Economic Stimulus Package Update

With three multi-billion dollar economic stimulus packages released from the federal government in response to the COVID-19 virus in mere weeks there is a flood of information to navigate. We understand that in times like these, access to such information may be absolutely vital to the life of your business or ongoing financial position. As such, we have assembled all of the most crucial websites providing the latest updates so you can continue to be informed as the situation evolves.

If you have any questions about how you may benefit from the government’s economic stimulus packages, please contact us on 8222 6100 or email us at info@causbrooks.com.au, or if you are currently one of our valued clients, you can contact your client manager directly.

Support for business

Jobkeeper Payment - information for employers fact sheet.

Coronavirus information and support for business.

Information for small business owners.

Cash flow assistance for businesses fact sheet.

Small businesses impacted by COVID-19 are now able to defer their business loan repayments for six months. For more information visit one of the bank’s websites below or call their dedicated hotlines:

CBA website - 1300 720 814

NAB website - 1800 701 599

ANZ website - 1800 252 845

Westpac website - 1800 067 497

St George website - 1800 629 795

Bendigo website - 1300 652 146

Regional Australia Bank website - 13 20 67

Superannuation

TEMPORARY EARLY RELEASE OF SUPERANNUATION

The government is allowing individuals affected by the coronavirus to access up to $10,000 of their superannuation in 2019–20 and a further $10,000 in 2020–21. Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments. For more information about the temporary early release of superannuation, visit the ATO’s site.

TEMPORARY REDUCTION OF SUPERANNUATION MINIMUM PAYMENTS

To assist retirees, the Government has reduced the minimum annual payment required for account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities by 50% in the 2019–20 and the 2020–21 financial years. For more information, visit the ATO’s site.

EARLY ACCESS TO SUPERANNUATION

The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. Download the fact sheet.

Workplace laws

In this hard time employees and employers need to work together to find the most beneficial solutions that suit their individual workplaces and staff. Visit the Fair Work Ombudsman’s website for further details.

About Causbrooks

Causbrooks gives you a client manager supported by a team of knowledgeable small business experts. We’re here to take the guesswork out of running your own business.

Get in touch with us to set up a consultation or use the contact form on this page to inquire whether our services are right for you.

Disclaimer

Any advice contained in this document is general advice only and does not take into consideration the reader’s personal circumstances. Any reference to the reader’s actual circumstances is coincidental. To avoid making a decision not appropriate to you, the content should not be relied upon or act as a substitute for receiving financial advice suitable to your circumstances.