COVID-19 Government Assistance
Have you been financially impacted by the COVID-19 situation through working reduced hours, temporary stand down, or job loss? The Federal Government and others have introduced initiatives to help.
October 2020 – 2 minute read
What’s in this article:
- JobKeeper Payment
- JobSeeker Payment
- Temporary reduction of superannuation minimum drawdown rates
- Rental evictions
- Utility relief
Here’s a quick summary of some of the initiatives that could help with financial support.
The Government is offering emergency relief and financial assistance to help employers, including the JobKeeper Payment scheme.
The Government’s website contains information, including whether you’re eligible to claim these payments.
If your income has fallen below a certain level and you aren’t receiving the JobKeeper payment, you may be eligible for the JobSeeker Payment or other type of Government income support.
Temporary changes to super
The Government has temporarily reduced superannuation minimum drawdown requirements by 50 per cent for account-based pensions and similar products for the 2019-20 and 2020-21 financial years. For retirees, this reduces the need to sell investment assets to fund minimum drawdown requirements. For more, see:
Rental eviction update
The Australian State and Territory Governments placed a six month ban on evicting renters early in the pandemic. Some States have extended the ban, but it’s best to check. It’s worth noting that the legally binding rental agreement between a landlord and tenant is still in place. It could be worthwhile talking to your landlord to find out if any rental relief could be possible.
Although not a Government initiative, many utility companies (such as electricity and gas) and other businesses, such as insurance providers, have also put in place ways they can help customers who’ve been financially impacted due to COVID-19. If you’re struggling to pay for essential services, it’s worthwhile getting in touch with your service provider directly.
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Things you should know
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.
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