Federal Government Support:
Treasury’s Economic Response Options
State Government Support:
Early Release of Super
From 20 April, eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020 and up to a further $10,000 from 1 July 2020 until 24 September 2020.
Individuals will not need to pay tax on amounts released and the money they withdraw will not be taken into account under any income or means tests.
The government has also announced that eligible temporary residents will be able to apply to access up to $10,000 of their super before 1 July 2020.
Retiree Super Drawdown Changes
For many retirees, the significant losses in financial markets as a result of COVID-19 are having a negative effect on the account balance of their superannuation pension or annuity. The minimum drawdown requirements for account-based pensions and similar products have been reduced by 50% for 2019–20 and 2020–21. To reduce your minimum drawdown amount you must let your fund know and they will make the change for you.
Working from Home
As the situation around COVID-19 continues to develop, we understand you may now be working from home. To make it easier when claiming a deduction for additional running costs you incur as a result of working from home, special arrangements have been announced.
A simplified method has been introduced that allows you to claim a rate of 80 cents per hour for all your running expenses, rather than having to calculate the additional amount you incurred for specific running expenses.
This simplified method will be available to use from 1 March 2020 until 30 June 2020. You may still use one of the existing methods to calculate your running expenses if you would prefer to.