Many Australians are doing it tough at the moment, especially with widespread job cuts and business closures due to the global outbreak of COVID-19. The Australian Government is trying hard to support anyone in need as much as possible with a range of different stimulus payments.
There are three main stimulus payments currently available:
JobKeeper Payment is a $1500 per fortnight wage subsidy that has been specifically designed to help Aussies stay in their jobs during the COVID-19 pandemic. It is available to full-time, part-time and casual workers who have been employed for at least 12 months, it’s paid out by your employer and you can only receive the payments from a single employer.
JobSeeker Payment is a government payment for Aussie citizens and residents who are aged between 22 and 66 and have lost their jobs or income. During the period of the COVID-19 crisis, the payment has increased by $550 per fortnight.
To be eligible to receive JobSeeker Payment, you need to:
You also need to be either:
You may also be eligible if you’re:
All JobSeeker payments are made once a fortnight and the amount depends on your personal situation, including whether you have any children or a partner and how much money you have earner in the past 14 days. The amount ranges from $565.70 to $790.10, and all payments from late April 2020 include an additional Coronavirus Supplement of $550 per fortnight. The payment can be claimed online if you have a myGov account linked to Centrelink and it can be tracked using the Express Plus Centrelink mobile app.
To continue receiving JobSeeker payments from the Australian government, it’s essential that you:
Failure to stick to the rules can result in you having to repay any money received incorrectly and possibly even more severe penalties.
Yes – but tax is not automatically taken out of your payment. You can choose to have it taken from your payment by the government and this is called a tax deduction. This deduction will appear on your payment summary, which shows total payments you received throughout the year and any tax deducted from this payments.
You can choose for us to deduct the tax as either a:
By taking these deductions, you will make small tax payments throughout the year and won’t have to deal with a lump sum to be paid at the end of the year.
Still have some questions about JobSeeker? Talk to H&R Block. Our experienced tax consultants will be able to help. Call 13 23 25 for details or find your nearest office and book an appointment online.
You can do your consultation with your preferred local consultant over the phone and share documents electronically.