With three multi-billion dollar economic stimulus packages released from the federal government in response to the COVID-19 virus in mere weeks there is a flood of information to navigate. We understand that in times like these, access to such information may be absolutely vital to the life of your business or ongoing financial position. As such, we have assembled all of the most crucial websites providing the latest updates so you can continue to be informed as the situation evolves.
If you have any questions about how you may benefit from the government’s economic stimulus packages, please contact us on 8222 6100 or email us at email@example.com, or if you are currently one of our valued clients, you can contact your client manager directly.
Support for business
Jobkeeper Payment - information for employers fact sheet.
The government is allowing individuals affected by the coronavirus to access up to $10,000 of their superannuation in 2019–20 and a further $10,000 in 2020–21. Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments. For more information about the temporary early release of superannuation, visit the ATO’s site.
TEMPORARY REDUCTION OF SUPERANNUATION MINIMUM PAYMENTS
To assist retirees, the Government has reduced the minimum annual payment required for account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities by 50% in the 2019–20 and the 2020–21 financial years. For more information, visit the ATO’s site.
EARLY ACCESS TO SUPERANNUATION
The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. Download the fact sheet.
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Any advice contained in this document is general advice only and does not take into consideration the reader’s personal circumstances. Any reference to the reader’s actual circumstances is coincidental. To avoid making a decision not appropriate to you, the content should not be relied upon or act as a substitute for receiving financial advice suitable to your circumstances.