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COVID-19 – How to get financial support

Financial Wellbeing | 0 comments

financial support

Here at APS Benefits, we want to check in on our community because these challenging times for all Australians. We are here to offer assistance and financial support to help protect your financial wellbeing. In the midst of panic and uncertainty, we want to support you to make informed financial decisions so that you feel as confident as possible when it comes to your finances.

Financial support from banks

Australian banks are now offering:

  • Deferral* of scheduled loan repayments for up to 6 months
  • Waiving fees and charges
  • Debt consolidation

Contact your financial institution to find out if you are eligible for assistance due to COVID-19 or the recent bushfires.
*Take note that deferring repayments does not mean that you stop accruing interest.

Early release of superannuation

From 20 April 2020, you can apply for early access to your superannuation if you are affected by COVID-19. The scheme allows you to access $10,000 of your superannuation in the 2019/2020 financial year as well as a further $10,000 in the 2020/2021 financial year. You do not need to pay tax on these amounts.

Accessing your superannuation should be a last resort because it locks in your losses and can have a long-term impact on your financial wellbeing.

For more information, visit: https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/Early-access-to-your-super/#Compassionategrounds

Centrelink financial support

The following payments can be accessed if you or your family have been affected by COVID-19:

  • Youth Allowance
  • JobSeeker Payment
  • Parenting Payment

The Services Australia website holds a wealth of information. By typing in ‘COVID-19’ into the search bar in the top right-hand corner, you can explore the many supports available. For more information, visit: https://www.servicesaustralia.gov.au/individuals/subjects/affected-coronavirus-covid-19/if-you-need-payment-coronavirus-covid-19

For employers

The ATO and employers establish whether a business is eligible for the JobKeeper payment. The JobKeeper payment allows affected employers to claim $1,500 per fortnight per eligible employee from 30 March 2020 and this payment can be claimed for a maximum of 6 months.

Stay up to date on current restrictions and how they might apply to your business here: https://www.business.gov.au/Risk-management/Emergency-management/Coronavirus-information-and-support-for-business/Restrictions-on-non-essential-services

APS is here to help

If you are experiencing financial difficulties, give us a call on 1300 131 809 to discuss how we can help you and your family during this difficult period.

For resources and updated information regarding COVID-19, you can visit the Department of Health website: https://www.health.gov.au/news/health-alerts/novel-coronavirus-2019-ncov-health-alert/coronavirus-covid-19-current-situation-and-case-numbers

For local information and advice regarding COVID-19, you can refer to your state or territory’s relevant health authority: