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Lockdown 5 COVID-19 Support Package Announced

alfcouceiro_img2
Published by:
Alf Couceiro
Published on:
July 16, 2021
VIC Lockdown 5 - Covid support

On 15 July 2021, the Federal Government and the Victorian Government jointly agreed on a revised COVID-19 support package for the current snap lockdown.

Under the announcement, the Federal Government will provide income support (COVID-19 disaster support payments) to individuals that live and/or work in a Commonwealth Government designated COVID-19 hotspot.  Of relevance, the Commonwealth Government has currently identified Greater Melbourne, Moorabool Shire, City of Greater Geelong, Borough of Queenscliff and Surf Coast Shire as designated hotspot areas.  For those individuals who live and/or work outside of the above designated hotspot areas whom are nevertheless impacted by the snap lockdown, the Victorian Government will fund the COVID-19 disaster support payments.

Pursuant to the revised COVID-19 disaster support payment, if the individual has lost between 8 to 20 hours of work due to lockdown 5, the individual will be eligible to apply through Services Australia for a payment of $375.  If the individual has lost 20 hours or more of work due to lockdown 5, the individual will be eligible to apply through Services Australia for a payment of $600.

There is no designated waiting period in order to be eligible for the above payments.  Thus, if a snap lockdown only applies for the 5 days, the individual can still be eligible for the payments if they satisfy the lost hours of work condition above.

Also, unlike the previous COVID-19 disaster support payment announced by the Federal Government during Victoria’s lockdown 4, there is now no “liquid assets test” in order to be eligible to receive the COVID-19 disaster support payment.  Thus, any individuals that lose the required hours of work are eligible for the payment from the Federal Government irrespective of the amount of available cash reserves they hold.

Further details regarding the payment the COVID-19 disaster support payment will be released on the Services Australia website shortly.  Individuals will need to apply for the COVID-19 disaster payment via a MyGov account.

Business support package

In conjunction with the COVID-19 disaster support payments for individuals, the Victorian Government announced business support funding for those businesses that will be impacted by the current lockdown.

Under the package, automatic payments will be made to those businesses and sole traders who successfully applied for the Licensed Hospitality Venue Fund or the Business Costs Assistance Program grant during the May-June 2021 snap lockdown.  The new support payments will be for $3,000 and $2,000 respectively and will be paid out in the coming weeks.

Businesses that will be eligible to receive the business support grant will include restaurants, cafes bars, event suppliers, tourism and accommodation providers and non-essential retailers.

 

Need help?

Applying for your support grant can be confusing. If you’re feeling overwhelmed about your grant application or want help to prepare needed documents, we can assist.

Our Modoras professionals can help you confirm your eligibility for assistance, prepare your funding application, or offer guidance and advice.

Simply call us on 1300 8888 803 or book an appointment with a Modoras professional. We’ll take care of you.

We’re still open!

Despite the lockdown, your Modoras team remains committed for your financial confidence.

While our office may be closed, we will still be holding appointments via Zoom or over the phone.

Should you have any queries please contact us. We are here to serve you.

 

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (VIC) Pty Ltd ACN 145 368 850. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (VIC) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (VIC) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (VIC) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (VIC) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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