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COVID-19 Federal Funding Timeline

FEDERAL FUNDING FOR WESTERN AUSTRALIANS.

This funding timeline has been released by the government commencing 31 March 2020:

  1. From 31 March 2020 First round of $750 payments to support households
  2. Applications from early-April Assistance for existing apprentices and trainees for a wage subsidy of 50% to a maximum of $21,000 for 9 months to 30 September 2020
  3. Applications from mid-April 2020 Temporary early release of $10,000 tax free from superannuation
  4. From 27 April 2020 Income support (Job Seeker $565.70 pf) plus a Coronavirus supplement of $550 per fortnight 
  5. From 28 April 2020 First phase of Boosting Cash Flow for Employers starting with a minimum payment of $20,000 to pay rent, electricity and other bills and retain staff
  6. From 1 May 2020 Increased transfer payments from a 0.75% reduction in both the upper and lower social security deeming rates for Age pensioners and other Centrelink benefits
  7. From 1 July 2020 another $10,000 access to superannuation will be available for approximately three months (tax free)
  8. From 13 July 2020 Second round of $750 payments to support households
  9. From 21 July 2020 Second phase of Boosting Cash Flow for Employers
  10. A 50% reduction in compulsory withdrawals from retirement income pension accounts in 2020 and 2021
  11. Asset write-off for business up to $150,000 until 30 June 2020

To be eligible, the applicant must satisfy any one or more of the following:

  • is unemployed; or
  • eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment, special benefit or farm household allowance; or
  • after 1 January 2020:
    • been made redundant; or
    • the working hours were reduced by 20% or more; or
    • a sole trader, the business was suspended or a reduction in turnover of 20% or more.

JOB KEEPER PAYMENT

From 30 March 2020, affected employers will be a claim a fortnightly payment of $1,500 per eligible employee for a maximum period of 6 months.

If you require financial guidance to navigate the Federal government's stimulus packages, please contact the party and we will put you in touch with one of our members that specialises in the service you require.

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

Phone:  0409 294 495

Authorised by Stephen Phelan, Subiaco WA

Authorised by S Phelan, Western Australia Party, SUBIACO WA 6008

© Copyright 2020 WESTERN AUSTRALIA PARTY. All Rights Reserved.

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