What relief may be available to you?
The Australian Government has implemented to help out small business during this time. We are keeping across these initiatives and are happy to discuss how these may be accessed to benefit you during these times, also the business website has lots of resources www.business.gov.au
You maybe eligible to apply for early release of superannuation if you satisfy one or more of the following requirements:
- You are unemployed; or
- You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment which includes the single and partnered payments), special benefit or farm household; or
- On or after 1 January 2020:
- You were made redundant; or
- your working hours were reduced by 20 per cent or more; or
- if you are a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more.
To apply for an early release, you can apply directly to the ATO through the myGov website: www.my.gov.au
What should you be doing?
We understand that your number one priority at the moment is keeping your families and yourself safe.
If there is anything that we can assist you to do, so that you can properly prioritise, please let us know.
You may wish to consider any of the following:
- Succession planning – ensure your Will is up-to-date and you have an enduring power of attorney to deal with times of sickness, self-isolation, quarantine and travel interruption. Also ensure that your beneficiaries under your superannuation policy properly reflect your intentions.
- Business contingencies – if you are experiencing financial difficulties, or you think you might be insolvent, make sure you are aware of the government incentives and leniencies. We can also work with you to make contingencies to help your business through this unprecedented time.
- Review your financial Plan– It maybe time to sit down review your investments, insurance, goals and objectives before making any unplanned moves. We can work to review your financial situation to help outline your plans.
Our reception line – 07 3999 9751 or 1300 009 888– will be monitored at all times during business hours.