COVID-19 SUPPORT
The Australian Government, Victorian Government and the Reserve Bank of Australia have announced a range of measures to support the economy, business and employment in the face of the COVID-19 health crisis.
This page contains information on the Federal and Victorian stimulus programs. These are divided into support for individuals, and support for business.
Please post a question on our FAQ page or contact us if you have any queries.
WHATS MAKING NEWS
From share market updates and changes to government benefits, to stories and events happening around the office, this is what’s making news.
FREQUENTLY ASKED QUESTIONS
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SUPPORT FOR INDIVIDUALS
-FEDErAL GOVERNMENT
JOBKEEPER PAYMENT TO KEEP EMPLOYERS AND EMPLOYEES TOGETHER
Updated 13 April
Payment of $1,500 per fortnight for eligible businesses to pass onto employees.
COVID-19 SUPPLEMENT TO NEW AND EXISTING JOBSEEKER RECIPIENTS
Updated 02 April
Coronavirus supplement of $550 per fortnight paid to new and existing recipients of Jobseeker (formally Newstart) payment. This is a flat rate not dependent on your assets or income.
FASTTRACK ACCESS TO JOBSEEKER PAYMENT FOR RECENTLY UNEMPLOYED Updated 02 April
Fast access for recently unemployed to Jobseeker (formally Newstart) payment and Coronavirus supplement. No assets test. Most waiting periods removed. Streamlined application process.
EARLY ACCESS TO SUPERANNUATION
Updated 14 April
Early access to superannuation of $10,000 this financial year and $10,000 next financial year.
REDUCTION IN MINIMUM DRAWDOWN OF SUPERANNUATION PENSIONS
Updated 13 April
Halving of minimum superannuation drawdowns for people with account based pensions.
REDUCTION OF SOCIAL SECURITY DEEMING RATES
Updated 13 April
Reduction to deeming rates to benefit income support recipients who are assessed using the income test.
EXTRA PAYMENTS TO INCOME SUPPORT RECIPIENTS
Updated 25 March
Two payments of $750 to income support recipients.
SUPPORT FOR BUSINESS
-FEDERAL AND VICTORIAN GOVERNMENTS
CASH FLOW BOOST FOR EMPLOYERS WHO WITHHOLD SALARY AND WAGES
Updated 02 April
Up to $100,000 payment to small businesses who withhold salary and wages.
TEMPORARY CHANGE TO INSOLVENCY RULES
Updated 28 March
Temporary change to insolvency rules to allow businesses to continue trading.
INCREASE TO THE INSTANT ASSET WRITE OFF
Updated 25 March
Increase in instant asset write off from $30,000 to $150,000 until 30 June 2020.
ACCELERATED DEPRECIATION
Updated 25 March
Accelerated depreciation for assets acquired 12 March 2020 until 30 June 2021.
APPRENTICE AND TRAINEE WAGE SUBSIDY
Updated 02 April
Wage subsidy paid to employers to keep apprentices employed
PAYROLL TAX REFUND
Updated 28 March
Businesses with annual taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived.