With the outbreak of COVID-19 the government has announced two stimulus packages to support Australians.
Two $750 stimulus payments
The government is providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. The first payment will be available anytime form 12 March 2020 to 13 April 2020. The second will be available in Mid-July. In conjunction with this Income support recipients will receive a time limited coronavirus supplement of $500 per fortnight.
Casual workers who have contracted COVID-19 or who must isolate themselves due to COVID-19 will be eligible for a Newstart welfare payment while not working. The typical wait time to access the payment will be waived, but applicants will face an assets test before receiving the money.
Access to super
Eligible individuals will be able to apply online through MyGov to access up to $10,000 of their superannuation before 1 July 2020. They will also be able to access a further $10,000 from July 1 2020 for at this stage three months (depending on the passage of legislation).
Support for retirees
The government is reducing minimum drawdown requirements by 50% for account-based pensions and similar products for the 2019-20 and 2020-2021 financial years. This will benefit retirees by reducing the need to sell investment assets to fund minimum drawdown requirements.
We are available for appointments throughout this time via phone only. Please call 03 5523 8444 to book with one of our staff.