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Personal Checklist

Arnold & Finlay • March 25, 2020

While it's important that your business can get through these tough times, it's essential that you are personally in a position to weather any storms and protect your family in these uncertain times.

This is our Checklist to work through:

1. Review your personal house cash flow and reduce excess expenses 
2. Review personal insurances and ensure you have adequate cover.  Are you able to make a claim on any policies?
3. Review debts and negotiate with banks to refinance or defer repayments where applicable.  This is not a reduction in debt but merely a delay of repayments. Don't spend this money unnecessarily, instead keep it aside to assist in navigating the current situation.  Once you are in a secure position you can make the additional repayments to the bank when possible.
4. Understand your current cash reserves and how long you could afford to live without an income.
5. Review your investment portfolio.  Is it being managed effectively given the current economic conditions and volatility in the markets?
6. Review your Estate Planning and Will and Power of Attorney.  This is imperative while there is a deadly virus spreading around the world.  Ensure your affairs are in order.

7. Review the Government's current personal stimulus packages and consider if any can be applied to your circumstances, family, or staff.

  • Increased Income support for individuals (Newstart):   Temporarily expanded eligibility
    to Income support payments and time-limited Coronavirus supplement to be
    paid at the rate of $550 per fortnight, in addition to basic benefits of $550
    per fortnight.
  • Payments to support households:   Two separate $750 payments to social security,
    Veteran and other income support recipients and eligible concession card
    holders.  The first payment will be available from 12 March 2020 to 13 April 2020
    Inclusive.
  • Early access to superannuation:   Individuals affected by Coronavirus can access
    up to $10,000 of their superannuation in 2019-20 and a further $10,000 in
    2020-21.
  • Providing support for retirees:   Temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for the 2019-20 and 2020-21 income years.  The Government is also reducing both the upper and lower social security deeming rates by a further 0.25% to both rates announced on 12 March 2020.

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