MY MONEY

Coronavirus support, take two

By

Government support for those economically affected by COVID-19 has been re-jigged following the initial six months of the outbreak.

Here's where it currently stands.

JobKeeper

coronavirus employment rights

The cornerstone support program rolled out by the Commonwealth government has been extended, albeit reduced, for another six months to 28 March 202.

Those working 20 hours or more per fortnight will receive $1,200 a fortnight from 28 September 2020 to 3 January 2021 and $1,000 from 4 January 2021 to 28 March 2021.

Those working less than 20 hours a week will get $750 a fortnight from 28 September 2020 to 3 January 2021 and $650 from 4 January 2021 to 28 March 2021.

Crucially, receiving JobKeeper previously won't automatically qualify you for JobKeeper version two.

Employers will need to prove a 30% fall in the September 2020 quarter will be able to access the JobKeeper extension in the December quarter, while a 30% proven decline in turnover in the December 2020 quarter will be required for the extension in the March 2021 quarter.

However, if businesses fail to meet the turnover test in the extension period, they'll still receive the payment up to 28 September 2020.

Moreover, on August 7 it was announced that the employee employment date to qualify has been moved forward from 1 March to 1 July 2020.

"As a result of this global health pandemic, businesses will close and people will lose their jobs, but that is why we have extended the Coronavirus Supplement and announced a new skills package to help people transition from welfare to work," says Treasurer Josh Frydenberg.

"It is also why we are extending the JobKeeper Payment beyond September to help keep businesses in business and Australians in jobs as our economy reopens."

JobSeeker

The JobSeeker supplement will be cut from $550 to $250 after September, however the base rate won't change, meaning the total fortnightly payment will from from $1,115 to $815.

However, from September, you'll be able to earn $300 a fortnight, up from $106, before your payments are scaled down.

This situation is due to extend for the remainder of the year, with Prime Minister Scott Morrison

Early access super

The window to access your superannuation early has been pushed back to December 31.

The early release of super scheme, originally slated to wind up on September 24, allows people to apply for up to $10,000 of super savings.

If you took out the full $10,000 last financial year, you'll be able to take out another $10,000 this financial year. But if you didn't take out anything last financial year, you won't have a larger withdraw allowance this time around - it will be capped at $10,000 for everyone this financial year.

Mental Health

The pandemic is no doubt taking a deep toll on our mental health. Here are some relevant helplines:

Lifeline Australia: 131 114
Lifeline New Zealand: 0800 543 354
Beyond Blue: 1800 512 348
Black Dog Institute:
Translating and Interpreting Service: 131 450
Kids Helpline: 1800 551 800
MensLine Australia: 1300 78 99 78
Suicide Call Back Service: 1300 659 467

We're cutting through the confusion to help you manage your money during the coronavirus outbreak. Click here for more on how COVID-19 could affect your job, budget, super and investments.

RELATED STORIES

David Thornton is a journalist at Money magazine. He previously worked at Your Money, covering market news as producer of Trading Day Live. Before that, he covered business and finance news at The Constant Investor. David holds a Masters of International Relations from the University of Melbourne.
Comments
John Voltaire
August 13, 2020 8.16am

Hi

My wife is receiving an income protection salary from her super and yet receiving the jobkeeper income as well. I am enquiring if this is right or does she need to give the jobkeeper income back or advise the ATO?

Thanks

Post a comment
Link to something el8HGmfl