As you are probably aware, the Federal Government had announced their response to the Corona Virus and the impact on the economy and our people.
Currently the Coronavirus Economic Response Package Omnibus Bill 2020 has been introduced into Parliament and covers the government’s initial $17.6 billion economic stimulus package and its latest $66.1 billion support package.
The bill has now been passed by both houses after it sped through the parliamentary process with bipartisan support and is currently awaiting royal assent. IT IS NOT LAW YET. However, it has been passed by both houses and should become legislation and we should see these measures rolled out into Australia in the very near future.
As accountants, we’re obviously getting significant calls and correspondence from clients, friends and family about the current situation.
To make things easier, we have zipped up a one-off collection of fact sheets that have been issued by the government.
They may also be relevant to each one of you or in turn, you may know someone personally affected and providing this information might, at the very least, point them in the right direction or better explain all the buzzword media announcements which have little to no detail behind the headlines.
Please feel free to send this on to anyone who is crying out for help – personally or as a business.
Presently the Response Package targets four key areas;
- through two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders;
- around half of whom are pensioners;
- and a limited coronavirus supplement of $550 per fortnight to new and existing jobseekers and other social security recipients.
- for the period of the coronavirus supplement, there will be expanded access to these income support payments and faster claims processing.