australia

Australia: Temporarily reducing superannuation minimum drawdown rates

Submitted by siha on Thu, 08/06/2020 - 11:23

Australian Taxation Office (29.07.2020) The government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for 2019–20 and 2020–21. This measure will benefit retirees holding these products by reducing the need to sell investment assets to fund minimum drawdown requirements.

Regions / Country
australia
Topics
Old age Pensions
Covid-19
Financial crisis
Document Type

Australia: Waiting periods continue to be waived

Submitted by siha on Fri, 07/31/2020 - 15:54

Services Australia (28.07.2020) We’ll continue to waive some waiting periods for new claims until 31 December 2020. This includes the: Ordinary Waiting Period, Newly Arrived Resident’s Waiting Period, Seasonal Work Preclusion Period.

Regions / Country
australia
Topics
Extension of coverage
Service quality
Document Type

Australia: Gradual return of mutual obligation requirements

Submitted by siha on Fri, 07/31/2020 - 15:49

Department of Education, Skills and Employment (28.07.2020) Mutual obligation requirements will continue to be gradually introduced. From 4 August 2020, job seekers must be willing to accept any offer of suitable paid work and penalties will now apply if a job seeker refuses a job without a reasonable excuse.

Regions / Country
australia
Topics
Unemployment
Covid-19
Document Type

Australia: Changes to eligibility for some income support payments after 25 September 2020

Submitted by siha on Fri, 07/31/2020 - 15:40

Services Australia (21.07.2020) The income free area for JobSeeker Payment and Youth Allowance for job seekers will increase to $300 per fortnight. The income free area is currently $106 for JobSeeker Payment and $143 for Youth Allowance. This means you can earn more but still get the maximum payment rates. If you earn above $300 per fortnight, your payment reduces by 60 cents for each dollar over this amount. From 25 September 2020, means testing will be reintroduced. This includes asset testing for all payments.

Regions / Country
australia
Topics
Service quality
Covid-19
Document Type

Australia: Changes to the Coronavirus Supplement amount

Submitted by siha on Fri, 07/31/2020 - 15:32

Services Australia (21.07.2020) The Australian Government is extending the Coronavirus Supplement until 31 December 2020. The Coronavirus Supplement of $550 per fortnight is available until 24 September 2020. Beyond this date, the Coronavirus Supplement will be available at $250 per fortnight until 31 December 2020.

Regions / Country
australia
Topics
Extension of coverage
Covid-19
Document Type

Australia: JobKeeper extension

Submitted by siha on Fri, 07/31/2020 - 15:13

Treasury.gov.au (21.07.2020) On 21 July, the Government announced it is extending the JobKeeper Payment until 28 March 2021 and is targeting support to those businesses and not-for-profits which continue to be significantly impacted by the Coronavirus. From 28 September 2020, eligibility for the JobKeeper Payment will be based on actual turnover in the relevant periods, the payment will be stepped down and paid at two rates.

Regions / Country
australia
Topics
Unemployment
Extension of coverage
Document Type