If your cashflow has suffered as a result of the COVID-19 crisis, here are three ways we can help you get back on track…
1. Refinance with record low home loan rates
With banks and non-banks reducing their interest rates to record lows, there has never been a better time to refinance your home loan. Our financial services partner, Odyssey Financial, has access to a panel of more than 34 banks and lenders and has been able to source some incredible loan offers. Even a small rate reduction can shave thousands of dollars and years off your loan – what have you got to lose? Book a virtual meeting with Odyssey Financial to review your home loan rate and start saving!
2. Are your tenants unable to pay their rent?
If you have an investment property and your tenants are unable to pay rent due to Covid-19, you may be able to apply for an Income Tax Withholding Variation (ITWV) to make up some of the cashflow shortfall. If your ITWV application is approved by the ATO, they’ll confirm with your employer the reduced tax amount to be withheld from your salary – so instead of waiting for the end of the financial year to get your tax refund, you’ll get more money in your pocket each pay cycle. The variation will be valid for 12 months. Book a virtual meeting with us to find out whether an ITWV is viable for you.
3. Claim all eligible deductions working from home
Did you know that you can now claim a ‘COVID-hourly rate’ deduction of 80 cents per hour worked from home due to COVID-19? This new hourly rate shortcut, which is valid for expenses incurred between 1 March 2020 – 30 June 2020, includes all deductible running expenses incurred as a result of working from home. So you no longer have to claim specific expenses through the Fixed Rate or Actual Cost methods (though you can still choose to do that if you choose) – you just need to record the number of hours you’ve worked from home. Book a virtual meeting with us to ensure you’re maximising all available tax benefits while you’re working from home.
If you’d like to hear more about how we can help you boost your cashflow, simply Book a virtual meeting with us – we’re happy to conduct face-to-face meetings via Zoom or over the phone.