Prime Minister Scott Morrison has today announced vital financial support for sole traders who have been affected by COVID-19. Fitness Australia has provided details of these initiatives below:
Doubling of Newstart payments available to sole traders
Under the new measures announced, affected workers and sole traders will be eligible for a time-limited Newstart supplement to be paid at the rate of $1,100 per fortnight, which will be paid for the next six months.
Treasurer Josh Frydenberg said the coronavirus supplement will give an additional $550 a fortnight on top of the existing JobSeeker or Newstart payment and will be available for sole traders and casual workers who meet the income test.
Sole traders to be allowed to access super early
Sole traders who have suffered business losses of 20 per cent or more as a result of COVID-19 will also be allowed to access their superannuation early.
Treasurer Josh Frydenberg announced sole traders will soon be able to apply for access to the initiative online. The super access will also be extended to casual employees and will be capped at $10,000 in the 2019-20 financial year and a further $10,000 in 2020-21.
Fitness Australia is continuing to monitor government announcements around COVID-19 and will provide further member updates as new information becomes available.