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Stimulus package - What does this mean for you?


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.

Stay well!

Yihsing and the OakWealth Team

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(03) 9882 8288 | info@oakwealth.com.au

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Copyright © 2021 Oak Wealth Solutions Pty Ltd.  All rights reserved.  Yihsing Koo, Oak Wealth Solutions Pty Ltd (ACN: 143 070 946) ATF Oak Wealth Solutions Unit Trust (ABN: 657 966 722 37) are Authorised Representatives of Consultum Financial Advisers Pty Ltd (ABN: 65 006 373 995), AFSL number 230323, an Australian Financial Services Licensee, with offices at Level 6, 161 Collins Street, Melbourne VIC 3000. 

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