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Over the next 6 months, the Commonwealth government is temporarily expanding the eligibility requirements for income support payments. They are also establishing a new, time-limited coronavirus supplement to be paid at a rate of $550 per fortnight.
Eligible concession card holders and recipients of social security, veteran and other income support payments, will receive 2 separate payments of $750. The first payment will be made from 31 March 2020 and the second payment from 13 July 2020.
The Government is allowing individuals affected by the coronavirus to access up to $10,000 of their superannuation in 2019-20, and a further $10,000 in 2020-21.
If you access your super you will not need to pay tax on the amounts released, and the money withdrawn will not affect Centrelink or Veterans’ Affairs payments.
Temporary reduction in superannuation minimum drawdown requirements
For retirees drawing a pension from their super accounts, the Government is temporarily reducing the minimum drawdown requirements by 50 per cent for the 2019-20 and 2020-21 income years.
This will help reduce the need for retirees to have to sell investment assets to fund the minimum drawdown requirements.
To find out the percentages now applicable, download Providing support for retirees – PDF.
Deeming rates for pensioners
As of 1 May 2020, the upper deeming rate will be 2.25 per cent and the lower deeming rate will be 0.25 per cent.
The change will benefit around 900,000 income support recipients.
For up to date information on the Government's economic initiatives visit Treasury's Economic Response to the Coronavirus.
They also have factsheets available that you may find useful: