RURAL COVID19 SUPPORT

April 27, 2020 Sharon Purcell

Current: March 2020

RURAL COVID19 SUPPORT

HOUSEHOLD STIMULUS PACKAGE
$750 tax free automatic stimulus payment.
In addition, a further $750 automatic payment (except for those who are eligible to receive the Coronavirus supplement)
WHO IS ELIGIBLE: PENSIONERS, SOCIAL SECURITY RECIPIENTS, VETERANS, CONCESSION CARD HOLDERS, OTHER SUPPORT RECIPIENTS
WHO TO CONTACT: SERVICES AUSTRALIA

HEALTH
A new Medicare service for bulk billed health consultations via the phone or online video service.
WHO IS ELIGIBLE: ALL AUSTRALIANS
WHO TO CONTACT: REQUEST A TELEHEALTH CONSULTATION FROM YOUR DOCTOR

SUPPORTING BUSINESS INVESTMENT
Instant asset write off threshold increase from $30,000 to $150,000.
Ability to deduct an additional 50% of an asset cost in the year of the purchase.
WHO IS ELIGIBLE: BUSINESSES WITH AN AGGREGATED ANNUAL TURNOVER OF $10 MILLION OR MORE BUT LESS THAN $500 MILLION
WHO TO CONTACT: THE AUSTRALIAN TAX OFFICE

BOOSTING CASH FLOW FOR EMPLOYERS
Automatic payment to employers equal to 100% of their salary and wages withheld (minimum tax free payment of $20,000, maximum tax free payment of $100,000) to businesses with a turnover of less than $50 million that employs staff between January 1, 2020 and June 30, 2020.
Additional payment from July 28, 2020 to eligible entities equal to the total of all of the Boosting Cash Flow for employers payments received.
Eligible employers can apply for a wage subsidy of 50% of their apprentice’s or trainee’s wage for up to 9 months
WHO IS ELIGIBLE: SMALL AND MEDIUM SIZED BUSINESSES AND NOT-FOR-PROFITS THAT EMPLOY PEOPLE
WHO TO CONTACT: THE AUSTRALIAN TAX OFFICE

CORONAVIRUS BUSINESS GUARANTEE SCHEME
Support for small and medium enterprises (SME’s) to get access to working capital with 50% Government guarantee of new loans
WHO IS ELIGIBLE: SMALL AND MEDIUM SIZED ENTERPRISES WITH A TURNOVER OF UP TO $50 MILLION
WHO TO CONTACT: PARTICIPATING LENDERS

CORONAVIRUS SUPPLEMENT AND INCOME SUPPORT ELIGIBILITY

A new automatic Coronavirus supplement to be paid at a rate of $550 per fortnight for a least 6 months
WHO IS ELIGIBLE: RECIPIENTS OF JOBSEEKER PAYMENT, YOUTH ALLOWANCE, PARENTING PAYMENT, FARM HOUSEHOLD ALLOWANCE AND SPECIAL BENEFIT
WHO TO CONTACT: SERVICES AUSTRALIA

WHAT DOES THIS MEAN FOR FARM HOUSEHOLD ALLOWANCE RECIPIENTS:
If your income is below the current threshold, you will receive the whole $550 COVID-19 supplement.
As a partnered FHA recipient, you can earn just over $990 in a fortnight while the COVID-10 supplement remains in place and still receive your FHA payment.
This amount increases if the farm business is running at a loss. (Currently up to $100,000 of a current farm loss can be used to offset off-farm income, from June 11, 2020 the asset test changes to allow assets up to $5.5 million with no distinction between types of assets.)
The accumulated effect of these changes mean many FHA recipients will have better circumstances to take advantage of social security support then ever before.

Expanded Income Support Eligibility
Temporarily expanded eligibility to income support payments.
For non-FHA farmers, small businesses, contractors and wild-catch fishers, you may now meet the income test for JobSeeker payments.
The government will waive the assets test and waiting periods for the payments.
The exemption from the assets test means that a range of farmers could test their eligibility for JobSeeker payments including:
FHA recipients who have already exhausted their first four years of payment
FHA applicants who have previously been rejected based on the value of their assets
Farmers who have self-assessed and not lodged an application

FOR ASSISTANCE AND SUPPORT WITH THE APPLICATION PROCESS
CONTACT US ON 07 46 22 55 00