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.
