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How to get help with your finances during the pandemic

How to get help with your finances during the pandemic

| On 12, Aug 2020

All around the world, people are feeling the financial effects of COVID-19, and in Victoria, restrictions are being tightened even further until September.

If you require financial assistance, take a look at some of the options below.

Pandemic Leave Disaster Payment

Replacing the previous $1500 Work Support Payment, the Pandemic Leave Disaster Payment can be claimed by any Victorian over 17 years old who lives in Victoria and has no income. The payment is fortnightly and is subject to further coronavirus-related criteria. For more details on this service go to :

https://www.servicesaustralia.gov.au/individuals/news/pandemic-leave-disaster-payment-victoria

Jobkeeper/Jobseeker

Eligible individuals can claim a $1500 fortnightly Jobkeeper payment from the Federal Government. Keeping in mind that on September 28, the flat $1500 fee will divide into two tiers of $1200 and $750 depending on working hours. JobKeeper is currently set to be active until March 28, 2021, and eligibility is subject to the previous reduction of earnings, so go to ato.gov.au to find out more.

JobSeeker payments are capped at a maximum of $565 fortnightly, but unlike the Jobkeeper payment plan, it’s set to stay at that amount past late September. However, the $550 Coronavirus Supplement that jobseekers can also claim is set to be reduced to $250.

Business Support

The Business Support Fund offers a one-off payment based on submissions that can be sent in until September 14. The amount depends on location, so visit www.business.vic.gov.au for more information on what you can claim.

Tax Relief

  • Businesses with annual wages below $3 million can apply to have their payroll tax for 2019-2020 waived.
  • Eligible landowners will receive notification of the deferral of their 2020 land tax assessment.
  • Landlords may be eligible for a 25% reduction of land tax through the Support for Landlord and Tenants package.

COVID Test isolation

If you’ve taken a test for Coronavirus and are awaiting your results under self-isolation, you can claim $300 to support you until the results come in. You are eligible for this payment if you have been personally tested for COVID-19 or are the legal parent or guardian of someone who has been tested. For more information on eligibility go to www.dhhs.vic.gov.au

Mortgage Holidays

Many Victorians are struggling to pay off their mortgage on time during the pandemic, and some banks are giving mortgage holidays to customers until the end of September. It’s at your bank’s discretion whether or not to extend this further and interest does still accumulate, so contact your bank for more information.

Useful Links to follow

Business Victoria – www.business.vic.gov.au

Australian Taxation Office – www.ato.gov.au

Health and Human Services – www.dhhs.vic.gov.au

Services Australia – www.servicesaustralia.gov.au

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