Household Support & Early Access to Superannuation

  • March 24, 2020

Support Payments – Summary

The Government is providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession cardholders. Around half of those that benefit are pensioners. These payments will support households to manage the economic impact of the Coronavirus.

  • The first payment (announced on 12 March 2020) will be available to people who are eligible payment recipients and concession cardholders at any time from 12 March 2020 to 13 April 2020 inclusive.
  • The second payment will be available to people who are eligible payment recipients and concession card holders on 10 July 2020.

A person can be eligible to receive both a first and second support payment. However, they can only receive one $750 payment in each round of payments, even if they qualify in each round of the payments in multiple ways.

The payment will be exempt from taxation and will not count as income for the purposes of Social Security, Farm Household Allowance and Veteran payments.

Click here to download the Fact Sheet 

Temporary early access to superannuation – Summary

While superannuation helps people save for retirement, the Government recognises that for those significantly financially affected by the Coronavirus, accessing some of their superannuation today may
outweigh the benefits of maintaining those savings until retirement.

Eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 for approximately three months (exact timing will depend on the passage of the relevant legislation).

Click here to download the Fact Sheet