For many business owners, both large and small, during the COVID-19 Crisis, many have accessed their Superannuation during the COVID-19 Crisis.
It has actually been a necessity for many to help them keep their cashflow going and keep the business and their staff afloat so they can continue.
Even though on both sides of parliament, they were not happy for the Government to allow the access of $10,000 in the current Financial Year and another $10,000 in the New Financial year to be accessible, but it truly has been a bonus for many businesses who are trying to keep staff on, keep stock coming in to sell and for others, just to purely survive.
If you are one of those businesses out there, you are not alone.
Personally, I do hope businesses are using that superannuation to good use and they are able to obtain a ROI if and when they access and use this money.
In the large scheme of things, we normally are never allowed to touch this money until retirement, but in the current economic climate we are in, I can see why the Government has allowed this and tax free too for those that have funds available to access and use.
Not that I am a financial planner, but if you have any questions relating to access to your superannuation or want to know more how you can use this money effectively and efficiently when it comes to Bookkeeping, then please do not hesitate to contact me anytime.
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047