|Kelly Wealth Newsletter – COVID-19 Update |
The world is in information overload at the moment.
Change and information is happening so fast it’s difficult to absorb and know where to find it.
As we all know too many Australians have found themselves without work, have lost their jobs, or as a small business – without customers. We have done our best to provide some information on what’s available below. Please share if you feel it will help any family or friends. For Kelly Wealth, our doors remain open.
We are happy to meet (if safe), have phone meetings, and we have ZOOM technology available (web based video conferencing).
We are also happy to have a meeting after hours, in particular for clients in the medical industry and are working long hours.
Access to Super
The Government recognises that immediate financial necessities may temporarily outweigh the intended purpose of superannuation as a retirement savings vehicle, and will temporarily allow early access to super savings in prescribed circumstances.
If you would like to know if you’re eligible Click here
Centrelink support for individuals and sole traders:
The Government is temporarily expanding eligibility to income support payments and establishing a new temporary ‘Coronavirus supplement’.
The supplement will be paid at the fixed rate of $550 per fortnight for six months commencing 27 April 2020 and is in addition to existing income support payments.
If you would like to know more Click here
Government support for Business
The government has released support for business and are providing assistance for things such as:
– Boosting cashflow for employers
– GST reporting changes
– Instant asset write-off – continuing from March 10 announcement
– Accelerated Depreciation Investment Incentive – continuing from March 10 announcement
– Job Support Loans
– Payroll tax relief
– Relief for Financial Distress
– ATO Administrative relief
If you would like to know more about what offers or reliefs are available Click here
Bank Support Packages
Six Month Repayment Holiday
The big four banks (ANZ, NAB, Commonwealth, and Westpac) have announced that they are offering a 3-6 month “pause” on mortgage repayments. Should you require further information we recommend you contact your bank and refer to the below websites.
Personal & Business Support
Most Australian financial institutes are offering customers various forms of support in response to COVID-19. Below are links and information for some of the major institutes for your information.
Australia and New Zealand Banking Group – more information here.
Commonwealth Bank of Australia – more information here.
National Australia Bank – more information here.
ING – more information here.
MyStatebank – more information here
AMP – more information here
Suncorp – call 13 11 55. https://www.suncorp.com.
– An opportunity to defer scheduled loan repayments (including interest only) on a case-by-case basis
– Rearranging existing loans (for example, principal and interest to interest only) with the waiver of establishment fee
– Waiving early withdrawal fees for customers wishing to withdraw from – term deposits and/or Farm Management Deposits
– Working capital assistance, and
– No interest rate increases.
Westpac – call 1800 067 497 https://www.westpac.com.
– Fee free redraws
– Business loan deferred repayments up to 3 months
– Option to extend Business Loan term by up to 3 months
– Restructuring and consolidating loans
– Access to term deposit funds without reduction in interest rate
– Deferred payments for Business Credit Cards
– Business Financial Counselling access
– No establishment fees on equipment finance loans
Apprentice and Wage subsidies
As per our previous correspondence, we remind you that a subsidy is available where you may be eligible to receive 50% of your apprentice and wage subsidies.
Please refer to our previous email or following this link for further information.