As pubs and clubs are having to adapt to the ongoing COVID-19 pandemic restrictions placed on their daily operations to continue to service their customers, it’s imperative that their employees are also supported during this time.
Hostplus has also had to make changes in terms of the way it works and services its members. That includes keeping employers updated on how the unfolding situation might affect their business and offering support wherever possible.
JobKeeper scheme
The Federal Government’s $130 billion JobKeeper scheme is there to support you. If you’re deemed an eligible employer, you are able to claim a fortnightly payment of *$1,500 per eligible employee on your books from 1 March 2020, and is currently available until August 2020. Employer eligibility is based on the size of the turnover of your business as well as other criteria. To find out more about eligibility criteria, and to apply, visit the ATO JobKeeper website.
Businesses that are eligible for the JobKeeper scheme must continue to pay Superannuation Guarantee (SG) contributions on employees’ ordinary earnings for staff who continue to work regular or reduced hours.
Cash flow support
Eligible small, medium and not-for-profit businesses that employ staff may also be able to receive up to $100,000 in temporary cash flow support. This can go towards rent, utilities and retaining staff. For more information and to apply visit the Treasury website.
Coronavirus SME guarantee scheme
The Federal Government can provide a guarantee of 50 per cent to small and medium enterprise (SME) lenders for new unsecured loans to be used for working capital. This aims to enhance these lenders’ willingness and ability to provide credit and help SMEs get additional funding support. Visit the Federal Government’s Business website for more information.
Financial advice for your employees
Hostplus understands the impact COVID-19 has had in terms of financial stress for your employees. While the longer-term purpose of superannuation is to plan for their retirement, Hostplus recognises that for some people there are more immediate needs and requirements. Hostplus Superannuation Advisers licensed by Link Advice Pty Limited and Hostplus Financial Planners licensed by Industry Fund Services Limited are here to help when it comes to:
- Budgeting advice including fixed and flexible expenses
- Options for deferral or temporary relief, including loans and utilities
- Services Australia (Centrelink) eligibility, including JobKeeper, JobSeeker benefit
- Financial product advice recommendations, including eligibility for special COVID-19 related early access to super.
To arrange a discussion with a Superannuation Adviser or Financial Planner, your employees can simply complete a Contact a Financial Planner form and select the ‘COVID-19 cashflow assistance’ option for the ‘How can we help you?’ question.
*Correct at 30 April 2020. Please refer to the ATO website regularly for the most up to date and relevant information. Issued by Host-Plus Pty Limited ABN 79 008 634 704, AFSL 244392 as trustee for the Hostplus Superannuation Fund (the Fund) ABN 68 657 495 890, MySuper No 68 657 495 890 198. Consider the relevant Hostplus Product Disclosure Statement (PDS) available at hostplus.com.au and your objectives, financial situation and needs, which are not accounted for in this information, before deciding if Hostplus is appropriate for you. Hostplus has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195, AFSL 232514 to facilitate the provision of personal financial advice to members of Hostplus. Advice is provided by financial planners who are Authorised Representatives of IFS. Fees may apply. Further information about the cost of advice is set out in the relevant IFS Financial Services Guide, a copy of which is available from your financial planner. Hostplus Superannuation Advice Consultants are Authorised Representatives of Link Advice Pty Ltd ABN 36 105 811 836, ASFL 258145 and facilitate the provision of limited personal advice about Hostplus products to Hostplus members through Super Adviser. Please call 1300 734 007 to obtain a Link Advice Financial Services Guide. Link Advice is responsible for any advice obtained through Super Adviser.