If you can’t pay your Rent because of the COVID-19 pandemic

If you have lost your job or your income has been reduced significantly due to the COVID-19 pandemic, you should explore the options available to you via CentreLink.

Click Here for the easiest way to register your intention to claim benefits from CentreLink.

 

You may be able to access your Superannuation

The government is allowing individuals affected by COVID-19 to access up to $10,000 of their superannuation in 2019–20 and a further $10,000 in 2020–21. Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.

From mid-April eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 until 24 September 2020.

To apply for early release, you must satisfy any one or more of the following requirements:

  • You are unemployed.
  • You are eligible to receive a job seeker payment, youth allowance forjobseekers, parenting payment (which includes the single and partneredpayments), special benefit or farm household allowance.
  • On or after 1 January 2020, either
  • you were made redundant
  • your working hours were reduced by 20% or more

Vary the tax on your PAYG withholding to get more in your pay until 30 June 2020

You can apply to reduce the amount of tax being withheld from your pay each week for the remainder of the financial year. This may free up cash now so you get more in your pay, but it is possible that you could end up with a tax bill at the end of the year if there is a shortfall of tax. You can apply here :

https://www.ato.gov.au/Forms/PAYG-withholding-e-variation/

 

$750 Stimulus Payment

The Government is providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. Around half of those that benefit are pensioners. These payments will support households to manage the economic impact of the Coronavirus.

A person can be eligible to receive both a first and second support payment. However, they can only receive one $750 payment in each round of payments, even if they qualify in each round of the payments in multiple ways. The payment will be exempt from taxation and will not count as income for the purposes of Social Security, Farm Household Allowance and Veteran payments.

    • The first payment (announced on 12 March 2020) will be available to people who are eligible payment recipients and concession card holders at any time from 12 March 2020 to 13 April 2020 inclusive.
    • The second payment will be available to people who are eligible payment recipients and concession card holders on 10 July 2020.

Leave a Reply

Your email address will not be published. Required fields are marked *