Important information about the stimulus package

Corona Virus Stimulus Package

I have had more inquiries about the new Corona Virus Stimulus package and who it may help. Please feel free to forward this on to your loved ones.

Below is a brief outline of each with a link to the fact sheet.

  • The Government is reducing superannuation minimum drawdown requirements for Account Based Pensions (ABP) and similar products by 50% to 2021. They are also reducing the deeming rates due to low interest rates on savings – Providing Support for Retirees  
  • Temporary early access to Superannuation. The government has adjusted conditions of release during these tough times. Those who need it and are eligible can access up to $10,000 in FY2020 and $10,000 FY2021 – Early Access to Superannuation
  • Offering a safety net to lessen the threat of insolvency and winding up business for financially distressed businesses – this package offers temporary measures to protect businesses from going insolvent or bankrupt – Temporary Relief for Financially Distressed Businesses.
  • Cash Flow Boost for employers – up to $100,000 to eligible small and medium sized businesses, and not-for-profits (including charities) that employ people – Cash Flow Assistance for Businesses
  • The government, APRA and the reserve bank are committed to keeping the flow of credit available to keep businesses going in particular small to medium sized business – Supporting the Flow of Credit
  • Delivering support for business investment – instant asset write-off (IAWO) threshold from $30,000 to $150,000 – Delivering Support for Business Investment
  • Assistance for severely affected regions and sectors – $1 billion to support communities, regions and industries most significantly affected by the Coronavirus outbreak – Assistance for Severely Affected Regions and Sectors

I hope this information is helpful, if not to you maybe a loved one.

Amie Baker

Amie is a passionate financial adviser who also is a hard working mum of her 3 boys. With a dedication to helping people in her community and also hosting and running regular charity and fundraiser events, she is a busy professional just like you. Her focus is to help her clients by showing them simple ways they can achieve their financial goals. Amie's success is in the success of her clients.

Leave a Reply

Close Menu