Federal Government Coronavirus Support Package – 22 March 2020

The Federal Government has unveiled a $66 billion economic stimulus package.
The measures announced today include:
  • Some welfare recipients will receive another $750.
  • Temporarily doubling the Jobseeker Payment, previously called Newstart
  • Allowing people to access $10,000 from their superannuation in 2019-20 and 2020-21
  • Small businesses will receive cash payments up to $100,000
  • Guaranteeing unsecured small business loans up to $250,000
  • Reducing deeming rates by a further 0.25 per cent

Cash for welfare recipients

 The second $750 payment will be automatically paid to an estimated 5 million people on July 13. The first $750 payment, announced in the first stimulus package, will be paid on March 31.
The Government will temporarily double the Jobseeker Payment, previously called Newstart, providing people with an additional $550 a fortnight.
The payment will be available to sole traders and causal workers, provided they meet income tests. The Government will waive asset tests and waiting periods to access the Jobseeker Payment.

Support for small business

 Not-for-profits and small businesses with a turnover under $50 million will receive a tax-free cash payment of up to $100,000, with a minimum payment of $20,000 for eligible companies.
 The payments will be delivered by the Tax Office as a credit on activity statements from late April.
 The Commonwealth is also offering to guarantee unsecured loans of up to $250,000 for up to three years.

Access to superannuation

 The Government will allow people to access up to $10,000 from their superannuation this financial year and in 2020-21.
 The withdrawals from superannuation will be tax free, will not affect Centrelink or Veterans’ payments, and will also be available to people on benefits and to sole traders and casuals who have lost 20 per cent or more in working hours or income as a result of the coronavirus crisis.

Income stream relief

 There will also be a temporary 50-per-cent reduction in superannuation minimum drawdown requirements for account-based pensions in 2019-20 and 2020-21.
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