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With the spread of the Delta variant of the COVID-19 virus and ongoing lockdowns in many states, the Government has announced further financial assistance for people who are doing it tough.
If you have reduced your employees’ hours of work due to compulsory COVID-19 lockdown restrictions, they are able to apply for tax-free COVID-19 Disaster Payments. This weekly payment varies depending on the number of hours lost.
If an employee has lost 8 to 20 hours of work per week they may be eligible to receive $450 each week. If they have lost 20 or more hours of work per week, they may be eligible to receive $750 each week.
To be eligible for the Disaster Payment your employee must have lost income and not be entitled to any employer leave entitlements such as pandemic sick leave, personal leave or leave to care for another person. Also, they must:
If an employee cannot work due to self-isolation or quarantine obligations due to COVID-19 compulsory lockdown restrictions or cannot work due to caring for someone with COVID-19 they may be eligible for a lump sum payment of $1,500.
This taxable lump sum payment is for each compulsory 14-day period of self-isolation, quarantine or care period they provide for someone with COVID-19.
This is available if they’ve been instructed not to work by a health official if they:
To receive the Pandemic Leave Disaster Payment they must:
For more details on specific state-based eligibility requirements such as the quarantine period which can vary from state to state see Services Australia – Pandemic Leave Disaster Payment.
There are many state specific schemes (including support for businesses) to assist people if they are impacted by COVID-19 restrictions. To find out more please visit state-specific Government websites.
If you or your employees are feeling financial stress during the COVID-19 lockdowns, please contact us to discuss how we can help.
The Government has also released additional support for people experiencing mental health impacts due to the COVID-19 pandemic. For more information refer to the Department of Health webpage Looking after your mental health during coronavirus (COVID-19) restrictions
Important information: This document is issued by IOOF Investment Management Limited (IIML) ABN 53 006 695 021 AFSL 230524. IIML is a company within the IOOF group which consists of IOOF Holdings Ltd ABN 49 100 103 722 and its related bodies corporate. This material may be considered to be general financial product advice. Before making any investment decisions, investors should consider their own objectives, financial situation and needs and read the relevant Product Disclosure Statement. The information in this document is current as at 27 August 2021. While this information is believed to be accurate and reliable at the time of publication, to the extent permitted by law, no liability is accepted for any loss or damage as a result of reliance upon it. Neither IIML nor any company in the IOOF group guarantees the performance of any fund or the return of an investor’s capital. Examples are illustrative only and are subject to the assumptions and qualifications disclosed. Past performance is not a reliable indicator of future performance.