Update - Fact sheet on income support for individuals.
The Government is providing support for individuals to assist them during the next six months.
See the government’s attached factsheet on support for individuals, which includes sole traders, self-employed, casual workers and contractors.
The Prime Minister has announced a second stage economic stimulus package, adding $66 billion of support in the face of the coronavirus pandemic.
These are the measures that have been provided specifically for individuals:
- Temporarily doubling the Jobseeker Payment (Newstart), providing an additional $550 per fortnight. This will be available for sole traders and casual workers if they meet the income test. The government will waive asset tests and waiting periods to access.
- Welfare recipients will receive another $750 in addition to the $750 announced last week. This will automatically be paid to an estimated $5million people on July 13, with the first payment on March 31.
- The government will allow people to access $20,000 tax free from their superannuation funds, $10,000 each in the 2020 and 2021 financial year. This will need to be applied for via MyGov System and payments will not affect Centrelink or veterans payments.
- There will be a temporary 50% reduction in superannuation minimum drawdown requirements for account based pensions for 2020 and 2021 financial years.
- Reducing deeming rates by a further 0.25% allowing more seniors to access government support.