The government of Australia has taken a move to cushion its citizens against the severe effects of Coronavirus. They revised the earlier version of the supplement announced by the government to make it more inclusive. This was a move to ensure that every critical person in need of the supplement is covered by the supplement. Small businesses affected have also been factored and included in the supplement package. Basically, 1.3 million residents of Australia will receive the supplement with 200,000 students included in the revised version. An addition of 1.3 million recipients is expected from people who are not currently receiving a jobseeker or any other payment.
The group of people targeted to benefit from the supplement package include:
(a) Permanent employees who have either lost their jobs or have stood down due to Coronavirus.
(b) Sole traders
(c) Self-employed
(d) Casual workers
(e) Workers on a contract basis
(f) Caregivers to coronavirus patients
They must meet the benefit of income tests as a result of Coronavirus to be eligible for the Supplement package.
The government of Australia has indicated the supplement as scalable meaning that it can be increased upon need and the duration can be extended if conditions of Coronavirus deteriorates. The gaps found in the earlier plan of the government on students and temporary visa holders in Australia have been fixed.
Permanent residents of Australia will receive the supplement directly without request and without waiting. Students and temporary Visa holders will also receive a special benefit to cushion them against this hard economical season. However, there is a need for clarification of a group of people whose interests have not been covered by the revised supplement plan. These are the applicants for permanent residence in Australia who are working as casuals in the country.
The breakdown of the second government stimulus package is as follows:
• An increase of $550 per fortnight for Jobseeker payment, Youth allowance jobseeker, Parenting payment, Farm Household Allowance, and special benefits. This will be done for a duration of six months.
• 5000 new service delivery staff in addition
• $1500 for social security, veteran income support, and eligible concession cardholders.
• A reduction in deeming for pensioners of between 0.25 to 0.225%.
• $10,000 tax-free release per financial year of superannuation to people in financial stress in the next two financial years.
If you need some advice or help as a small business or need bookkeeping services, contact Shoebox Books on 1800 358 027. Shoebox Books provides bookkeeping, tax services and other financial advice for small businesses around Australia.
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