I’m an individual, what relief measures are available to me?
There are a couple of options available to you as an individual including:
- A Government welfare payment deemed the Coronavirus Supplement
- Early Access to Superannuation
CORONAVIRUS SUPPLEMENT
If you are an individual, whose job has been impacted by Coronavirus, there is a welfare payment now deemed the Coronavirus Supplement, that may be available to you.
Who is eligible?
This is available to those already receiving the below:
- 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
Please note, the Coronavirus supplement is in addition to the Jobseeker Payment.
During the Coronavirus supplement period (from 27 April 2020 for 6 months), this payment will also be extended to the below:
- Sole traders
- Self-employed workers
- Casual workers
- Contract workers
- Caring for someone who has been affected by Coronavirus
What is the relief measure?
The payment is $550 a fortnight and is income tested. If you earn less than $1,075 a fortnight, you may be eligible for the supplement. This payment is taxable for income tax purposes.
How do I apply?
If you are already receiving a welfare payment, you do not need to do anything. This payment will be paid to you automatically from 27 April 2020.
If you are not receiving a welfare payment, applicants will need to apply via the myGov website and provide all necessary and required documentation. If you do not already deal with Services Australia, you will need to set up your myGov account, call to verify your identity and get a link to their Centrelink online account.
Fact Sheet
https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Income_Support_for_Individuals.pdf
EARLY ACCESS TO SUPERANNUATION
In response to Coronavirus, the Government is allowing eligible individuals access to their superannuation. Ordinarily, this can only be accessed once you reach a particular age.
Who is eligible?
To be eligible for this scheme:
- You must be unemployed; or
- You must be eligible to receive a jobseeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
- On or after 1 January 2020:
- You were made redundant; or
- Your working hours were reduced by 20 per cent or more; or
- If you are a sole trader, your business was suspended or there was a reduction in your turnover of 20 per cent or more.
What is the relief measure?
Eligible individuals will be able to access up to $20,000 from their superannuation, over the next two financial years
- $10,000 can be accessed this financial year before 1 July 2020
- $10,000 can be accessed next financial year between 1 July 2020 and 24 September 2020
Please note that these withdrawals are tax-free and will not affect any Centrelink or Veterans Affairs payments you may already be receiving or have applied to receive.
How do I apply?
If eligible for the withdrawal, individuals can apply online through myGov from 20 April 2020 and before 1 July 2020 for the first withdrawal.
You will need to certify that you meet the eligibility criteria and upon submission, the ATO will assess whether you qualify for the early withdrawal
- Please note we recommend you seek independent financial advice from an authorised source when considering this option.
- Making withdrawals from your super account can affect your income protection and life and disability insurances.
- Insurance may also not be available where the balance of your account is less than $6,000 or if the account has been fully withdrawn.
Fact Sheet
https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Early_Access_to_Super_1.pdf