To all our valued clients and friends
At this unprecedented time the Seek Financial team would like to reassure you that whilst our focus is on the health and safety of our team and the wider community, it is business as usual for us.
We already have the infrastructure in place to allow us to work from home if needed, so please don’t hesitate to contact any of us if you need help with anything at all at any time during this crisis.
Our lenders are closely monitoring this ever-evolving situation and are providing support and flexible assistance to both individuals and businesses in need. Some examples of how they are helping include:
- Deferral of payments for home loans, cards and vehicle finance
- A range of emergency assistance measures to support your urgent needs
- Loan restructuring and reassessment of terms for business clients impacted
- Access to counselling.
If you are experiencing financial stress please contact your lender, we are also very happy to discuss your situation and help to direct you to the correct department to seek further assistance and support.
Federal Government Stimulus Package
On March 12, 2020 the government announced packages and support designed to soften the impact the Coronavirus is having on the economy and to help businesses to survive this pandemic.
Business Investment Support
Business Investment Incentive
Eligible businesses with a turnover of less than $500 million will be able to deduct 50% of the cost of an eligible asset on installation. Existing depreciation rules will apply to the balance of the asset’s cost. This is a limited 15 month investment incentive.
Instant Asset Write Off
The instant Asset write off threshold will be increased from $30,000 to $150,000 and expand to include businesses with an annual turnover of less than $500 million. This will apply from 12 March 2020 until 30 June 2020 for new or second hand assets first used or installed during this time frame.
Business Cash Flow Assistance
Boosted Cash Flow for Employers
This measure is designed to provide temporary cash flow support for small to medium businesses that employ staff. Eligible businesses that withhold tax to the ATO on their employees’ salary and wages will receive a payment equal to 50% of the amount withheld, up to a maximum payment of $25,000. Eligible businesses that pay salary and wages will receive a minimum payment of $2,000, even if they are not required to withhold tax. This is tax free. Businesses with an annual turnover of less than $50 million, (based on the prior year’s turnover) that employ workers, are eligible.
Retaining Apprentices and trainees
From 1 January 2020 to 30 September 2020, eligible employers will have the opportunity to apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage. Applications open in April 2020.
You can find up to date information about the Government’s economic response here.
As the Coronavirus (COVID-19) continues to affect our community and families in ways that we have never seen or experienced before we urge you to stay safe, be sensible, look after each other and act with kindness always. Our thoughts are with you all.
The above information is general in nature. It has been prepared without taking into account your objectives, financial situation or needs.