ASSISTANCE FOR INDIVIDUALS
- 2 x $750 for Income Support recipients. One at the end of March and the second in July.
Payments to Support Households Fact Sheet
– https://www.australia.gov.au/
- Newstart increased with additional $550 per fortnight coronavirus supplement. Includes permanent employees who are stood down or lose their employment; sole traders; the self-employed; casual workers; and contract workers who meet the income tests as a result of the economic downturn due to the Coronavirus. This could also include a person who is required to care for someone who is affected by Coronavirus. Eligible for both Newstart and the $550 per fortnight supplement. Asset testing will be waived.
Income Support for Individuals Fact Sheet
– https://www.australia.gov.au/
- Early access to superannuation tax free up to $10,000 this year and $10,000 next year to help meet living expenses. Sole Traders eligible if income decreases by 20% or more.
Early Access to Superannuation Fact Sheet
– https://www.australia.gov.au/
- Some banks have announced a freeze on residential mortgage loan repayments. Enquire with your bank or broker.
ASSISTANCE FOR BUSINESSES
- Up to $50,000 credit to June 30 for wages PAYG withholding tax lodged beginning with the March BAS. This total benefit received to the 30 June will then be matched after 1 July making the potential maximum benefit $100k. All employers will receive a minimum payment of $10,000 up to June 30 and a further $10,000 from 1 July. The measure now applies to not for profit entities as well.
- Wage subsidy of 50% of apprentice’s or trainee’s wage for 9 months from 1 January 2020 to 30 September 2020. Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter).
Job Keeper Payments
To receive the JobKeeper Payment, employers must:
Register an intention to apply on the ATO website and assess that they have or will experience the
required turnover decline.
Provide information to the ATO on eligible employees. This includes information on the number of
eligible employees engaged as at 1 March 2020 and those currently employed by the business
(including those stood down or rehired). For most businesses, the ATO will use Single Touch Payroll data to pre-populate the employee details for the business.
Ensure that each eligible employee receives at least $1,500 per fortnight (before tax). For
employees that were already receiving this amount from the employer then their income will not
change. For employees that have been receiving less than this amount, the employer will need to top up the payment to the employee up to $1,500, before tax. And for those employees earning more than this amount, the employer is able to provide them with a top-up.
Notify all eligible employees that they are receiving the JobKeeper Payment.
Continue to provide information to the ATO on a monthly basis, including the number of eligible
employees employed by the business.
Read more here
Cashflow Assistance for Business Fact Sheet
– https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Cash_flow_assistance_for_businesses_0.pdf
- 6 Months business loan repayment freeze. Speak with your bank or broker.
- Up to $250,000 unsecured bank lending for up to 3 year loan terms and first 6 month no repayments. Speak with your bank or broker.
Supporting the Flow of Credit Fact Sheet
– https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Supporting_the_flow_of_credit_1.pdf
- QLD Government loans to $250,000 interest free for 12 months. Need to apply with QLD Government.
QLD Job Loan Support Fact Sheet
– http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme
- Safety net is to lessen the threat of actions that could unnecessarily push them into insolvency and force the winding up of the business.
Temporary Relief for Financially Distressed Businesses Fact Sheet
– https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Providing_temporary_relief_for_financially_distressed_businesses.pdf
- Immediate deduction for new or second hand asset purchases less than $150,000 up to 30 June 2020.
- 50% depreciation rates plus normal annual depreciation rate for new asset purchases before 30 June 2021.
Instant Asset Write Off
https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/instant-asset-write-off
- The instant asset write-off threshold has been increased from $30,000 to $150,000. This applies from 12 March 2020 until 30 June 2020.
ASSISTANCE FOR RETIREES
- Self Funded Retirees – Minimum yearly superannuation withdrawals reduced by 50% (similar to back in 2009-2013)
- Government Pensions – Deeming rate reduced from 1 May 2020.
Providing Support for Retirees Fact Sheet
– https://www.australia.gov.au/
This information document is provided as a guide to clients of Fox Finance Group Pty Ltd on the current government Covid19 assistance. This information is correct as at 23/03/2020 but is subject to regular change. This list may not be exhaustive and some assistance may not be available to all clients, It is important to also discuss your options with your trusted advisors such as Accountants, Financial Advisors and Finance Brokers.
