarise the key measures and
to assist you in understanding the help that could be available to you.
Craig at HQB Financial Solutions is heavily engaged assisting clientele deal with these uncertain times. It is a very difficult situation dealing with investment loss and job loss and important you are aware of Government stimulus available. Craig welcomes your inquiry here
When will the announced benefits become available?
All of the measures recently announced up to 22 March 2020 have now been legislated. While some
benefits are available to be accessed immediately, others will commence in the coming weeks and months.
Outlined below is a summary of some of the key measures and important key dates.
Access to super savings
Access to superannuation savings has been broadened where you’re in financial distress because
of the Coronavirus and meet certain eligibility conditions.
If eligible, you’re able to access up to $10,000 before 30 June 2020 and an additional $10,000 from
1 July (available until approximately September).
To be eligible, you must meet one of the following conditions at the date you apply:
- you’re unemployed
- you’re eligible to receive Jobseeker Payment, Youth Allowance (jobseekers), Parenting Payment,
Special Benefit or Farm Household Allowance
- on or after 1 January 2020, you were made redundant, your hours of work reduced by at least 20%,
or if you’re a sole trader, your business was suspended or your turnover reduced by at least 20%.
You’ll also be able to make a withdrawal where you’re an employee of your own company or family trust
and your working hours have decreased by at least 20%.
How to apply
Applications will be through MyGov to the Australian Taxation Office (ATO) and it is expected that claims
can be made from mid-April.
You’ll need to make a declaration that you meet one of the above eligibility requirements.
You’re also able to nominate how much you’d like (up to the $10,000 limit) and if you have multiple funds,
you can also nominate more than one fund from which to draw this amount (up to a maximum of $10,000
Once the ATO confirms you’re eligible, it will issue you and your super fund with a determination and the
payment will be made to you. If you have a self-managed super fund, arrangements will differ and the ATO
is yet to provide those details.
Payments are tax-free and amounts received will not impact Centrelink or DVA entitlements.
Visit full publication Stimulus Summary 3.20