As we approach the 2020 festive season and begin to turn our eyes to some well-earned R&R, it’s important to highlight that a number of key Bills recently passed through the parliamentary process and became Acts.
And, while many of these Bills relate to proposed measures announced on 6 October 2020 in the 2020-21 Federal Budget, there are also a few that precede this date. Below is an overview of these now legislated Bills.
Please note: We have also included three Bills that are still pending, which relate to social security and super:
- coronavirus support-related measures
- self-managed super fund allowable member numbers
- non-concessional contribution (the bring-forward rule) eligibility.
Regardless of whether you are a wealth accumulator or retiree, you may find that one or more of these legislative changes are relevant to your personal finances, both now and in the future.
Legislative update: Bills recently passed
Social Services portfolio: A Bill regarding additional economic support payments
Eligible payment recipients and card-holders will be entitled to receive two separate additional $250 economic support payments—these are non-taxable, and non-assessable for social security purposes.
To be eligible, an individual must be residing in Australia and receive or hold one of the following payments or cards on 27 November 2020 (for the first payment) and/or 26 February 2021 (for the second payment):
- Age Pension, Carer Payment, or Disability Support Pension
- Carer Allowance, Double Orphan Pension or Family Tax Benefit Part A and/or Part B (if not in receipt of a primary income support payment)
- Commonwealth Seniors Health Card
- Pensioner Concession Card (if not in receipt of a primary income support payment)
- Certain Veterans’ Affairs payment and concession cards
The first payment will be paid from 30 November 2020, and the second payment will be paid from 1 March 2021.
Social Services and Other Legislation Amendment (Coronavirus and Other Measures) Bill 2020. Royal assent on 13 November 2020.
Social Services portfolio: A Bill regarding the JobMaker Hiring Credit scheme
The Treasury has been authorised to make rules to facilitate the JobMaker Hiring Credit Scheme, which will operate from 7 October 2020 to 6 October 2022.
These rules encompass, for example, the establishment of the JobMaker Hiring Credit scheme, and setting out:
- which employers qualify for the payment
- the employees to which payments relate
- the amount payable and timing of payments
- the obligations for recipients of the payment.
Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020. Royal assent on 13 November 2020.
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