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Coronavirus Supplement – $550 each fortnight for eligible individuals

Coronavirus Supplement - $550 each fortnight for eligible individuals

Aim

Supporting vulnerable individuals through additional income assistance by the Government.

Benefit

A new time-limited or temporary “Coronavirus Supplement” of $550 per fortnight for six months from 27 April 2020.

Eligibility

Individuals under the following income support payment categories are eligible for the Coronavirus Supplement:

  • Jobseeker Payment (and all payments progressively transitioning to JobSeeker Payment; those currently receiving Partner Allowance, Widow Allowance, Sickness Allowance and Wife Pension)
  • Youth Allowance Jobseeker
  • Parenting Payment (Partnered and Single)
  • Farm Household Allowance
  • Special Benefit recipients

People will need to declare that they are not, accessing employer entitlements (such as annual leave and/or sick leave) or Income Protection Insurance, at the same time as receiving Jobseeker Payment and Youth Allowance Jobseeker under these arrangements.

For the period of the Coronavirus Supplement, there will be expanded access to the income support payments listed above, meaning more relaxed criteria to be eligible. Here are the three of the most common criteria:

  • Jobseeker Payment and Youth Allowance Jobseeker criteria will provide payment access for permanent employees who are stood down or lose their employment; sole traders; the self-employed; casual workers; and contract workers who meet the income tests as a result of the economic downturn due to the Coronavirus. This could also include a person required to care for someone who is affected by the Coronavirus.
  • Reduced means testing: Asset testing for JobSeeker Payment, Youth Allowance Jobseeker and Parenting Payment will be waived for the period of the Coronavirus supplement. Income testing will still apply to the person’s other payments, consistent with current arrangements.
  • Reduced Waiting Times:
    • The one week Ordinary Waiting Period has already been waived.
    • Other waiting times are also reduced.

How to apply?

To ensure timely access to payments, new applicants are encouraged to claim online through MyGov and Services Australia.

Claims over the phone are allowed but not recommended as it will be a slower process.

If you need assistance, please reach out to our friendly accountants on 1300 180 630 or if you would like us to give you a call, Book in your 30 minute consultation for $50 to get the answers you need today.

Sidney Cachuela

Sidney Cachuela

Sidney Cachuela is a Business Mentor and Associate Financial Advisor who genuinely revels in solving the sorts of wicked problems facing business. His experience includes working with high profile wealth managers and financial advisers, including managing $100m of client FUM across 200 clients. In 2018 he co-founder POP Business, a cloud-based accounting firm. Sidney is a complete technophile, and believes that innovation and new tech are the way forward. POP Business is his labour of love. He has expertise in helping small businesses with a range of accounting services, including: financial advice, accounting and bookkeeping, GST tax planning, as well as company, trust and partnership tax returns and more.

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