To help Australians deal with the economic fallout in the wake of the COVID-19 pandemic, the government is allowing early access to superannuation and tax relief for individuals and businesses.
On March 24th, the Australian Tax Office updated its website with a ‘one-stop-shop’ that provides information and advice related to the COVID-19 stimulus measures after the passage of the government’s Coronavirus Economic Response Package Omnibus Bill 2020.
The new page is designed to provide clear and detailed information to help people access the assistance measures enacted by the government.
“Each of the measures have different timings, eligibility, and processes,” said ATO Commissioner Chris Jordan. “Some will be applied automatically and others will require an application, so I recommend heading to ato.gov.au/coronavirus to understand what is possible.”
Starting from the middle of this month, eligible Australians who have been affected by the pandemic will be able to access up to $10,000 of their superannuation in 2019/2020, and an additional $10,000 in 2020/2021. The ATO confirmed in a statement that these superannuation withdrawals will be tax free and will not affect Veterans’ Affairs or Centrelink payments.
In addition to early superannuation access for individuals, the ATO also has new measures to help businesses, including accelerating depreciation deductions, providing cash flow assistance for employers, and increasing the instant asset write-off.
“Our message to businesses feeling the impact of the coronavirus is simply this: Let us know. Reach out to us. We can help.” Mr. Jordan said.