Financial Support for Households during COVID-19
Below you can find information on ways you can be assisted through the Covis-19 Crisis. We will be updating these regularly as announcements are made. If you require more information please get in touch with Jordan Pavey.
Last updated 27 March 2020.
- Jobseeker Payment expanded access up to $612 per fortnight for over 22 year olds. Income test applies. To apply you need to go to mygov and ‘register your interest’. This will enable back payment of entitlements as there is a backlog in Centrelink applications due to the overwhelming demand.
- If under 22 years old and you were employed full time you will need to apply for Youth Allowance not the Jobseeker Payment.
- Coronavirus Supplement $550 per fortnight (eligible people include those receiving Jobseeker payment, Youth Allowance, Parenting Payment, Farm Household, Special Benefits). You will receive full $550 if you receive any of these payments.
- Rental Assistance
- The First $750 cash payment to pensioners, social security or veteran income support recipients and eligible concession card holders (see list here). The payment will be tax free. The payment will be made from 31 March this year and recipients will only receive 1 payment even if they receipt multiple sources of social security. If you are not receiving social security you will not be eligible for the payment.
- Second $750 payment available to all of those who receive the first payment except those receiving the $550 coronavirus Supplement (see here).
Government currently working on Tenancy Legislation to protect your rights when it comes to your Lease if you are a renter. More information to come here.
Banks offering repayment holidays on mortgages for up to 6 months, however interest will still be accrued. For specific assistance in this area contact Brenton or Warren Pavey who can provide you more detailed information based on your bank. You MUST continue to make repayments until your Bank confirms your repayment holiday, otherwise you will default.
For those significantly impacted by Covid-19 individuals can access up to $10,000 of their superannuation prior to 1 July 2020. Then a further $10,000 from 1 July 2020.
Eligibility criteria (must satisfy 1):
- You are unemployed
- You are eligible to receive Jobseeker payment, Youth Allowance for jobseekers (not students), parenting payment, Special Benefits, or Farm Household Allowance.
- On or after 1 January 2020 you were
- Made redundant or
- Working hours reduced by 20% or more
- If you are a sole trader your business was suspended or there was a reduction in turnover of 20% or more
First and foremost your health and family’s wellbeing should be put first. However, this measure should not be considered lightly, as withdrawing these funds will have a significant impact on your super balances. This should be a last resort. We highly recommend getting Financial Advice from a qualified Financial Planner. Contact us for information on who we recommend.
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