A summary of the third Australian economic stimulus package
As the whole globe deals with the impact of COVID-19, Australians have seen some massive announcements from our PM over the last week, with him announcing the third stimulus package yesterday. Here is a summary of the new announcements and what they may mean for you:
- JobSeeker Payment -
From April 27, you’ll be eligible for the JobSeeker payment if you’re:
A permanent employee who has been stood down or sacked
A sole trader, self-employed, casual worker or contract worker who now earns less than $1,075 per fortnight as a result of the economic downturn
You’re caring for someone who has COVID-19
JobSeeker Payment fine print
If your partner is earning more than $79,600 then you will not be eligible for the JobSeeker payment. The previous threshold was $48,100.
If you are eligible and lodge your claim before the 13th of April you will also be eligible for the first $750 coronavirus stimulus supplement
Casual employees must have been with their employer for at least the previous 12 months to be eligible for the payment
- Coronavirus Supplement $750 -
If you are already in receipt of an Age Pension, Newstart Allowance, JobSeeker Payment, Health Care Card, Commonwealth Seniors and more you are automatically eligible for this payment. You do not need to do anything.
Coronavirus Supplement fine print
You must be in receipt or have lodged your application for Newstart Allowance or the JobSeeker Payment and be eligible for these payments by the 13th of April.
Important note: Centrelink generally require you to have lodged ALL the information they require to assess your application in order to back date your application. For example, if you have been made redundant you will require a separation certificate from your employer. If you apply for the JobSeeker payment and don’t have this certificate to lodge at the same time, Centrelink may not back date your application.
- JobKeeper Payment -
If you are running a business and employ staff then this is one measure that may help you.
Employers will be able to claim a fortnightly payment of $1,500 per eligible employee from the 30th of March 2020 for a maximum of 6 months
If employees earn more than $1,500 (before tax) then their income will not change
For employees who earn less than $1,500 (before tax) then you as an employer need to top their income up to $1,500 before tax
JobKeeper Payment fine print
For businesses who turn over less than $1 billion, your business turnover has to have reduced by more than 30% for you to be eligible
There are quite a lot of variables with the JobKeeper payment so we have kept to the main points. We strongly advise you to get advice on the JobKeeper payment if you feel you are eligible for this payment for your employees.
Please also see below some links to fact sheets with further information regarding the above payments:
If you have questions about how any of these payments may relate to you please email us or give us a call on 1300 75 26 78.
