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.
Yihsing and the OakWealth Team