With weeks, and perhaps months, of self-isolation ahead, many of life’s conveniences like streaming and delivery services will become our essentials. But if you’re used to spending unlimited amounts to make life that little bit easier, now is a good time to look at what you can live without to make your budget go further.

Wearable technology can monitor our heart rate and tell us how much sleep we’ve had, but what about our financial wellbeing? If you could benefit from a Fitbit for your finances, read on.

Just like your physical health, the more you can monitor what’s happening with your finances, the easier it will be to improve your financial fitness.

Face-to-face encounters have become less frequent in so many areas of our lives – and banking and shopping are no different. So, now’s an ideal time for older Australians to start integrating more digital transactions into their everyday banking. Using these methods for the first time can be intimidating, so we’ve answered some of the key questions you might have about digital transactions and online finance.

Finding the right level of insurance cover is important when you’re thinking about retirement.

If retirement’s coming up on your horizon, the impact of COVID-19 (Coronavirus) may have thrown a warehouse-sized rack of spanners in your planning.

It makes sense to concentrate on things you can control, such as insurance. Too-high premiums can chew away at the foundations of your savings, at a time when they’re more important than ever. Under-insure and one day your floor may collapse, undone by events you can’t foresee.

We’re dealing with a health crisis that no one in our lifetime has experienced, which is having an impact on global and domestic economies that no one could have forecast. Entire industries – tourism, entertainment and hospitality – have ground to a halt, and with them jobs.

For Australians in these industries, not only are they dealing with difficulties of living in isolation as they look after their health, they no longer have the structure and routine of work, or the critical income it provides. The Federal Government estimates that around six million workers will receive financial assistance in the coming months, having lost all or part of their income due to Coronavirus (COVID-19).

Eligible businesses can apply for assistance with the NSW & Federal Government if they have been affected by Coronavirus. At Luka Group we have prepared a summary below on some of the major assistance available to businesses. Please see below for more details:

$10,000 NSW SMALL BUSINESS GRANT

To be eligible business will need to:

NSW Premier Gladys Berejiklian announced $750 million has been put aside to fund $10,000 grants to support small businesses with the unavoidable costs throughout this time. Applications will open within the fortnight on April 17th 2020 through Services NSW and will close 1 June 2020. The program is based on the one put in place throughout the Bushfires which saw $42 million delivered in the 10 days of opening.

To be eligible, businesses will need to:

Do you employee an apprentice or trainee in your business?

Were you aware that the government is now offering financial support to retain these employees throughout these trying times?

The economic impacts of the coronavirus pose significant challenges for many businesses – many of which are struggling to retain their employees.

Under the JobKeeper Payment, businesses significantly impacted by the coronavirus outbreak will be able to access a subsidy from the Government to continue paying their employees. This assistance will help businesses to keep people in their jobs and re-start when the crisis is over. For employees, this means they can keep their job and earn an income – even if their hours have been cut.

Payroll tax relief for businesses with grouped Australian wages of no more than $10 million

Payroll tax customers whose total grouped NSW wages for the 2019/20 financial year are no more than $10 million will have their annual tax liability reduced by 25% when they lodge their annual reconciliation, which is due on 28 July.

Reducing minimum pension drawdowns

The minimum drawdown requirement for Account Based Pensions and similar products will be reduced by 50 per cent. The reduction will apply for the 2019/2020 and 2020/2021 financial years.

Luka Group is committed to keeping you informed throughout the Coronavirus Health Crisis.

Benefits for Business you need to know:

For Employers

The Coronavirus has been the catalyst for uncertain economic conditions. In these times you need to take control of your financial management. Our specialist team of Accountants, Business Advisers, Financial Advisers and Auditors have the experience and knowledge to partner with you and navigate you through this time. We believe a proactive approach is better than a reactive approach.

YES! The Coronavirus will impact your business and now is the time to review your situation.

Everyone who’s approaching retirement wants to know how much money they need to save - how much is enough to leave work confidently and then live comfortably? Lately, we’ve been seeing $1 million dollars bandied around as the magic number but is $1 million enough?

Well, it depends. If you’re a high-income earner and want to maintain a similar lifestyle when you retire, then $1 million might not stretch as far as you think. If you’re happy to spend less, then it may be enough.

Super law sets out some requirements that trustees of regulated super funds need to consider when formulating an investment strategy.

These requirements include (but not limited to) the composition of investments, risk and return, liquidity, insurance and the ability to pay liabilities (including member benefits) as they become due.

Looking first at the composition of investments, there isn't a requirement that SMSF investments must be diversified, and there are some SMSFs that have large investments in a single asset or asset class.