The Federal Government has scrapped the controversial $10,000 liquid asset threshold for its COVID Disaster Payment if a lockdown extends into a third week.
The payment - which offers payments of up to $500 for every week of lockdown - initially was only available to people who had less than $10,000 of liquid assets.
Today Prime Minister Scott Morrison has said that the government will scrap the threshold if a pandemic enters into a third week - meaning Sydneysiders who were ineligible due to their bank accounts could now apply for one week of the payment.
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For residents in the initial seven LGA COVID hotspots - including Waverley and Bondi - they can apply for the payment from July 8.
For those in Greater Sydney, the Blue Mountains, the Central Coast, Wollongong or Shellharbour, they can apply from July 11.
Here's everything we know about the payment:
What is the COVID-19 Disaster Payment?
The COVID-19 Disaster Payment is a one-off cash payment for each period of lockdown.
If you've lost less than 20 hours of work, you can receive $325.
If you lost 20 hours or more of work, you can receive $500.
The payment is only accessible if you are locked down for more than seven days.
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Okay, when can Sydneysiders access the payment? Aren't they nearing seven days?
People who work or live in the City of Sydney, Waverley, Woollahra, Bayside, Canada Bay, Inner West and Randwick can make a claim and be paid today.
Technically, to access the payment you need to live or work in a Commonwealth declared hotspot.
On June 23, Chief Medical Officer Professor Paul Kelly declared the above local government areas a COVID-19 hotspot.
That means residents in those areas who are eligible for the payment can receive theirs as early as this today (which is the eighth day of lockdown, if that helps).
On June 26, Professor Kelly declared all of Greater Sydney plus the Blue Mountains, the Central Coast and Wollongong as Commonwealth hotspots.
That means residents and workers in these areas can be paid from July 4 (or this Sunday).
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What if I'm living outside of NSW? What about Queensland and the Northern Territory?
A lot of states are now coping with some form of restrictions. But the basics of the payment still apply:
- You need to live or work in a Commonwealth declared hotspot
- The lockdown needs to last for more than seven days
If Queensland's or Darwin's lockdown extends for more than seven days, then those affected residents will be able to submit a claim.
READ MORE: Three-day lockdown announced for parts of Queensland
That's pretty confusing. Are there any more terms and conditions I need to know about?
To receive the payment you must be an Australian resident, a permanent resident or be an eligible working visa holder.
Previously you also had to have liquid assets of $10,000 or less.
That meant if you have more than $10k in the bank worth of savings – or trust fund money, or shares – you wouldn't be eligible.
And no, your car is not a liquid asset.
Today Prime Minister Scott Morrison said if a lockdown enters a third week, the liquid asset test will be scrapped.
That means for Sydneysiders, they can now apply for the payment after a third week if they have more than $10,000 in the bank.
You also won't receive the payment if you're getting income support payments, another form of pandemic leave payment or a state small business payment.
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Right. I think I'm still eligible. How do I apply for the payment?
To apply for the payment, you need to have an online myGov account to which you can link a Centrelink online account (if you haven't already).
Once online, Centrelink will ask the user a series of questions to determine if they are eligible to claim the payment.
If you are, a claim will be submitted and the user will be sent a text message confirming the claim has been submitted successfully.
There's no need to call Centrelink and the money should be paid on the day it is owed.
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What if I'm a small business? The latest NSW lockdown has killed my trading and JobKeeper is all wrapped up.
Good question.
The Berejiklian Government this week announced grants of up to $10,000 for businesses to help them survive.
Small businesses who experience a 70 per cent decline in turnover can access $10,000, those who have experienced a 50 per cent decline can access $7000 and those who have experienced a 30 per cent decline can access $5000.
The payments will be available by July 19.
To receive the payments, businesses must have an accountant statement that confirms a loss in revenue for the time period compared to the same time in July 2019.
READ MORE: NSW small businesses to access up to $10k in grants to survive COVID-19 lockdown
You can find out more details about how to book your vaccine through the Federal Government health site here.
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
