Quill is a financial services business with a team of passionate professionals who are committed to working with family businesses, working families and retired families.
The Queensland Government has activated a new $10,000 COVID-19 Small Business Grants scheme to assist small and micro businesses impacted by Coronavirus to access funding for the purposes of “business adaptation”.
IMPORTANT: This grant is now closed, but Round 2 opens 1 July 2020:
Round 2 of the QLD Small Business COVID-19 Adaption Grants will open 1 July 2020
Apply for round 2 of the grant
Eligibility Criteria
To be eligible for the $10,000 COVID-19 small business grants, the business must:
- have been subject to closure or otherwise highly impacted by current shutdown restrictions announced by Queensland’s Chief Health Officer on 23 March 2020
- demonstrate that business revenue has been significantly impacted since 23 March 2020 over a minimum 1-month period due to the onset and management of COVID-19
- employ staff and have fewer than 20 employees at the time of applying for the grant
- have a valid Australian Business Number (ABN) active as at 23 March 2020
- be registered for GST
- have a Queensland headquarters
- have an annual turnover over $75,000 for the last financial year
- have a payroll of less than $1.3 million
- not be insolvent or have owners/directors that are an undischarged bankrupt.
Only 1 application will be accepted from an individual ABN or a financial beneficiary of a business.
Successful applicants cannot reapply for funding under this grant program.
What The Grant Must Be Spent On
The $10000 COVID-19 small business grants can be used towards the following
- financial, legal or other professional advice to support business sustainability and diversification
- strategic planning, financial counselling or business coaching aligned to business development and diversification
- building the business through marketing and communications activities, for example, content development (web pages, mobile apps, visual and audio media etc.)
- digital/technological strategy development
- digital training or re-training to adapt to new business models
- capital costs associated with meeting COVID-19 SAFE requirements
- specialised digital equipment or business specific software to move business operations online (e.g. logistics program for online ordering)
- meeting business costs, including utilities, rent.
Note: Grant funds can also be used towards any of the above activities occurring from 23 March 2020 onwards, keeping in mind the project must be completed within a maximum of 6 months from the date of approval.
Once the program budget has been fully allocated, applications for the program will close. It is estimated that approximately 10,000 small businesses will be supported through this program.
Applying small and micro businesses must meet the eligibility and assessment criteria to be considered for funding.
Applying for the $10,000 COVID-19 Small Business Grants
To apply, complete the following steps:
- read the eligibility criteria
- read the application guidelines, terms and conditions and frequently asked questions (FAQs)
- apply using the SmartyGrants link.
Assessment Process
In addition to meeting the eligibility criteria, applications will be assessed against the following:
- funding availability – applications will be processed on a ‘first come, first served’ basis, and therefore not all applications will be successful
- submission of a complete application form, with all requested supporting documentation included (i.e. your application must contain the requested supporting documentation, otherwise you will be contacted to provide appropriate evidence and this may delay your application’s progress)
- value for money, as determined by the Department of Employment, Small Business and Training (DESBT).
Grant Payments
Funding will be paid upon approval of your grant application. Within 1 month of completing the project, applicants must:
- complete and submit an acquittal report through SmartyGrants
- submit copies of supplier invoices and proof of purchase for the total project cost.
Grant recipients may be subjected to a random audit by DESBT to ensure that the information provided is true and correct. Where it is found that false or misleading information has been provided, penalties may apply, including refunding to DESBT some or all of the grant funding.
Next Steps
If you need assistance with the application for the QLD Government $10,000 COVID-19 Small Business Grants scheme please contact your Quill Relationship Manager for more information.
This article on business interruption insurance and COVID-19 has been provided by Berren Hamilton from Stone Group Lawyers.
Business Interruption Insurance and COVID-19 Exclusions
As many businesses continue to suffer unprecedented disruption due to forced closures and severe reductions in trade due to the Coronavirus COVID-19 worldwide pandemic, there is currently a raging debate among the insurance and legal communities in Australia about whether business interruption insurance cover for COVID-19 may be properly excluded by policies which seek to exclude ‘diseases declared to be quarantinable diseases under the Australian Quarantine Act 1908 and subsequent amendments’.
Business interruption insurance cover can extend to situations where there has been an outbreak of contagious disease at or near to the location of the insured business, or which has caused the business to be ordered by the Government or public authority to be closed or evacuated.
Such cover often comes with an exclusion for quarantinable diseases. This exclusion was introduced following the SARS outbreak in 2002 and then widely adopted following the avian influenza outbreak in 2006 and swine flu in 2009. Diseases declared to be quarantinable diseases under the Quarantine Act include these diseases and also cholera, plague, rabies, yellow fever, smallpox and ebola.
Issue with Coronavirus Business Interruption Insurance Policy Exclusions
In 2015, the Quarantine Act was repealed. It was replaced by a revamped legislative regime called the Biosecurity Act 2015. The Biosecurity Act does not use the classification system previously used by the Quarantine Act of ‘quarantinable diseases’ and ‘notifiable diseases’. Instead it uses a different regime which includes identifying certain diseases as ‘listed human diseases’ which are diseases that are communicable and cause significant harm to human health.
This list under the Biosecurity Act is very similar to the last list of quarantinable diseases under Quarantine Act before it was repealed, with the important exception that the list under the Biosecurity Act now includes COVID-19, added on 21 January 2020. In each case it was and is the Governor-General who had and has the responsibility of declaring whether a disease is to be included in these lists.
After the Quarantine Act was repealed, many policies updated the exclusion to refer to listed human diseases under the Biosecurity Act. But for many policies the exclusion was not updated, raising the question under debate for such policies – can an exclusion that only refers to the Quarantine Act apply to COVID-19?
Are Pandemic Policy Exclusions Applicable to COVID-19?
Of course, given the recent birth of COVID-19 there are no Court decisions on this point. On one side are those for the insured policyholders – arguing that the Biosecurity Act is not a subsequent amendment to the Quarantine Act. On the other side are those for the insurers – arguing that the obvious intent of the exclusion is to exclude all diseases with pandemic potential.
It seems ultimately that this question will be determined by the judiciary. This determination may not be far away. It is a narrow question perfect for the Federal Court’s insurance list for short matters created to cater for the prompt and efficient resolution of insurance law policy interpretation issues.
Which side will win remains to be seen. Presently, the expectation is that those for the insurers have the more difficult case. It is unlikely that it would be accepted that an insurance policy would contain an implied term that reference to a certain Act should include another Act where the two are separate legislative instruments. But whilst the Biosecurity Act ushered in a new regime for the protection of Australia from biosecurity risks and emergencies, the Quarantine Act which it replaced had the same objectives.
The argument that the clear intent and commercial objective from a business perspective of an exclusion referring to quarantinable diseases is to exclude a disease like COVID-19 is attractive. But if the reason that the exclusion was not updated was mere oversight by the insurer, this would likely not be enough to invoke the Court’s equitable relief of rectification to correct the mistake. The insurer wrote the policy terms in the first place. There needs to compelling evidence that the terms of the policy do not express the parties’ common intentions before a Court would be prepared to rewrite the contract.
What Business Owners Need to Do
If you have a business interruption cover included in your policy, and your business has been impacted by COVID-19, you should review your policy and make a claim under policy to recoup your losses.
If you are ever in the unfortunate situation of your insurer refusing to cover all or part of a claim made under your insurance policy, it is vitally important that you promptly seek expert legal advice.
If your claim for business interruption is not covered on the basis of an exclusion in the policy, we can provide you with expert advice as to whether the position taken by the insurer is justified, or whether the claim should be covered, and can assist you through the process of obtaining the cover provided by the policy that you paid for.
How We Can Help You
Stone Group Lawyers has put together a special offer for clients of Quill Group. For a discounted fixed fee of $300 inclusive of GST, Stone Group will:
- Review your insurance policy wording and schedule to check whether business interruption losses due to COVID-19 may be covered, subject to assessment of the loss.
- If it is considered that coverage may be obtained – lodge a claim to the insurer on your behalf, to seek confirmation from the insurer whether the claim is covered, subject to assessment of the loss.
Where a claim for such coverage is made to an insurer, Stone Group will include in the letter to the insurer that you have engaged Quill Group to prepare the claim assessment, and that you seek cover for Quill Group’s fees in this regard under the claims preparation coverage clause (where the policy includes such a clause).
If the insurer refuses to cover the claim (which I expect is likely), then Stone Group we can advise on the options available including internal dispute resolution, complaint to the Australia Financial Complaints Authority (AFCA), applying to the Court for declaratory relief and/or pursuing a Court proceeding for damages from the insurer.
Next Steps
If you would like to take advantage of the special offer Quill Group has obtained from Stone Group Lawyers, please contact us or get in touch with your Quill Relationship Manager and we can put you in touch with the team at Stone Group to review your business interruption policy to determine what your options are.
The laws setting out the Federal Government’s response to Coronavirus were introduced into Parliament on 23 March 2020, the bill has now been passed by both just awaiting royal assent, with one measure being the cash flow boost for eligible employers who may receive up to $100,000 tax-free.
Am I eligible for the cash flow boost?
A business (including a charity or not-for-profit) will be eligible for the cash flow boost if it meets the following conditions.
- The business must make a payment that is subject to the withholding tax provisions – the most common example will be payments of salary or wages.
- The business must be one of the following:
(a) a small business entity – which generally means carrying on business in the relevant income year and with an aggregated turnover of less than $10 million
(b) a medium business entity – which generally means carrying on business in the relevant income year and with aggregated turnover of less than $50 million
(c) a charity or other not-for-profit entity of an equivalent size. The legislation tests turnover for the most recent income year that the business has received an income tax notice of assessment.
If this is not possible, which may be relevant for charities and other entities that are exempt from income tax, the alternative is for the Commissioner to be satisfied that there is a reasonable possibility the business will meet the criteria for the relevant income year (either the 2020 income year or the 2021 income year). - The business must have notified the Commissioner of the payment that was subject to withholding tax in the approved form. This will usually be done by lodging the relevant Business Activity Statement (BAS).
- The payment must relate to either:
(a) for monthly withholders – the months of March 2020, April 2020, May 2020 or June 2020
(b) for quarterly withholders – the quarters ending March 2020 or June 2020. - The business must have held an ABN on 12 March 2020. This is not relevant for charities.
- The business must have either:
(a) derived assessable income from carrying on a business in the 2019 income year
(b) made supplies in the course of carrying on its enterprise within Australia after 1 July 2018 and before 12 March 2020.
What if the business has not historically paid salary or wages?
We have received good questions about helping clients access the boosts – in some cases where the client has not made payments subject to withholding. This may be because the owners have historically taken dividends or drawings.
The legislation contains integrity rules that prevent businesses from trying to manoeuvre into the eligibility conditions.
One condition for getting the boosts is that the client (and their agents and associates) did not enter into an arrangement for the sole or dominant purpose of getting the boosts, or getting increased boosts.
We will update this article if we receive any guidance as to whether switching from drawings/ dividends to salary, for example, when all of the other conditions are satisfied, will trigger the anti-avoidance provisions.
What do I have to do to get the cash flow boost?
Businesses will need to lodge their BASs showing the payments that are subject to withholding.
If the business is a charity or not-for-profit with no income tax notices of assessment, it will need to notify the Commissioner that it should satisfy the small to medium business entity requirement.
How much are the cash flow boosts?
There are two cash flow boosts. The minimum amount for each cash flow boost is $10,000 – so $20,000 in total. The maximum cap for each cash flow boost is $50,000 – so $100,000 in total.
Subject to the minimum amount and maximum cap, the cash flow boost is 100% of the amount that has been withheld for the period.
However, if the payment is for the month (not quarter) of March 2020, the cash flow boost is 300% of the amount that has been withheld. This means there is no difference between monthly and quarterly reporting.
How do I get the first cash flow boost?
The tax-free payment will broadly be calculated and paid by the ATO as an automatic credit to an employer, upon the lodgment of activity statements from 28 April 2020, with any resulting refund being paid to the employer. This means that:
- – quarterly lodgers will be eligible to receive the payment for the quarters ending March 2020 and June 2020; and
- – monthly lodgers will be eligible to receive the payment for the March 2020, April 2020, May 2020 and June 2020 lodgments. However, the payment for the March 2020 activity statement will be calculated as being three times the actual amount withheld.
Note that, the minimum payment of $10,000 will be applied to an entity’s first activity statement lodgment (whether for the month of March or the March quarter) from 28 April 2020.
How do I get the second cash flow boost?
The second cash flow boost is the same amount as the first cash flow boost. There are further eligibility conditions, but most will be satisfied if the business remains in business.
For employers that continue to be active, an additional (tax-free) payment will be available in respect of the June to October 2020 period, basically as follows:
- – Quarterly lodgers will be eligible to receive the additional payment for the quarters ending June 2020 and September 2020, with each payment being equal to 50% of their total initial (or Stage 1) payment (up to a maximum of $50,000).
- – Monthly lodgers will be eligible to receive the additional payment for the June 2020, July 2020, August 2020 and September 2020 activity statement lodgements, with each additional payment being equal to a 25% of their total initial (or Stage 1) payment (up to a maximum of $50,000).
The ATO will automatically calculate and pay the additional (tax-free) payment as a credit to an employer upon the lodgement of their activity statements from July 2020, with any resulting refund being paid to the employer.
If you have any questions, please contact a member of our team to discuss.
See more on the ATO Website here regarding boosting cash flow for businesses.
See the latest updates on COVID-19 and how it may affect you here.
Payroll tax refund COVID-19: At the top of the Victorian economic stimulus package is a refund of payroll tax for small businesses. Effectively, the payroll tax threshold applies to Victorian entities with Australian taxable wages less than $3m for the 2019/20 income year.
As well as the payroll tax refunds, registered businesses in the hospitality, tourism, accommodation, arts/entertainment and retail industries will receive tailored support. This is in the form of a grant, and specifically not a loan.
Other measures announced include deferral of certain land tax payments, and rent relief for businesses renting government premises.
Detail:
The Victorian Government has established an economic survival package to support Victorian businesses and workers through the devastating impacts of the COVID-19 pandemic.
The $1.7 billion Economic Survival Package complements the work of the Federal Government.
The package includes the following key programs.
Payroll Tax Refund
Businesses with annual taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived. This will support 24,000 businesses and up to 400,000 workers.
The State Revenue Office will directly contact eligible businesses to reimburse them for payroll tax already paid in the financial year.
Eligible businesses must continue to lodge returns but do not need to make further payments for this financial year.
These businesses can also defer paying payroll tax for the first quarter of the 2020-21 financial year.
More information about the administration of these relief measures will be sent directly to eligible businesses.
Visit www.sro.vic.gov.au
Liquor licence fees waived | Payroll tax refund COVID-19
Renewable liquor licence fees for 2020 will be waived. Businesses that have already paid will be reimbursed.
The State Revenue Office will administer the reimbursement, regardless of whether the licence fee was paid to it or the Victorian Commission for Gaming and Liquor Regulation.
Visit www.sro.vic.gov.au
Business Support Fund
The $500 million Business Support Fund will support the hardest hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail.
The Government will work with the Victorian Chamber, Australian Hotels Association and Australian Industry Group to deliver the Fund, which will help these businesses – which may not be eligible for payroll tax refunds due to their size – survive and keep people in work.
Visit www.business.vic.gov.au
Working for Victoria Fund | Payroll tax refund COVID-19
Under the $500 million Working for Victoria Fund, displaced workers will be eligible to apply for different types of work. This presents opportunities for paid work and an opportunity to contribute to Victoria’s ability to manage this event and support the community.
Some displaced workers will have skills that can be readily transferred to new roles. The Government can also assist skills development or help people in obtaining immediate accreditation to commence work.
The Government will work across the public sector, local government, the not-for-profit sector and key private sector employers to facilitate job matching.
Visit www.vic.gov.au/workingforvictoria
Land tax deferral
Landowners that have at least one non-residential property and total taxable landholdings below $1 million have the option of deferring their 2020 land tax payment until after 31 December 2020.
The State Revenue Office will contact all taxpayers who are eligible for this deferral.
Visit www.sro.vic.gov.au
Fast tracking outstanding supplier invoices
The Government will pay all outstanding supplier invoices within five business days – releasing up to $750 million into the economy earlier. The private sector is urged to do the same where possible.
Rent relief for commercial tenants in government buildings
The Government will work directly with commercial tenants in government buildings who can apply for rent relief. Private landlords are also being encouraged to provide rent relief or holidays to help businesses.
Business Victoria HOTLINE
Businesses across the state can now access information on dealing with COVID-19 by calling the Business Victoria hotline on 13 22 15.
Coronavirus (COVID‑19) updates
For the latest updates and advice on the novel coronavirus in Victoria, visit the DHHS website:
www.dhhs.vic.gov.au/coronavirus
Mental health and wellbeing during the Coronavirus COVID-19 outbreak
The outbreak of the coronavirus COVID-19 has impacted people in varying ways on an international scale. It is understandable during times like this that people may be feeling afraid, worried, anxious and overwhelmed by the constantly changing alerts and media coverage regarding the spread of the virus.
While it is important to stay informed, lifeline.org.au and beyondblue.org.au have some mental health and wellbeing tips and strategies to continue looking after ourselves and each other during these difficult times.
To contact Lifeline:
Phone:
13 11 14 (24 hours/7 days)
Text:
0477 13 11 14
(6pm – midnight AEDT, 7 nights)
Chat online:
www.lifeline.org.au/crisis-chat
(7pm – midnight, 7 nights)
To contact Beyond Blue:
Phone:
1300 22 4636 (24 hours/ 7days)
Chat online:
www.beyondblue.org.au/get-support/get-immediate-support (3pm – 12am, 7 days)
Email:
online.beyondblue.org.au/email/
Get a response in 24 hours
Read more:
https://www.premier.vic.gov.au/economic-survival-package-to-support-businesses-and-jobs/
See the latest updates on COVID-19 and how it may affect you here.
The State Government of NSW has released a business support package to alleviate the impact of the COVID-19 outbreak. The State Government has mainly focused on providing assistance through the payroll tax relief, as the intention is to help businesses keep their employees on the payroll.
NSW has opted to waive payroll tax for businesses with Australian taxable wages of up to $10m for the three months leading to 30 June 2020.
The stimulus package will help to protect communities and jobs in the face of the COVID-19 outbreak over the next six months.
Key elements of the NSW COVID-19 package include:
Business support and jobs | NSW COVID-19 business support
- – $450 million for the waiver of payroll tax for businesses with payrolls of up to $10 million for three months (the rest of 2019-20). This means these businesses will save a quarter of their annual payroll tax bill in 2019-20
- – $56 million to bring forward the next round of payroll tax cuts by raising the threshold limit to $1 million in 2020-21
- – $80 million to waive a range of fees and charges for small businesses including bars, cafes, restaurants and tradies
- – $250 million to employ additional cleaners of public infrastructure such as transport assets, schools and other – public buildings
- – more than $250 million to bring forward maintenance on public assets including social housing and crown land fencing
- – $500 million to bring forward capital works and maintenance.
Read more:
https://www.nsw.gov.au/news-and-events/news/health-boost-and-economic-stimulus/
See the latest updates on COVID-19 and how it may affect you here.
There is QLD COVID-19 business support available. The Queensland State Government has released a business support package to ease the impact of the COVID-19 outbreak. The State Government has mainly focused on providing assistance through the payroll tax relief, as the intention is to help businesses keep their employees on the payroll.
QLD has decided to extend its small business 6-months tax deferral program to all businesses in the state.
A $1 Billion concessional loan facility will also be made available to affected businesses.
As part of the Queensland Governments response to COVID-19, a $1 billion loan scheme was delivered by the Queensland Rural and Industry Development Authority (QRIDA) between March and September 2020. Now closed, the scheme has assisted 7,000 Queensland businesses and supported 86,000 local jobs.
If you now have a COVID-19 Loan with QRIDA you can find important information regarding the ongoing management of your loan on the QRIDA COVID-19 Jobs Support Loan page. A wide range of other government assistance remains available for Queensland businesses impacted by COVID-19, please visit www.business.qld.gov.au for more information.
Details:
Payroll tax relief package | QLD COVID-19 business support
You may be eligible for one or more of a range of payroll tax relief measures as a result of the impacts of coronavirus (COVID-19).
These include:
- – refunds of payroll tax for 2 months
- – a payroll tax holiday for 3 months
- – deferral of paying payroll tax for the 2020 calendar year.
Eligibility
If you are an employer (or part of a group of employers) who pays $6.5 million or less in Australian taxable wages, you may receive an email about a:
- – a refund of your payroll tax for 2 months
- – a payroll tax holiday (i.e. no payroll tax to be paid) for 3 months.
You can also apply for a deferral of payroll tax for the 2020 calendar year. (If you have already applied for a deferral, you do not need not reapply – it will be extended.)
If you do not receive an email, or you are unsure about your eligibility, complete the refund/holiday application form.
If you are an employer (or part of a group of employers) who pays more than $6.5 million in Australian taxable wages and have been negatively affected (directly or indirectly) by coronavirus, you can apply for a:
- – deferral of payroll tax for the 2020 calendar year (If you have already applied for a deferral, you do not need not reapply – it will be extended.)
- – refund of your payroll tax for 2 months.
A business is directly or indirectly affected by coronavirus if their current turnover, profit, customers, bookings, retail sales, supply contracts or other factors are negatively affected compared with normal operating conditions.
How to apply
There are 2 online application forms.
Apply for refund/holiday (You must apply for this one before 31 May 2020.)
What happens next
Once your applications have been processed, you will receive an email with instructions on what you need to do.
- – You won’t need to pay payroll tax returns for the 2020 calendar year.
- – You must continue to lodge returns in OSRconnect – without paying them – during this time.
- – You can resume paying returns at any time during the deferral period.
| Return period | Lodgement due date | Deferred payment due date |
| March | 7 April 2020 | 14 January 2021 |
| January-March quarter | 7 April 2020 | 14 January 2021 |
| April | 7 May 2020 | 14 January 2021 |
| May | 8 June 2020 | 14 January 2021 |
| 2019-20 annual | 21 July 2020 | 14 January 2021 |
| July | 7 August 2020 | 14 January 2021 |
| August | 7 September 2020 | 14 January 2021 |
| September | 7 October 2020 | 14 January 2021 |
| July-September quarter | 7 October 2020 | 14 January 2021 |
| October | 9 November 2020 | 14 January 2021 |
| November | 7 December 2020 | 14 January 2021 |
| December | 14 January 2021 | 14 January 2021 |
| October-December quarter | 14 January 2021 | 14 January 2021 |
| July-December half-year | 14 January 2021 | 14 January 2021 |
Related links
- – Find out about coronavirus small business support.
- – Read the media release about support for businesses.
Read more about the payroll tax relief package.
Queensland COVID-19 jobs support loans | QLD COVID-19 business support
You may be eligible for a loan to retain employees and maintain your operations.
The $1 Billion concessional loan facility will include low interest loans of up to $250,000 for carry on finance with an initial 12-month interest free period for businesses to retain staff.
Register your interest through the Queensland Rural and Industry Development Authority or phone 1800 623 946.
Small and medium business power bill relief | QLD COVID-19 business support
Small and medium businesses may be eligible for a $500 rebate off energy bills.
Businesses who consume less than 100,000 kilowatt hours (kWh) will receive the rebate. This will be automatically applied on your business electricity bills.
Business pandemic management guide
Read our information on pandemic risk management for business.
Business rent relief
Businesses who rent state government premises may be eligible for rent relief. More information will be available soon.
Industry support
The Industry Support Package will assist large businesses through this period to ensure they will be able to scale up and service the community when economic activity improves. Email COVID19ISP@treasury.qld.gov.au for more information.
Market diversification and resilience grants are available for Queensland agriculture, food and fishing exporters and their critical supply chain partners, as well as industry organisations working with exporters.
Read further support and advice for:
- – cleaning and disinfecting your environment
- – clinicians and healthcare workers
- – commercial fishers
- – commercial tourism operators working in Queensland Parks and Wildlife Service-managed areas
- – food and grocery businesses
- – linen management in healthcare and linen services
- – liquor and gaming licensees
- – waste management in healthcare facilities and waste contractors.
Read more about the Immediate Industry Recovery Package.
Mentoring sessions
The Mentoring for Growth program currently has more than 50 mentors ready to connect with impacted small businesses.
Mentors are available to provide tailored support including financial mentoring and business planning.
Register your interest in a Mentoring for Growth session.
Contact 1300 654 687 or m4g@desbt.qld.gov.au for more information.
Financial workshops
Small businesses can access a series of workshops to learn about financial management and business planning.
Delivered by TAFE Queensland, workshops will provide you with practical tools and skills to build business resilience. You will also have an opportunity to connect and network with other small businesses facing similar issues.
Workshops will be delivered in several locations to support a place-based approach for the local small business community.
Register for workshops in a location near you.
Details of other workshop times and locations will be posted on this website soon.
For other locations, register your interest by contacting 1300 654 687 or info@desbt.qld.gov.au.
See the latest updates on COVID-19 and how it may affect you here.
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.
The Prime Minister has warned that there are no “quick solutions” and that business should prepare for 6 months of disruption.
In Summary
Business
- – Tax-free payments up to $100,000 for small business and not-for-profit employers. An increase in the previously announced initial tax-free payments for employers to a maximum of $50,000. In addition to this, a second round of payments will be made up to a maximum of $50,000, accessible from July 2020.
- – Solvency safety net – temporary 6 month increase to the threshold at which creditors can issue a statutory demand on a company from $2,000 to $20,000, and an increase in the time companies have to respond from 21 days to 6 months. Directors also are provided with temporary relief from personal liability for trading while insolvent for 6 months.
- – Access to working capital – Introduction of a Coronavirus SME guarantee scheme protecting financial institutions by guaranteeing 50% of new loans to SMEs.
- – Sole traders and self-employed eligible for Jobseeker payment – the eligibility criteria to access income support relaxed for the self-employed and sole traders.
- – Temporary relief from some Corporations Act requirements
Individuals
- – Early release of superannuation – individuals in financial distress able to access up to $10,000 of their superannuation in 2019-20, and a further $10,000 in 2020-21. The withdrawals will be tax-free and will not affect Centrelink or Veterans’ Affairs payments.
- – Temporary reduction in minimum superannuation draw down rates – superannuation minimum drawdown requirements for account based pensions and similar products reduced by 50% in 2019-20 and 2020-21.
- – Deeming rates reduced – from 1 May, superannuation deeming rates reduced further to a lower rate of 0.25% and upper rate of 2.25%.
- – Supplements increased, access extended and eased – for 6 months from 27 April 2020:
- – A temporary coronavirus supplement of $550 will be paid to existing income support recipients (people will receive their normal payment plus $550 each fortnight for 6 months).
- – A second one-off stimulus payment of $750 will be paid automatically from 13 June 2020 to certain income support recipients (in addition to the payment made from 31 March 2020).
- – Eligibility for access to income support eased to include sole traders and the self-employed, and to those caring for someone infected or in isolation.
- – Waiting periods and assets tests temporarily waived.
- – Bankruptcy safety net – temporary 6 month increase to the threshold for the minimum amount of debt required for a creditor to initiate bankruptcy proceedings against a debtor from $5,000 to $20,000.
The Government has flagged that additional stimulus packages will be required.
In detail
Support for business
Tax-free payments up to $100,000 for employers
- – From: 28 April 2020
- – Eligibility: Small and medium business entity employers and not-for-profit entities, with an aggregated annual turnover under $50 million.
The Government has increased the previously announced measures to provide cash flow support to business.
Now, eligible businesses with a turnover of less than $50 million will initially be able to access tax-free cash flow support, with the minimum amount being increased to $10,000 and the maximum amount increased to $50,000 (previously $2,000 to $25,000). However, additional support will be provided in the July – October 2020 period so that eligible entities will receive total minimum support of $20,000 and up to $100,000.
In order for a business to qualify for this support it must have been established prior to 12 March 2020. The rules are more flexible for charities because the Government recognises that new charities might be established in response to the pandemic.
The cash flow support measures will be provided in the form of a credit in the activity statement system. The support will be provided in two phases.
- – The first phase ensures that eligible employers receive a credit equal to 100% of the PAYG amounts withheld from salary and wages paid to employees during the relevant period, up to the maximum amount of $50,000.
- – The second phase ensures that eligible employers receive another series of credits, equal to the credits that were received under the first phase. For example, if a business received $40,000 of credits in the first phase it will receive a further $40,000 of credits in the second phase. These additional credits will be spread over two or four activity statement periods, depending on whether the employer lodges on a quarterly or monthly basis.
If a business pays salary and wages to employees but is not required to withhold any tax then a minimum payment of $10,000 will be made in the first phase and a further payment of $10,000 will be made in the second phase.
The credits are automatically calculated by the ATO and employers will need to lodge an activity statement to trigger the entitlement. If the credit puts the business in a refund position the excess amount will be refunded by the ATO within 14 days.
Businesses that lodge activity statements on a quarterly basis will be eligible to receive credits in the first phase for the quarters ending March 2020 and June 2020. Credits in the second phase will be available for the quarters ending June 2020 and September 2020. The minimum $10,000 payment will be applied to the first lodgement.
Business that lodge on a monthly basis will be eligible for the credits in the first phase for the March 2020, April 2020, May 2020 and June 2020 lodgements. Credits in the second phase will be available for the June 2020, July 2020, August 2020 and September lodgements. The minimum $10,000 payment will be applied to the first lodgement.
Eligibility for the measure will be based on prior year turnover. We will have to wait for the legislation for the finer details.
Not-for-profit employers, including charities, with an aggregated turnover under $50 million will also be able to access the cash flow support.
Solvency safety net
A safety net has been put in place to protect businesses in temporary financial distress as a result of the pandemic by lessening the threat of actions that could unnecessarily push them into insolvency and force the winding up of the business. These include:
- – A temporary 6 month increase to the threshold at which creditors can issue a statutory demand on a company from $2,000 to $20,000.
- – The time a company has to respond to statutory demands will increase from 21 days to 6 months.
- – For 6 months, directors will be provided with temporary relief from personal liability for trading while insolvent.
- – See also bankruptcy safety net below
It will be more important than ever for business to stay on top of their debtors.
Debts incurred will still be payable by the business. Only those debts incurred in the ordinary course of the business will be subject to the safety net measures.
Access to working capital for SMEs – supporting lenders
The Government has announced a Coronavirus SME guarantee scheme that will guarantee 50% of new loans to SMEs up to $20 billion. These loans are new short-term unsecured loans to SMEs.
SMEs with a turnover of up to $50 million will be eligible to receive these loans.
The Government will provide eligible lenders with a guarantee for loans with the following terms:
- – Maximum total size of loans of $250,000 per borrower.
- – The loans will be up to three years, with an initial six month repayment holiday.
- – The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.
Loans will be subject to lenders’ credit assessment processes with the expectation that lenders will look through the cycle to sensibly take into account the uncertainty of the current economic conditions.
This latest measure builds on the previous initiatives to ensure small business can access capital, including:
- – An exemption to the responsible lending obligations to enable financial institutions to provide new credit, credit limit increases, and credit variations and restructures,
- – $15bn to the Australian Office of Financial Management to invest in wholesale funding markets used by small banks and non-banks to enable these lenders to support SMEs, and
- – Australian Banking Association members will defer loan repayments for 6 months for small businesses (affected small businesses will need to apply for relief).
Sole traders and self-employed eligible for Jobseeker payment
The eligibility criteria to access income support payments will be relaxed to enable the self-employed and sole traders whose income has been reduced, to access support.
More:
Temporary relief from Corporations Act requirements
The Treasurer has been given a temporary instrument-making power to amend the Corporations Act to provide relief or modifications to specific compliance obligations.
ASIC has announced measures for those companies with a 31 December financial year that need to hold their AGMs by 31 May 2020, providing a two month no action period and enabling hybrid virtual AGMs.
Individuals
Early release of superannuation
From mid-April, individuals in financial distress will be able to access up to $10,000 of their superannuation in 2019-20, and a further $10,000 in 2020-21. The withdrawals will be tax free and will not affect Centrelink or Veterans’ Affairs payments.
To be eligible to access your superannuation you need to meet the following requirements:
- – you are unemployed; or
- – you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
- – on or after 1 January 2020:
- – you were made redundant; or
- – your working hours were reduced by 20% or more; or
- – if you are a sole trader — your business was suspended or there was a reduction in your turnover of 20% or more.
For those eligible to access their superannuation, you can apply directly to the ATO through the myGov website from mid-April.
More:
Temporary reduction in minimum superannuation draw down rates
Superannuation minimum drawdown requirements for account-based pensions and similar products will be reduced by 50% in 2019-20 and 2020-21.
| Age | Default minimum drawdown rates (%) | Reduced rates by 50 per cent for the 2019-20 and 2020-21 income years (%) |
| Under 65 | 4 | 2 |
| 65-74 | 5 | 2.5 |
| 75-79 | 6 | 3 |
| 80-84 | 7 | 3.5 |
| 85-89 | 9 | 4.5 |
| 90-94 | 11 | 5.5 |
| 95 or more | 14 | 7 |
The upper and lower social security deeming rates will be reduced further. As of 1 May 2020, the upper deeming rate will be 2.25% and the lower deeming rate 0.25%.
More: Providing support for retirees
Time limited fortnightly $550 ‘coronavirus supplement’
For the next 6 months, the Government is introducing a new Coronavirus supplement to be paid at a rate of $550 per fortnight. This supplement will be paid to both existing and new recipients in the eligible payment categories.
The payment will be made to those receiving:
- – Jobseeker payment (and those transitioning to the jobseeker payment)
- – Youth allowance jobseeker
- – Parenting payment
- – Farm household allowance
- – Special benefits recipients
In addition, eligibility to income support payments will be expanded to:
- – Permanent employees who are stood down or lose their job
- – Casual workers
- – Sole traders
- – The self-employed
- – Contract workers who meet the income test
The Government notes that these criteria could include those required to care for someone affected by the Coronavirus.
Asset testing has also been reduced and will be waived for 6 months. Income testing will still apply.
The payment is not available if you have access to any employer entitlements such as annual or sick leave or income protection insurance.
More:
Second $750 payment to households
The Government is now providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders residing in Australia (see the full list here). The payment will be exempt from taxation and will not count as income for the purposes of Social Security, Farm Household Allowance and Veteran payments.
- – Payment 1 from 31 March 2020 (previously announced on 12 March): Available to people who are eligible payment recipients and concession card holders at any time between 12 March 2020 to 13 April 2020;
- – Payment 2 from 13 July 2020: Available to people who are eligible payment recipients and concession card holders on 10 July 2020.
The payments will be made automatically to those that meet the criteria.
More:
Payments to support households
Bankruptcy safety net
A temporary 6 month increase to the threshold for the minimum amount of debt required for a creditor to initiate bankruptcy proceedings against a debtor will increase from $5,000 to $20,000. In addition, the time a debtor has to respond to a bankruptcy notice will be temporarily increased from 21 days to six months.
Where someone declares their intention to enter voluntary bankruptcy, the period of protection from unsecured creditors will be extended from 21 days to 6 months.
More:
More information:
A relief package is now available for all Queensland businesses, which means you don’t need to lodge or pay QLD payroll tax returns before 31 July 2020.
UPDATE SEPTEMBER 2020: An updated deferral schedule for the payment of payroll tax is now in place (the table below has been updated to reflect the new deferral dates).
In addition, there are Queensland payroll tax refunds available for eligible businesses for the months of July and August 2020. More information is available here: Queensland payroll tax refunds.
| Return period 2020 | Lodgement due date | Deferred payment due date |
|---|---|---|
| 2019-20 annual | 21 July 2020 | 7 October 2021 |
| July | 7 August 2020 | 14 January 2021 |
| August | 7 September 2020 | 14 January 2021 |
| September | 7 October 2020 | 7 October 2021 |
| July-September quarter | 7 October 2020 | 7 October 2021 |
| October | 9 November 2020 | 14 January 2022 |
| November | 7 December 2020 | 14 January 2022 |
| December | 14 January 2021 | 14 January 2022 |
| October-December quarter | 14 January 2021 | 14 January 2022 |
| July-December half-year | 14 January 2021 | 14 January 2022 |
During this time, you can:
- lodge returns in OSRconnect, without paying them; this may help you to keep track of your liabilities, so that you know what you need to pay by 3 August
or - continue to lodge and pay returns as usual.
If you choose to defer lodging returns, you can resume at any stage during this time.
Please click the link below to apply for QLD Payroll Tax Deferral.
NSW Payroll Tax waived until the end of the financial year
For businesses with payrolls of up to $10 million the NSW government will waive payroll tax until the end of the financial year.
We will provide more information regarding state related support packages as they come to light.
Employer obligations | Fair work
As an employer, it’s important to keep up to date with your workplace entitlements and obligations if you’re affected by the outbreak of coronavirus. There are a number of different scenarios regarding leave obligations if a team member is sick with coronavirus, required to self-isolate, working from home, school closures etc that you should be aware of. Please refer to the below link on the fair work website.
Additional Resources
- Find out about coronavirus small business support.
- Read the media release about support for businesses.
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.
For business
- Business investment
- Increase and extension of the instant asset write-off
- Accelerated depreciation deductions
- 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
- Targeted support for severely affected sectors, regions and communities
For individuals
- Household stimulus payments to drive cash into the economy
- Tax-free $750 payment to social welfare recipients
Parliament sits on 23 March. The Prime Minister has stated, “we have no plans to change the parliamentary sitting schedule.” Here’s what we know so far:
Business investment
Increase and extension of the instant asset write-off
From 12 March 2020, the instant asset write-off threshold will increase from $30,000 to $150,000, and access to the write-off will be expanded to include businesses with aggregated annual turnover of less than $500 million until 30 June 2020.
The instant asset write-off is a tax deduction that reduces the tax liability of your business. It enables your business to claim an upfront deduction for depreciating assets in the year the asset was purchased and used (or installed ready to use). For example, if your business is a base rate entity (turnover under $25m) in a company structure you will get back 27.5% in your 2019-20 company return if the company acquires an asset that is used by 30 June 2020. If your business is likely to make a tax loss for the year, then the instant asset write-off is unlikely to provide a short-term benefit to you.
This is the fourth increase or extension to the instant asset write-off and businesses will need to be wary of what they are claiming and when:
| Instant asset write-off thresholds | Small Business* | Medium business** | Large business*** |
| 1 July 2018 – 28 January 2019 | $20,000 | – | – |
| 29 January – 2 April | $25,000 | – | – |
| 2 April – 12 March 2020 | $30,000 | $30,000 | – |
| 12 March – 30 June 2020 | $150,000 | $150,000 | $150,000 |
*aggregated turnover under $10 million
**aggregated turnover under $50 million
***aggregated turnover under $500 million
Assets will need to be used or installed ready for use from when the changes were announced on 12 March 2020 until by 30 June 2020 to qualify for the higher threshold. Anything previously purchased does not qualify for the higher rate but may qualify for one of the other thresholds. Similarly, anything purchased but not installed ready for use by 30 June 2020 will not qualify.
The instant asset write-off only applies to certain depreciable assets such as a concrete tank for a builder, a tractor for a farming business, and a truck for a delivery business. You will also need ensure that there is a relationship between the asset purchased by the business and how the business generates income. You can’t for example just go and purchase multiple television sets if they have no relevance to your business.
There are some assets that don’t qualify such as horticultural plants, capital works (building construction costs etc.), assets leased to another party on a depreciating asset lease, etc.
What businesses can access the instant asset write-off
To access the instant asset write-off, your business needs to be a trading business (the entity buying the assets needs to carry on a business in its own right). It also needs to have an aggregated turnover under $500 million. Aggregated turnover is the annual turnover of the business plus the annual turnover of any “affiliates” or “connected entities”. The aggregation rules are there to prevent businesses splitting their activities to access the concessions. Another entity is connected with you if:
- You control or are controlled by that entity; or
- Both you and that entity are controlled by the same third entity.
Accelerated depreciation deductions
In addition to the increased instant asset write-off rules, accelerated depreciation deductions will apply from 12 March 2020 until 30 June 2021. This will bring forward deductions that would otherwise be claimed in later years.
Businesses with a turnover of less than $500 million will be able to deduct 50% of the cost of the asset in the year of purchase. They can also claim a further deduction in that year by applying the normal depreciation rules to the balance of the asset’s cost. This will presumably only be relevant if the business cannot already claim an immediate deduction for the full cost of the asset.
For example, let’s assume that a business purchases a new truck for $250,000 (exclusive of GST) in July 2020. In the 2021 tax return the business would claim an upfront deduction of $125,000. The business would also claim a further deduction for the depreciation that would have arisen on the balance of the cost. If the business is a small business entity and using the simplified depreciation rules, this would mean an additional deduction of $18,750 (i.e., 15% x $125,000). The total deduction in the 2021 tax return would be $143,750. Without the introduction of this investment incentive the business would have claimed a deduction of $37,500 (i.e., 15% x $250,000).
This incentive will only be available in relation to new assets that are acquired after 12 March 2020 and are first used or installed ready for use by 30 June 2021. It will not apply to second-hand assets or buildings and other capital works expenditure.
Cash flow assistance for small and medium sized business
Tax-free payments up to $25,000 for employers
Tax-free cash flow support between $2,000 and $25,000 will be available to eligible businesses with a turnover of less than $50 million that employ staff between 1 January 2020 and 30 June 2020.
This is not a direct cash payment but a credit equal to 50% of the PAYG amounts withheld from salary and wages paid to employees. The employer will need to lodge an activity statement to trigger the entitlement. If the credit puts the business in a refund position the excess amount will be refunded by the ATO within 14 days.
If a business pays salary and wages to employees but is not required to withhold any tax then a minimum payment of $2,000 will still be made.
Businesses that lodge activity statements on a quarterly basis will be eligible to receive the credit for the quarters ending March 2020 and June 2020. Business that lodge on a monthly basis will be eligible for the credit for the March 2020, April 2020, May 2020 and June 2020 lodgments. The minimum $2,000 payment will be applied to the first lodgement.
Eligibility for the measure will be based on prior year turnover. We will have to wait for the legislation for the finer details.
Wage subsidy of up to 50% of an apprentice or trainee wage
Eligible employers can apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage for up to 9 months from 1 January 2020 to 30 September 2020. The payments are accessible to businesses with less than 20 employees. Employers will receive up to $21,000 per apprentice ($7,000 per quarter).
Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer that employs that apprentice.
In order to qualify for this payment the apprentice or trainee must have been in training with the business as at 1 March 2020. Employers of any size and Group Training Organisations that re-engage an eligible out-of-trade apprentice or trainee will also be eligible for the subsidy.
It is expected that employers will be able to register for the subsidy from early April 2020. Final claims for payment must be lodged by 31 December 2020.
Targeted support for severely affected sectors, regions and communities
$1 billion has been committed to support sectors, regions and communities disproportionately affected by the economic impact of the coronavirus. Tourism, agriculture and education are specifically mentioned.
Initial measures include:
- Waiver of fees and charges for tourism businesses that operate in the Great Barrier Reef Marine Park and Commonwealth National Parks
- Additional assistance to help businesses identify alternative export markets or supply chains
- Measures to promote domestic tourism
Further plans and measures will be developed with the affected industries and communities.
Administrative relief for certain tax obligations will also be provided, including deferred tax payments up to four months. The ATO will establish a temporary shop front in Cairns within the next few weeks to support the region’s small businesses. Other initiatives to bring support to the communities are being considered.
Household stimulus payments to drive cash into the economy
Tax-free $750 payment to social welfare recipients
A one-off, $750 cash payment will be made to pensioners, social security, veteran and other income support recipients and eligible concession card holders. Payments will be from 31 March 2020 on a progressive basis, 90% are expected to be made by mid-April.
The payment will be tax-free and will not count as income for Social Security, Farm Household Allowance and Veteran payments.
There will be one payment per eligible recipient even if they qualify in multiple ways.
Casual employees able to access the Newstart ‘sickness payment’
While not part of the stimulus package, the Prime Minister has stated that casual employees required to self-isolate or who contract the coronavirus will be eligible for a sickness payment (jobseeker payment) through Newstart. The normal waiting period for this payment will be waived.
We’ll bring you more details as soon as they become available.
What happened?
In a shock result, Scott Morrison and the Coalition have retained power and are likely to achieve a majority in the lower house, with five seats yet to be finalised. The Coalition achieved a 41% primary vote in an election that everyone had them losing, with Labor only achieving 33% primary vote. Queensland turned blue which caught many by surprise in light of the highly favoured state Labor government, whilst Victoria didn’t turn red enough to secure Labor victory.
How did it happen?
The analysis is ongoing, but we can point to a few pretty logical conclusions:
- Too much too soon – only a government already in power would campaign on bold and new policies, and only someone ill-advised would campaign on more than one or two major messages, but Bill Shorten and the Labor party managed to do both. We can see why these occurred given the expectation they would win big and perception that voters wanted change. However, the messaging ultimately confused voters and the big/bold new policies scared voters away. In stark contrast, Scott Morrison and the Coalition campaigned on one message (ie. “a fair go for those that have a go”) with one new policy (tax cuts for all). Simplicity clearly resonated.
- Alienation and division – too many of Labor’s policies alienated and divided larges sections of the voter base. Franking credits (retirees), negative gearing (anyone with an investment property, construction workers), climate change (higher energy prices in the near term, mining job losses), and higher wages / no corporate tax reform (less jobs). When you add all those together, it goes close to explaining the 66% of people who didn’t vote Labor. We’re not saying some of those policies don’t have long term merits or could be better represented with some adjustments, but the quantum scared plenty of voters away.
- Preference votes – this largely explains why Queensland turned blue (so close to State of Origin), with United Australia Party and Katter Party preferences going the way of the Coalition. When we look at the voter base, many Queenslanders rely on the mining sector for work and plenty of self-funded retirees south of the border move to Queensland for retirement. Labor’s climate change agenda directly impacted the Adani coal mine in northern Queensland which turned voters against them.
- Scott Morrison’s US style campaign – although many Australian’s fail to understand that our political system puts the party first not the individual (unlike US presidential campaigns), Scott Morrison very cleverly campaigned by himself and didn’t allow any of his front benchers to speak for the party during the campaign. This meant voters could get closer to him and that the messaging was very clear. When too many people at the top speak, the messaging almost always gets mixed.
- Economic backdrop – the Australian economy continues to weaken with inflation remaining weak and unemployment now starting to increase. Consumption is too low, as is wages growth, and the household budget is stretched under mortgage stress and higher household expenses (energy, private health insurance, school fees). In addition, the housing market continues to weaken affecting sentiment and the labour market. With that backdrop in mind, you have an incumbent government which earlier in the year announced a budget surplus much sooner than expected, and one campaigning on tax cuts for all, versus a challenger campaigning on plenty of change which in the short term may have led to job losses, higher energy prices, less investment in residential property, and lower ownership of franked Australian shares. We’re not saying these would’ve happened, but that’s what the electorate believed.
What does it mean?
There’s three main takeouts from the result of the weekend’s election:
- The lower house – the Coalition will lead the lower house with majority, and may even end up with a clear majority, which would allow them to appoint their own speaker whilst retaining the numbers on the floor of the house. This would give them clear passage in the lower house without having to rely on deals with the smaller parties. Some might argue that’s too much power, but it means a government can finally be decisive and not have to cut ridiculous deals that largely only advantage a tiny part of the population at the expense of the rest. The Senate is likely to remain messy, so the balancing of power remains.
- The Labor party – with Bill Shorten having stepped down as the leader of the Labor party, the party will need to appoint someone to fill the big hole left considering Labor was very united in Shorten as their leader. Whilst there are plenty of willing and qualified people to fill the role, that person’s job is made all the harder by virtue of the fact that voters made it very clear that the Labor policy agenda was wrong. The change required on the policy front is enormous, in addition to electing a leader who appeases both the right and left factions of the party.
- The RBA – their job has possibly been made somewhat easier in that they would prefer to not have to cut rates any further. It remains to be seen how supportive the Coalition’s policies will be on the economic front, but both the housing market and the share market will get a free kick out of the Coalition win, helping lift sentiment, whilst the Coalition’s majority in the lower house should also provide a much needed lift in business confidence and sentiment, which may result in greater private sector investment and less pressure on the labour market. Time will tell, however, the recent uptick in unemployment means that the RBA has seen all the pre-conditions achieved for a rate cut (low inflation, weak labour), which the market now expects in June and another one in the 2nd half of the year.
Do I need to re-think my portfolio?
The answer is broadly no, given no changes to franking credits or negative gearing. However, we’re not ones to encourage complacency, and we remain as active as ever in assessing and interpreting changes to information, whether they are Australian recession, Brexit, trade wars, etc. The main tenets remain:
- Diversification – the only free lunch
- Don’t over stretch for income or for growth – over-stretching ensures pain
- Rebalance and reassess – be willing to take advantage of opportunities, flexibility is important
Sign Up To Receive Our Insights blog
"*" indicates required fields
©2025 Quill Group All Rights Reserved
Give yourself the peace of mind you deserve – today!
