Coronavirus (COVID-19): Access to financial support
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Published on 26 Mar 2020The coronavirus (COVID-19) pandemic has disrupted communities and businesses in a way never seen before in Australia. The Federal Government has indicated that the financial impact is likely be prolonged and severe.
Federal and state governments have announced measures to support individuals, families and businesses that have been financially impacted by the coronavirus pandemic. One of these measures is an early withdrawal from your super in 2019-20 and 2020-21.
Superannuation is a long-term investment and designed for your retirement. Prime Super encourages you to exhaust all other means of support available before you consider withdrawing your super as this could have a negative impact on your retirement savings.
Prime Super is here to provide you with support during this uncertain time. All Prime Super members have access to a range of financial advice options and can call the team directly on 1300 734 007.
Government Financial Assistance
We've put together a summary of the coronavirus economic response for our members below, including links to the government websites outlining the financial assistance packages available to individuals and businesses. Much of the support will automatically be applied if you meet the criteria. For other initiatives, such as small business loans, much of the red tape will be cut for you.
- Income support for individuals
- Payments to support households
- Reducing social security deeming rates
- Temporarily reducing superannuation minimum drawdown rates
- Temporary early release of superannuation
- Boosting cash flow for employers
- Temporary relief for financially distressed businesses
- Increasing the instant asset write-off
- Backing business investment
- Supporting apprentices and trainees
- Support for immediate cash flow needs for SMEs
Federal government treasury website
Victoria
Economic survival and jobs package
Coronavirus business support
New South Wales
Small business support package
Queensland
Immediate industry recovery package