The COVID-19 pandemic has impacted all Australians in ways far beyond those unfortunate 7000 (and counting) who have contracted the illness. The issues of mental health, education and care for the elderly and infirmed have all come to the fore over the past 10 weeks. Similarly, financial planners face a new range of issues that require consideration when guiding clients through this unprecedented environment.
This month’s Industry Insights looks at five new issues for financial planners and their clients to consider in this COVID-19 landscape.
1. JobKeeper Payment
Given the avalanche of discussion in the mainstream and industry press, there is little that can be written about the JobKeeper Payment that is new. Ultimately, the most important thing for planners and their clients is to be informed. Whether a client is an employer, employee or self-employed, they need to understand the rules to ensure they don’t miss out, nor have unrealistic expectations of their entitlements.
This time is unlike any in living memory – and this is equally true for the planning profession. To help clients through these difficult weeks, months and, potentially, years, planners cannot rely on their old plans and strategies. Nimble thinking and forward planning is as important to helping clients survive this pandemic financially as it is to preserving the population’s health.
The information contained in this publication is based on the understanding KeyInvest (ABN 74 087 649 474 AFSL No. 240667) has of the relevant Australian legislation as at the date shown in this publication.
The information contained in this publication is of a general nature only and is intended for use by financial advisers and other licensed professionals only. It must not be handed to clients for their keeping nor can any copies of sections of this publication be given to clients. KeyInvest is not a registered tax agent under the Tax Agent Services Act 2009. We recommend that your client be referred to their registered tax agent or legal adviser prior to implementing any recommendations that you may make based on the information contained in this publication.