ATO Community

Our response to COVID-19 (novel coronavirus)

Community Manager Community Manager
2 weeks ago

 

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All payments for individuals including the $550 Coronavirus Supplement and $750 Economic Support Payments are administered by Services Australia.

To help the community through this event, the ATO is offering support in a number of ways.

 

Giving people early access to their superannuation

From mid-April 2020, individuals affected by COVID-19 can apply to access their super early through myGov.

If you’re eligible, you can access up to $10,000 of your super in 2019-20 financial year and another $10,000 in 2020-21 financial year. These amounts won’t be taxed and won’t affect your Centrelink or Veteran’s Affairs payments.

To find out if you’re eligible, visit Early access to your super

 

Reducing superannuation minimum drawdown rates

If you’re a retiree, the government has reduced minimum annual pensions and annuities by 50% in the 2019-20 and 2020-21 financial years.  

To find out more, visit Minimum annual payments for super income streams

 

Providing cash flow boosts for employers

From 28 April 2020, there will be two tax-free payments of between $20,000 and $100,000 for eligible businesses.

If you’re eligible, you don’t need to apply. These will be automatically credited to your account when you lodge your activity statement.

To find out if you’re eligible, visit Boosting cash flow for employers

 

Increasing the instant asset write-off

From 12 March until 30 June 2020, the instant asset write-off threshold is $150,000 and businesses with an aggregated turnover of less than $500 million are now eligible.

To check your eligibility, visit Instant asset write-off for eligible businesses

 

Accelerating depreciation deductions

If your business has an aggregated turnover of less than $500 million for 2019-20 and 2020-21, you can deduct the cost of depreciating assets at an accelerated rate.

To find out more, visit Backing business investment – accelerated depreciation

 

We’re also here to support your wellbeing. If you're feeling overwhelmed or getting behind with your tax and super obligations, we’ll work with you to take the pressure off through:

 

JobKeeper payment

The Australian Government has announced the JobKeeper payment intended to provide wage subsidies to businesses that are significantly affected by COVID-19.

 

If the legislation required to introduce this measure is passed then the payments will be sent to employers to pass on to their employees.

You don’t need to call us about this issue. If you want to know more about this, head to our website to register for Jobkeeper updates or ask a question on the Community COVID-19 board.

 

The Department of Treasury have also provided factsheets for employers and employees about the JobKeeper payment.

When the legislation passes and the details are confirmed we will update this article.

 

If you have a question about COVID-19 that we haven’t covered here, ask ATO Community

 

For more information on the Australian Government's economic response to COVID-19 visit treasury.gov.au/coronavirus

3 Comments
I'm new

if I worked two casual jobs and one shuts down can i access my super in this corona Virus $10,000 package

i get less than $1,400 with my casual job im left with now.

Community Manager
Community Manager

Hi @BrookeM65 the stimulus package is being discussed in Parliament and could undergo changes before it becomes law. As soon as it passes we'll update our website. For more information, including the likely eligibility criteria, see Treasury’s information on the economic response.

Community Manager
Community Manager

@BrookeM65 to apply for early release of your super under the COVID-19 stimulus package, you must satisfy any one or more of the following requirements:

  • you're unemployed
  • you're eligible to receive a job seeker payment, youth allowance, parenting payment, special benefit or farm household allowance
  • From 1 January 2020:
    • you were made redundant
    • your working hours were reduced by 20% or more
    • if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.

Hope this helps. You can read more at Early access to your super