In response to the outbreak of the coronavirus (COVID-19), we’ve assembled this page to guide you and provide information and updates on what you can do and where you can go for business and financial assistance.
Continue to visit the Crosbie COVID-19 updates page for any updated information to help inform your financial decision making. You can also contact us at any time.
With the fallout from COVID-19 and the effects it is having on businesses, we understand finances are tough for businesses and individuals at this time.
If you are having financial difficulty the majority of lenders have hardship policies in place for individuals and you should get in touch with your bank. For more information go to the Australian Banking Association – Financial difficulty page which will link to each bank's assistance package and how to apply.
Lenders all have financial hardship policies available if you are unable to meet your existing financial obligations. Arrangements depend on your circumstance and situation and could include:
- deferring or reducing loan repayments
- restructuring and consolidating loans
- altering loan repayments to interest-only
Crosbie Finance is here to help you navigate the unknowns in this difficult time so please get in touch if you need any advice.
For more information recently sent out on home loans and business and equipment loans READ HERE or click on the image below.
To find out more on what your bank is offering click on the bank's logo below:
GOVERNMENT PACKAGE UPDATES
We will keep you up to date with any update on any government stimulus package updates and how they will affect you and your family. Click on the links below for the latest information:
23 March 2020
The Government released a second stimulus support package to help with the effects of coronavirus on the economy. Some of the updates are:
- PAYG Withholding credits for businesses increased
- The threshold at which creditors can issue a statutory demand for payment of amounts outstanding will increase
- Instant asset write off – increased
- Assets over $150,000 eligible for 50% instant write off
- 50% subsidy for apprentice or trainees wage
Supporting the flow of credit
- The Government will provide a guarantee of 50% to SME lenders for new unsecured loans to be used for working capital.
- JobSeeker Payment, Youth Allowance Jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit doubled
- 2 x $750 payments to social security, veteran and other income support recipients and eligible concession cardholders
- Individuals affected by the Coronavirus allowed to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
- The Government is temporarily reducing superannuation minimum drawdown requirements
- Reducing Social Security Deeming Rates
16 March 2020
The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus.
The yet to be legislated four-part package focuses on business investment, sustaining employers and driving cash into the economy.
1. Business investment
- Increase and extension of the instant asset write-off
- Accelerated depreciation deduction
2. Cash flow assistance for small and medium-sized business
- Tax-free payments up to $25,000 for employers
- Wage subsidy of up to 50% of an apprentice or trainee wage
3. Targeted support for severely affected sectors, regions, and communities
4. Household stimulus payments to drive cash into the economy
- Tax-free $750 payment to social welfare recipients
Crosbie Wealth Updates
HELPFUL LINKS AND ARTICLES
Australian Banking Association - https://www.ausbanking.org.au/
ATO MyGov website - myGov website: www.my.gov.au.
Beyond Blue - https://www.beyondblue.org.au/
If there is anything you have questions on anything in regards to this page then please contact us.
In response to the recent government announcement to cancel all non-essential gatherings to prevent the spread of COVID-19, we will be closing our office effective Tuesday 24 March. and working remotely.
Rest assured during this time we remain available to advise you and will be operating our services to support and assist you. You can contact us as normal on 02 4923 4000.
We will continue to update you as soon as there are any changes.
We understand the impact this is having on all clients and businesses including our own and on behalf of the entire Crosbie family stay safe.