Fresh package with bigger cash payments and access to super
Scott Morrison has just announced an updated support package to assist small business and households.
Small and medium business cash payments
This measure will be available to businesses with turnover under $50 million that employ workers.
There will be two phases:
Firstly, employers are set to receive a first payment equal to the salary and wages withheld, up to a maximum of $50,000 when they lodge their quarterly March and June 2020 BASs.
Eligible businesses that pay salary and wages will receive a minimum payment of $10,000 even if they’re not required to withhold tax.
Secondly, an additional payment equal to the first payment will be made when businesses lodge their quarterly June and September 2020 BASs.
Monthly BAS lodgers will need to lodge their monthly BASs up to June 2020 and then September 2020 to receive their two payments.
The government will establish a new $550 fortnightly coronavirus supplement payment.
Those eligible include, permanent employees who are stood down or lose their employment, sole traders, the self-employed, casual workers and contract workers. This will be managed via Centrelink’s JobSeeker Payment system (ie formerly Newstart).
In addition, the fortnightly payment will be paid to both existing and new recipients of the JobSeeker Payment, Youth Allowance jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit.
The payments are set to commence from 27 April 2020.
Access to super
Eligible employees and sole traders will now be allowed to access up to $20,000 of their superannuation. You will need to apply online through myGov to access up to $10,000 before 1 July 2020 and a further $10,000 from 1 July 2020.
You can contact us if you have any questions about the updated Government support package.