We are all facing challenging times and we want you to know that here at Core, we’re well informed and available to help you to access support for your personal and business circumstances. Following is a summary of recently legislated measures for individuals and businesses. For additional details please download our booklet and click the links where indicated.
Additional income support
– Coronavirus supplement of $550 per fortnight for those receiving income support payments.
– Expanded access and eligibility for income support payments.
– 2 x $750 tax free payments for income support recipients.
Support through superannuation
– Early access to $10,000 in superannuation benefits for both 2019/20 and 2020/21 financial year.
– Reduced minimum drawdown requirements of 50% for account based superannuation pensions to help reduce the need to sell investent assets to meet drawdown requirements.
– Reduced social security deeming rates increasing the Age Pension.
Additional Queensland Government support initiatives
– Worker transition, re-training and job matching scheme.
– $200 rebate to offset water and electricity bills.
Cashflow assistance
– 2 x tax-free staged payments for businesses with an annual turnover less than $50 million of between $20,000 and $100,000 in total across both payments.
– Wage subsidies of up to 50% for apprentices and trainees.
– Increased instant asset write-off threshold of $150,000 for businesses with a turnover of less than $500 million.
– A limited time business investment incentive enabling accelerated depreciation deductions.
Additional Queensland Government support initiatives
– Low interest loans of up to $250,000 for affected businesses.
– Payroll tax relief including refunds for affected businesses and payroll tax holidays.
– Electricity rebates for small and medium size businesses.
– Other industry specific support..
There is no doubt that Coronavirus is having a significant impact on individuals and businesses across Australia.
Here we have summarised the Federal and State Government support initiatives that have recently been legislated.
