Coronavirus update - government support and stimulus measures

​Sadly it seems that barely an hour goes by without further distressing news about COVID-19.  
 
You will no doubt have seen the Australian government's response announced yesterday.  Given the breadth of the measures we've summarised them into the attached documents - one specific to individuals & households and the other specific to small and medium businesses.
 
The measures are intended to provide support to those requiring it, while also encouraging businesses to continue trading and, where able, to invest in capital and staff.  
 
These initiatives build on those announced on 12 March 2020 but it's highly unlikely that they'll be the last of the stimulus measures.  We'll keep you informed, but the key takeaways from the current measures are:
 
For individuals & households

• An ability to gain early access to superannuation (up to $20,000) in some cases;
• A reduction in the minimum required drawdown from superannuation pension accounts;
• An additional $750 payment to eligible Centrelink recipients - among other social security enhancements;
• A further reduction in deeming rates from 1 May 2020.

 
For small and medium businesses

• An extension of the cash flow boost for those who employee staff;
• Support for those who employ apprentices or trainees;
• Bank and government support for businesses that have loans or who are seeking credit;
• Extension of the asset write off and asset depreciation allowances.

 
The intent of all measures is to minimise the financial burden on those in need and to also boost the economy as much as possible.
 
We've already been contacted by many clients seeking assistance and we encourage anyone who's in need of advice to please be in touch.  Some of the announced measures will apply automatically to those who are eligible, but if you're unsure or need clarity then please let us know.  
 
Likewise we'll do our best to continue to communicate the economic and financial fallout from the crisis, but if you need more information about the specific impact on your financial position then please contact us.  
 
As always please take whatever precautions you feel are necessary to look after your health.  The government is taking increasingly stringent steps to manage the spread of the virus and it's likely that these will increase in the coming days, weeks and months.
 
In line with that we've made the decision that all staff of Next Level Financial Services will work remotely for the foreseeable future.  
 
This means that our offices will be closed, however we have the resources to work from our homes and will be contactable as normal.  However, please note that if calling our office line - 03 9188 4254 - it's likely that you'll go through to our voicemail service.  Please leave a message and we'll respond ASAP.
 
We'll also be contacting clients with whom we had scheduled face to face meeting to make other arrangements.
 
However, it's very much business as usual aside from our physical absence from the office.

Download File

stimulus_package_-_assistance_for_small_and_medium_businesses.pdf
Download File
stimulus_package_-_assistance_for_individuals___households.pdf