Government Stimulus Package - Individuals
To all the individuals who are suffering from the COVID-19 outbreak, please know that there is always someone who can help you.
If you are struggling, please seek help. This post is designed to provide some information to those individuals who are doing it tough. It’s designed to help you understand the government stimulus package. Where possible, we have attempted to use plain English for you to understand instead of political jargon.
So, what are the individual stimulus package messages?
Individual Stimulus Package Areas
Individual Income Support
For individuals receiving welfare payments, you can expect to receive an additional $550 per fortnight to be added to those payments. This includes payments for the following:
- Jobseeker Payment (Formerly known as the Dole)
- Youth Allowance
- Parenting Payments
- Farm Household Allowance
- Other Special Benefits
- Expanded access to employees who are stood down due to the virus including those who are required to care for people affected by the virus
- Removal of the asset tests when determining who can apply for the welfare payments. Income tests will still remain
- Waiting periods have been waived
The government will be providing 2 $750 payments to the following individuals:
- Social Securities Recipients
- Income Support Recipients (in line with the list in Individual Income Support Section)
- Other Eligible Concession Card Holders
The 2 associated payments will be made on 31 March 2020 and 13 July 2020.
You do not need to do anything to receive these payments. All eligible persons will automatically have their bank accounts credited.
Early Release of Superannuation
Individuals will be eligible to withdraw $10,000 from their Superannuation Fund between now and 30 June 2020 and a further $10,000 between 1 July 2020 and 30 June 2021 if they have been effected by the Corona Virus.
To be eligible for this release, you must meet any one of the following criteria:
- You are unemployed
- You are eligible to receive a Centrelink Payment (see the list above)
- On or after 1 January 2020 you:
- Were made redundant
- Had your working hours reduced by 20% or more
- Are a sole trader and there has been a reduction in your business turnover by at least 20%
Reduction of Superannuation Minimum Pension Drawdowns
For individuals who are retired and would prefer to keep as much in their Superannuation as possible, the minimum drawdown rates have been decreased by 50% until 30 June 2021. This will allow pensioners to choose to keep money in their Superannuation.