To support you during this unprecedented situation, we’ve developed and consolidated information and resources detailing the Government’s economic response and the financial options available to you and your employees.
Business resources and information
Federal Government’s economic rescue package
For businesses, the Government’s $299 billion package will deliver:
- A JobKeeper Payment of $1,500 per fortnight per employee for up to 6 months to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by COVID-19.
- Cash flow support of up to $100,000 for eligible small and medium-sized businesses, and not-for-profits that employ staff.
- Temporary relief for financially distressed businesses, including a temporary increase to the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive.
- An increase in the instant asset write-off from $30,000 to $150,000 and making more businesses eligible to use it. Plus, a 15-month investment incentive (through to 30 June 2021) to support short-term business investment and economic growth by accelerating depreciation deductions.
- A wage subsidy of 50% of an apprentice’s or trainee’s wage for up to nine months from 1 January 2020 to 30 September 2020.
- A $1 billion fund to support regions and businesses disproportionately affected by the COVID-19 outbreak, including industries such as tourism, agriculture and education.
- Access to income support payments and a COVID-19 supplement of $550 per fortnight for sole traders and the self-employed impacted by the economic downturn.
For more information on financial assistance for Australian businesses, visit business.gov.au
State and territory information, grants and assistance
State and territory Governments are also providing a range of support to businesses impacted by the COVID-19, including:
- Queensland business and industry support for those affected by COVID-19
- Low interest loans of up to $250,000 for carry on finance with an initial 12-month interest free period for businesses to retain staff
- Funding for eligible Victorian businesses affected by COVID-19
- Tax relief measures for eligible Victorian businesses impacted by COVID-19
New South Wales
- COVID-19 help for small businesses
- Payroll tax relief measures for New South Wales businesses impacted by COVID-19
- Support for small business dealing with COVID-19
- WA Government small business stimulus/relief package
- Payroll tax measures for eligible Western Australian businesses impacted by COVID-19
Australian Capital Territory
- Business recovery - support for businesses
- Intensive business support program for Northern Territory tourism businesses
Employee resources and information
Superannuation, investments and insurance
We understand your employees may be concerned about the economic impact of COVID-19 and its effect on their superannuation investment. Below is some useful information to support them during this challenging period.
- Are you experiencing financial stress?
If you’re experiencing financial stress as a result of COVID-19, you may be able to access your superannuation.
- Could you access your insurance through super?
We understand the current global uncertainty caused by COVID-19 might leave you with some questions about your insurance with Sunsuper.
COVID-19 and your super – financial considerations
Sunsuper’s National Education Manager Joshua van Gestel and Education Specialist Ruth Weaver discuss the process involved in early access to superannuation. They also cover other resources and options that might be available to those seeking financial support at this time.
Are you reconsidering retirement?
Recent market volatility may have you re-thinking your plans for retirement.
In this 45-minute session, our team of experts discuss what your desired retirement may look like, the income you might need to live it, and the super balance you might need to achieve it.
This session discusses how you invest your super leading into and through retirement, and how you can get some advice.
Mental health and well-being
From social distancing recommendations and remote working requirements, to financial pressures and loss of employment, the mental health impacts of the COVID-19 situation can be challenging. Our partners at SuperFriend have pulled together a list of resources to support your employees during this uncertain time.