Our response to limit the spread of COVID-19 | Read here

COVID-19: Government support for individuals and households

We know that many of you will be facing uncertainty around your financial situation. Many of you are facing job losses and forced business closures and are under significant stress. Here we have summarised the government measures to support individuals and households in response to COVID-19 in clear, simple language to make it as easy as possible for you.  We have a similar summary for business owners that can be accessed here.

Please share this information if you think it will help family and friends. Know that our team of financial planners and accountants are here to support you.  We are open for business and are conducting meetings via video call, or in-person on request.  You can contact us here.

Government measures to support individuals and households
      1. Income support for individuals
      2. Payments to support households
      3. Early access to superannuation
Income support for individuals

A $550 fortnightly payment will be available to support individuals whose employment has been affected by COVID-19.  This payment will be available for the next six months.

The payment is available to the following individuals:
      1. Full-time workers who have been stood down or otherwise lost employment, sole traders, the self-employed, casual workers, and contract workers
      2. Individuals required to care for someone who is affected by the Coronavirus

The Coronavirus supplement is not subject to asset testing, however they will be income tested. Sole Traders and those who are self-employed will be required to make a declaration that their business has been suspended or had turnover reduced significantly.

Payments to support households

Two separate $750 payments will be available to provide further support for those currently receiving regular government benefits.  The first payment will be made automatically on 31 March and the second made on 13 July.

People eligible to receive this payment include those who are receiving Family Tax Benefit, Parenting Payment, Age Pension, Disability Support Pension and Carer Payment.  You can view a full list of those eligible for payments here.

Early access to superannuation

Eligible individuals can access up to $10,000 of their superannuation balance in the 2019-20 financial year and a further $10,000 in 2020-21 financial year.

Those eligible include:
      1. Individuals that are currently unemployed or receiving job seeking payments, youth allowance, parenting payments, special benefit payments, or farm household allowances
      2. Individuals that were made redundant or had their working hours reduced by 20% or more in 2020
      3. Sole traders whose business was suspended or saw a reduction in turnover greater than 20 percent

Any amount withdrawn from super is not subject to tax.

We have focussed this summary on the measures most relevant to our clients. Full details of the Government measures to support individuals, including reducing superannuation minimum drawdown rates and social security deeming rates can be found can be found here.

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Our response to limit the spread of COVID-19

  • As COVID-19 continues to spread, we would like to take a moment to let you know what Financial Spectrum is doing to respond.

    While we haven’t been directly affected with any confirmed cases, we are taking all reasonable precautions to remain safe.Our priorities are:

    1. Keep our staff and clients safe
    2. Stay fully operational in our service delivery and continuing to manage your financial affairs
    3. Play our part in minimising the impact on our community against the spread of COVID-19

    Financial Spectrum has the technology, infrastructure and systems to continue business as usual remotely and our staff will now be working from home.

  • You should notice no change to our service, with the exception that we are encouraging our clients to meet via video call, rather than face to face, unless requested. We will be contacting all clients with meetings booked over the next two weeks with instructions for a video call.This is an evolving situation and we will continue to monitor developments. We will keep you informed of any material changes to our approach.

    These are unprecedented times and we understand that many of you will be feeling unsettled about your finances. We would like to assure you that we are open for business and are here to help you. If you don’t have a meeting booked but would like one, or if you have questions, please contact us at info@financialspectrum.com.au or on
    02 8238 0888

Brenton Tong

Managing Director

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