Household stimulus package
There will be two payments of $750 per eligible individual. The first payment of $ 750 will occur automatically from 31st March 2020 for eligible recipients. The second payment of $750 will be made from 13th July 2020 to eligible recipients. Please note for those persons receiving the coronavirus supplement will not be eligible for the second payment. The payments will be exempt from tax and will not count as income in respect of eligibility for social security, farm household allowance and veteran payments. Eligible recipients will include those individuals eligible for the following entitlements: Age Pension, Disability Support Pension, Carer Payment, Parenting Payment, Wife Pension, Widow B Pension, ABSTUDY (Living Allowance), Austudy, Bereavement Allowance, Newstart Allowance, Jobseeker Payment, Youth Allowance, Partner Allowance, Sickness Allowance, Special Benefit, Widow Allowance, Family Tax Benefit including Double Orphan Pension, Carer Allowance, Pensioner Concession Card holders, Commonwealth Seniors Health Card holders, Veteran Service Pension; Veteran Income Support Supplement; Veteran Compensation payments, including lumpsum payments; War Widow(er) Pension; and Veteran Payment.
Coronavirus Supplement
A time-limited payment of $550.00 per fortnight supplement is to be paid to eligible individuals over the next six months as part of the current social security income support payment schemes. The payment arrangements are expected to start from 27th April 2020. The asset means test and liquid asset waiting period (LAWP) are temporarily being waived. Eligible individuals will include Jobseeker Payment (and all payments progressively transitioning to Jobseeker Payment; those currently receiving Partner Allowance, Widow Allowance, Sickness Allowance and Wife Pension), Youth Allowance Jobseeker, Parenting Payment (Partnered and Single), Farm Household Allowance, Special Benefit recipients.
New applicants are encouraged to register either on-line or via their phones to accelerate the claims process. Applicants will be able to confirm their identity over the phone and will need to set up MyGov accounts (if they do not already have one). Certain requirements such as employment separation certificates, the need for job seeker classification instrument assessment and the need for personal appointments are being removed. Potential recipients (subject to income means testing) will include Those made redundant, those who have had their working hours reduced (including to zero) and Sole traders and self-employed who have suspended their businesses or suffered from significantly reduced turnover.
Early access to superannuation
The Government will allow individuals early access to their superannuation entitlements on two occasions up to a maximum of $10,000 per occasion provided those individuals are subject to certain circumstances. One access will be permitted for the 30th June 2020 year and the second access will be on the 30th June 2021 year. To be eligible, individuals must meet one or more of the following requirements:
- They are unemployed; or
- They are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
- They were made redundant on or after 1st January 2020; or
- Their working hours were reduced by 20 per cent or more; or
- If they are a sole trader - their business was suspended, or there was a reduction in their turnover of 20 per cent or more.