Those applications are now with the superannuation funds, which have been given five business days to release the funds.
“The average withdrawal is around $8,000. And just to remind you that you can access up to $10,000 from your super this financial year and up to another $10,000 next financial year,” said Treasurer Josh Frydenberg.
He confirmed that the ATO has also released $3 billion to 177,000 businesses employing 2.1 million Australians, as part of the government’s cash flow boost measure, designed to support businesses keep people employed and meet their costs.
“Importantly, the ATO have done an outstanding job,” said Mr Frydenberg.
“They’ve brought extra resource to this challenge, done an outstanding job in processing so many claims so quickly, have paid out support to businesses, ahead of what they thought would be the start date on 28 April, so they’re ahead of schedule.”
In terms of the JobKeeper payments, Mr Frydenberg revealed that 900,000 Australian businesses have registered their interest in accessing the JobKeeper payment, while 275,000 have formally applied.
“Around half of those are sole traders. The others are obviously incorporated businesses, partnerships, trusts, not for profit organisations. They cover a whole range of sectors – technical, scientific, financial services, construction, retail, accommodation and the like,” the Treasurer said.
He revealed that to help these businesses pay their staff ahead of the first payment in the first week of May, the banks have been asked to step in and provide support.
“I held a telephone hook-up with the four bank CEOs and the Tax Commissioner, Chris Jordan. It was a very productive discussion and we emphasised the need for the banks to provide the support to those businesses.”
He confirmed the big four will be launching hotlines for “their customers to call to receive the bridging finance necessary”.
“Importantly, they have also agreed to expedite the processing of all those applications to the front of the queue.
“So our message today is if you are a business or a not-for-profit operation that is eligible for the JobKeeper payment, as required, you need to pay your staff ahead of receiving the money from the Tax Office. Go to your bank, ring their hotline, ask for that support, and that support will be forthcoming,” Mr Frydenberg said.
