News Update

COVID-19 Stimulus Relief Package

Stimulus package – What does this mean for you?

25 March

Over the weekend, the Government announced the Coronavirus stimulus relief package to support Australians and the economy weather through the financial impacts from COVID-19. You can read about the announced measures here.

We are considering the implications relevant to your financial situation as the detail is made available to us. Some specific strategies we are considering include the following:

Reduce pension fund payments to the new lower minimum pension requirement (i.e. half). This aims to avoid the need to sell down assets in the current market to fund pension payments that are unnecessary.
Update Centrelink with the latest account balance for pension and investment funds for potential increase in Age Pension payments.
For non-retirees, access to funds from super.
Business investment incentives and support.

Please bear with us while we analyse and understand these measures and how they could impact you. We will be in contact when we have more clarity on these measures.

Stay well!

Yihsing and the OakWealth Team

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Disclosure Statement:

Yihsing Koo and Oak Wealth Solutions Pty Ltd (ACN:143 070 946) ATF Oak Wealth Solutions Unit Trust (ABN:657 966 722 37) are Authorised Representative(s) of Consultum Financial Advisers Pty Ltd (ABN:65 006 373 995), AFSL number 230323, an Australian Financial Services Licensee, with offices at Level 6, 161 Collins Street, Melbourne VIC 3000.

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Any advice or information in this publication is of a general nature only and has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your personal objectives, financial situation and needs. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product, and to seek appropriate advice. Past performance is not a reliable guide to future returns. The information in this publication reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases, the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this publication. Members of the IOOF group of companies (IOOF Group), associated employees or agents may have an interest in or receive monetary or other benefits from the financial products and services mentioned in this publication. The Licensee is part of the IOOF Group, and we may recommend financial products issued by companies within the IOOF Group.

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