Government Assistance

Whether you are an individual, self-employed or work for a small or large business directly affected by COVID-19, it is important to be aware of the Government assistance that may be available to you.

We have summarised some of the financial assistance plans that may be relevant for you.

Australia Government 'Supporting Individuals and Households’ financial assistance plan

The Australian Government has a ‘Supporting Individuals and Households’ financial assistance plan, including income support payments and payments to support households. Find out more here.

Temporary early release of superannuation

From mid-April 2020, 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 for approximately three months. Find out more from the ATO here.

Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments. Find out more on this from Treasury, including a link to the fact sheet here.

Support available to small businesses

The Australian Government has announced measures to support businesses impacted by the coronavirus (COVID-19). Find out more here.

This includes for businesses:

$100K PAYG refund for employers with an aggregated turnover of less than $50 million.
Wage subsidies for apprentices and trainees;
Government guarantee of 50% of new unsecured loans for businesses with turnover under $50 million (maximum $25,000/borrower, 3-year loan term, 6 month initial repayment holiday)

In addition to the above, the Government is providing relief to lenders to assist with providing credit to small businesses for business purposes.