WHAT THE TAX?!! Covid-19 Stimulus
We committed to ensuring that all of our clients are provided with timely and useful information, especially now with the impact of the Coronavirus pandemic. Below is a summary of the stimulus package released by the Government yesterday. $750 stimulus payment – If you are not eligible for the Coronavirus Supplement, you may still receive the second $750 Economic Support Payment if you are eligible on 10 July 2020 for any of the payments or concession cards that were eligible for the first payment that was paid in March. This will be paid from 13 July 2020. Superannuation Access – Sole traders or casual workers who have had their incomes reduced by 20% or more as a result of coronavirus, or are eligible for the coronavirus supplement, will be able to apply to access up to $10,000 of their superannuation tax-free.
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