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Home COVID-19 22 March 2020 - Updated Stimulus Package - Individuals & Families

22 March 2020 - Updated Stimulus Package - Individuals & Families

The Australian government has announced today the following measures to assist individuals and families affected by COVID-19:

  • For those going through financial difficulty, to access up to $10,000 of their superannuation in the 2019/20 financial year and a further $10,000 in 2020/21, tax free.
  • The minimum annual payment required for pensions will be reduced by 50% for 2019/20 and 2020-21.
  • An additional $550 per fortnight, (to total to a maximum of $1,115.70 - single, no children) to existing and new recipients of the Jobseeker payment, Youth allowance, parenting payment, Farm Household allowance and special benefit.There will be no waiting period, the asset test will be waived and the income test will apply.
  • This will be available to those eligible for the coronavirus supplement and sole traders who have seen income reduced by 20% or more.
  • A further payment of $750 to social security and veteran income support recipients and eligible concession card holders.

This is in addition to the following measures announced earlier in the week including:

  • Banks providing support to borrowers experiencing financial difficulties as a result of COVID-19 by allowing deferral of mortgage repayments for a period of up to six months
  • All welfare recipients and concession holders (including pensioners) to receive $750.

At PKF Perth we are here to help you navigate through this unprecedented situation. We have implemented policies consistent with Government recommendations.  We have infrastructure in place to enable staff to work from home and are currently doing so on a 50/50 basis.  We are open for business and here to support our valued clients.

We are in this together, we will make it through the other side.

Please contact your relationship partner to assist in accessing these measures on (08) 9426 8999.