Sole Traders to Get Early Access to Their Superannuation for up to $20,000.
CORONA VIRUS STIMULUS PACKAGE ANNOUNCEMENT MARCH 22, 2020.
The Commonwealth Government has today released the second stage of its economic plan to cushion the economic impact of the coronavirus and help build a bridge to recovery.
A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work and businesses in business.
This package provides the most support to small and medium sized businesses. Sole traders are set to have access to two key parts of the package.
Early Access to Superannuation
“Those affected will gain access to their super that is capped at $10,000 this financial year and $10,000 next financial year. These withdrawals will be tax free. Repeat, these withdrawals will be tax free and available to those who are receiving the corona virus supplement and sole traders who have seen their income fall by 20% or more as a result of the corona virus” - Treasurer, Josh Frydenberg MP.
Applications will be made online through a simple declaration to the tax office.
$27 billion of superannuation back into the pockets of hardworking Australians.
Job Seeker Allowance (New Start)
The job seeker allowance has been doubled with a temporary corona virus supplement. The government will waive the asset test and waiting periods. This will allow people to have quicker access. People will still be subject to the income test.
“The corona virus supplement will provide an additional $550 a fortnight on top of the existing jobseeker or newstart payments. It will be available to sole traders and casual workers who meet the income test.” - Treasurer, Josh Frydenberg MP.
This means anyone eligible for the top level of payments will be receiving $1,100 per fortnight.
To all the sole traders we hope business continues to flourish and this access to your superanuation and potentially Newstart helps see you through these difficult times.