Today we share with you details of the Australian Governments 2nd Stimulus and Safety Net Measures announced yesterday.
- Small businesses will receive cash payments up to $100,000. Not-for-profits and small businesses with a turnover under $50 million will receive a tax-free cash payment of up to $100,000, with a minimum payment of $20,000 for eligible companies. The payments will be delivered by the Tax Office as a credit on activity statements from late April.
- Some welfare recipients will receive another $750. The second $750 payment will be automatically paid on July 13. The first $750 payment, announced in the first stimulus package, will be paid on March 31.
- Temporarily doubling the Jobseeker Payment, previously called Newstart, providing people with an additional $550 a fortnight.
- Allowing people to access $10,000 from their superannuation in 2019-20 and 2020-21 People will not pay tax on the money they access, and withdrawals will not affect Centrelink or veterans’ payments.
- There will also be a temporary 50-per-cent reduction in superannuation minimum drawdown requirements for account-based pensions in 2019-20 and 2020-21.
- Guaranteeing unsecured small business loans up to $250,000
- Reducing deeming rates by to 0.25 per cent
We will continue to provide timely and trusted updates as the financial and economic situation changes.
Source: MLC Technical
