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The coronavirus and your business

The global outbreak of coronavirus (COVID-19) has placed significant and growing pressure on societies, industries and economies around the world.

What is Australia doing?

To stem the rapid spread of the virus at home, the Federal Government recently announced a raft of unprecedented restrictions on non-essential gatherings. 

To cushion the economic impact of these restrictions, the Government has unveiled a major economic rescue package designed to inject $189 billion into the economy to protect Australian workers and businesses during the disruption.

What does the economic rescue package mean for business?

For businesses, the package will deliver:

State and Territory information grants and assistance

Find the latest coronavirus information for small business, grants and support in your state or territory.

What about your and your employees’ super?

The current market volatility brought about by the global coronavirus outbreak may be concerning you, particularly its potential impact on your super. We are indeed seeing an increase in the number of members contacting us to discuss their super and investment strategy.

Despite the current market volatility, for the majority of members, our answer to what you should do now in regards to your super investment is: likely to be nothing. We know that all market downturns, whatever their trigger, are temporary. It's also important to remember that the share market falls in the last few weeks follow many years of very strong returns, and the longer-term performance of Sunsuper's investment options remains solid.

You can read more and listen to our podcasts about the recent market volatility and what Sunsuper is doing on our website.

Early access to super for those in financial stress

If you are in financial stress as a result of COVID-19, you may be eligible to access up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21. 

You will need to apply directly to the ATO through the myGov website, and certify that you meet the eligibility criteria. After processing your application, the ATO will let you know and advise Sunsuper to make the payment to you. 

While you can’t apply directly to Sunsuper, it is important we have your correct contact details. You can easily make sure we have your correct details by logging into Member Online.

For more information on eligibility criteria and case studies, read this fact sheet

 

 

This article has been prepared and issued by Sunsuper Pty Ltd, the trustee and issuer of the Sunsuper Superannuation Fund. It contains general advice and does not take into account the investment objectives, financial situation or needs of any particular individual. You should consider if the advice is appropriate to your own circumstances before acting on it. Outcomes are not guaranteed. Past performance is not a reliable indication of future performance. You should also consider the relevant Product Disclosure Statement (PDS) before deciding to acquire or continue to hold any financial product. We are committed to respecting your privacy. Our formal privacy policy sets out how we do this. For a copy of the PDS or Privacy Policy, please phone 13 11 84 or go to our website.