Early release of superannuation
From mid-April, 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 until 24 September 2020.
Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
You are eligible to access your superannuation if you meet any of the following criteria:
- You are unemployed.
- You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance.
- On or after 1 January 2020, either
- you were made redundant
- your working hours were reduced by 20% or more
- your business was suspended or there was a reduction in your turnover of 20% or more, if you are a sole trader.
Reducing superannuation minimum drawdown rates
Minimum drawdown requirements for account-based pensions and similar products have been reduced by 50% for 2019–20 and 2020–21.
Increasing the instant asset write-off
From 12 March 2020 until 30 June 2020, the instant asset write-off:
- threshold is $150,000 (up from $30,000)
- eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million).
Businesses with a turnover of $500 million or more are not eligible to use instant asset write-off.
From 1 July 2020, the instant asset write-off will only be available for small businesses with a turnover of less than $10 million and the threshold will be $1,000.
Backing business investment
Businesses with an aggregated turnover of less than $500 million are able to accelerate their depreciation deductions on the purchase of certain new depreciable assets.
This applies to eligible assets acquired and first used or installed ready for use from 12 March 2020 until 30 June 2021.
Who to contact
We don’t apply these additional relief options automatically, so you need to contact us to discuss them.
Address: Suite 19/328 Albany Hwy, Victoria Park, WA 6100, Australia
E-mail: enquiries@swanpartners.com.au
Phone: (08) 6162 9808
Please feel free to contact with us.