Understanding your options during coronavirus - A Financial Support Guide for business owners, employees, job seekers and retirees. Effective 30 ...
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Understanding your options during coronavirus. A Financial Support Guide for business owners, employees, job seekers and retirees. Effective 30 July 2021
What’s inside
Business Owners 2
Government Leave Pandemic Leave Disaster Payment 3
COVID-19 Business Support Grants for VIC 3
COVID-19 Business Support Grant for NSW 3
Enquire about a new loan as part of the SME Recovery 4 You can count on CommBank
Loan Scheme
in uncertain times.
Cash flow support 4
Defer repayments on your eligible BetterBusiness Loan 4 As you’ll be aware, coronavirus is a serious health
issue that has rapidly affected almost every
Car and equipment finance 4 aspect of our lives. And our society has responded
Refund merchant fees 4 in substantial, often unprecedented, ways to help
contain the risk.
Employees and Job Seekers 6 The measures put in place are designed to
help individuals and businesses do their part
Federal and State Government support 7 to limit the spread of coronavirus. They have
Seeking clarity 7 effectively paused parts of the economy for
now, while ensuring that it can restart quickly
JobSeeker 7 once coronavirus is under control. Many of these
Finding employment 7 measures may have already affected you.
Loan and credit card repayments 7 We’re committed to doing all we can to
help support our customers during these
Support payments 7 uncertain times.
Rent and utilities 7 We’ve designed this guide to highlight the support
Additional benefits 7 available for affected businesses and individuals,
including employees, job seekers, and retirees.
Support for your wellbeing 8 It also includes some general information and
advice for managing during this period.
Retirees 10
The guide is current at 30 July 2021.
Additional government payments 11
Reducing your drawdown rate 11
Changing your asset allocations 11
Remaining safe and secure 11
Online safety and scams 12
Taking charge of your financial wellbeing 12
There is much that we can do together.
For further information and links to applications,
please go to commbank.com.au/coronavirus
B | Understanding your options during coronavirus Understanding your options during coronavirus | 1
Coronavirus has had a rapid impact on many businesses, but there are
Support for various measures in place to provide support. Here’s what you can do.
Business Owners
Government Pandemic Leave The Alpine Business Support Program will deliver
grants of between $5,000 and $20,000 to Alpine
Disaster Payment
You may be eligible for benefits, based businesses affected by restricted inter and
The Government announced a Pandemic Leave intra-state travel.
rebates and concessions that could Disaster Payment for those who need to self- The Commercial Tenancy Relief Scheme and
help you save money and help your isolate, quarantine or care for someone. Payments Landlord Hardship Fund will be reinstated to
are available for people who can’t earn an income
business with cash flow. because they have been directed to self-isolate or
support landlords that provide rent relief to
their tenants. More details to be provided by the
quarantine by authorised personnel. Victorian Government soon.
Details depend on the jurisdiction and lockdown Further information on the grants, the eligibility
orders in place, and you can learn more at: criteria, and how to apply, can be found on the
servicesaustralia.gov.au/pandemic-leave- Victorian Government website.
disaster-payment
COVID-19 Business Support Grant for NSW
COVID-19 Business Support Grants for VIC
The NSW Government announced an economic
The Victorian Government announced new support package aimed at helping businesses
cash grants for businesses impacted by the impacted by the COVID-19 lockdown.
COVID-19 lockdown.
The Victorian Government announced a new Small Further information on the grant, the eligibility
Business COVID Hardship Fund and Business criteria, and how to apply, can be found on the
Continuity Fund, building on the existing Licensed NSW Government website.
Hospitality Venue Fund and Alpine Business
Support. These payments will provide additional
support to eligible small to medium businesses Key components of the 2021 COVID-19 package
in sectors affected by the current restrictions in include:
metropolitan and regional Victoria. • COVID-19 business grant: if you’re a business,
Key components include: sole trader or not-for-profit organisation impacted
by the current Greater Sydney COVID-19
To be eligible for the Business Continuity Fund, restrictions, you may be able to apply for a grant
businesses must have received or been eligible for of up to $15,000
the previous Business Costs Assistance Program. The
additional payment amount to an eligible business is: • Micro business grant: if you’re a micro business
(small business or sole trader with annual
• $5000 for businesses that remain impacted by turnover of more than $30,000 and under
capacity limits; $75,000) impacted by the current Greater Sydney
• $2000 additional payment for those businesses COVID-19 restrictions, you may be able to apply
located in the CBD. for a grant of up to $1500 from late July 2021.
To be eligible for the boosted Licensed Hospitality • JobSaver payments: will now be available to
Venue Fund, businesses must have received or businesses with an annual turnover of between
been eligible for the Licensed Hospitality Venue $75,000 and $250 million which have experienced
Fund 2021. The additional payment to an eligible a revenue decline of 30 per cent or more.
business is: Other components of the support package include:
• Up to $20,000 to support licensed venues that • Payroll tax waivers of 25% for businesses with
continue to be impacted; Australian wages of between $1.2 million and
• $2000 additional payment for those venues $10 million that have experienced a 30% decline
located in the CBD. in turnover, as well as payroll tax deferrals and
interest free repayment plans;
To be eligible for the Small Business COVID
Hardship Fund, small businesses with a payroll of up • A capped grant of up to $1500 for residential
to $10 million who have experienced 70% or more landlords who are not liable to pay land tax who
reduction in revenue must not have been eligible reduce rent for tenants estimated at $210 million;
for existing business support funds. The payment • Land tax relief equal to the value of rent reductions
amount to an eligible small business is: provided by commercial, retail and residential
• Up to $5000. landlords to financially distressed tenants, up to
100% of the 2021 land tax year liability;
2 | Understanding your options during coronavirus 1 Please see back cover for footnote details. Understanding your options during coronavirus | 3
Support for:
Business Owners
• Introduction of legislative amendments to Cash flow support
ensure a short-term eviction moratorium for rental
arrears where a residential tenant suffers loss of The NSW and Federal Governments announced
income of 25 per cent due to COVID-19 and meets additional economic support for businesses impacted by
a range of criteria; the COVID-19 lockdown on 13 July 2021. Businesses
can register to receive this support with Service NSW
• No recovery of security bonds, or lockouts or from 30 July 2021, with payments likely commence
evictions of impacted retail and commercial tenants from late July and backdated.
prior to mediation;
Eligible CommBank customers who have registered to
• Deferral of gaming tax assessments for clubs until 21 receive the Government stimulus payments and need
December 2021 and hotels until 21 January 2022. additional cash flow support in the interim can call our
Also, NSW businesses are set to benefit from further Business Financial Assistance line on 13 2607 and
payroll tax relief to help ease the financial burden of request bridging finance.
COVID-19 lockdowns. This includes: To be eligible to apply for this bridging finance customers
• All NSW businesses who have a payroll tax liability have must have opened a Business Transaction Account with
the option of deferring lodgement and payment of their CommBank prior to 1 January 2021, in addition to our
2020/21 annual reconciliation until 7 October 2021. standard lending eligibility (Interest and fees will apply)1.
• Customers required to lodge monthly returns will
also have the option of deferring their returns due in Defer repayments on your eligible
August and September until 7 October 2021. BetterBusiness Loan
• In addition, all payroll tax customers that defer their Eligible2 BetterBusiness Loan holders, with less than
payments are eligible for an interest free payment $10,000,000 of total commercial liabilities with
plan of up to 12 months. CommBank, can request a loan repayment deferral due
• Businesses with wages between $1.2 million and $10 to the impact of the pandemic their business.
million that have experienced a 30 per cent decline Remember: If you defer your repayments, for the
in turnover will get a 25 per cent reduction of their duration of the deferral period, interest and charges will
2021/22 payroll tax. continue to accrue at the agreed rate and time on any
outstanding balances and add to the total loan balance.
For more information about payroll tax reductions This means that the total amount of interest payable
and deferrals visit: revenue.nsw.gov.au or contact will be more than it would have been under the original
the team at Revenue NSW on 1300 139 815 or contract term.
payrolltax@revenue.nsw.gov.au
Key resources for business owners
If you are in financial difficulty or require a deferral call
the Business Financial Assistance Team on
13 26 07 or your dedicated relationship manager.
You can enquire about the SME • CommBank’s Coronavirus Support for Business Customers:
Recovery Loan Scheme Car and equipment finance commbank.com.au/latest/coronavirus/business-support
For business vehicle and equipment loans, eligible • ATO: ato.gov.au/general/gen/JobKeeper-payment
To support our business customers, a loan of up to $5
million may be available for eligible customers3 who customers* for SME Recovery Loan Scheme will receive
a 0.20% p.a. discount off the standard rate. • Fair Work Commission: fwc.gov.au
have received, or been entitled to receive, a JobKeeper
payment between 4 January 2021 and 28 March • CommBiz:
2021, or are located and/or operating in a flood- Refund merchant fees commbank.com.au/business/online-banking/commbiz
affected area during the recent floods (March 2021)4.
Applications can be made from 1 April 2021 to 31 If you’re facing financial difficulty, you can ask us to • CommBank’s dedicated Business Financial Assistance
December 2021. This loan must be used for business refund your Merchant terminal rental fees, minimum helpline: 13 26 07
purposes or the purchase of commercial property, and monthly Merchant Service Fee, Monthly Access Fee, and
is part of the Government SME Recovery Loan Scheme. Simple Merchant Plan fee (as applicable) for up to 90
This loan must be used for business purposes or the days. If you have a Relationship Manager they will be able
purchase of commercial property, and is part of the to assist you with this, or you can speak with Merchant
Government SME Recovery Loan Scheme.1 Services team on 1800 230 177, who are available 24/7.
You can learn more at: treasury.gov.au | Apply now
4 | Understanding your options during coronavirus Understanding your options during coronavirus | 5
Support for
Many businesses are having to react quickly to a new trading
Employees and Job Seekers environment. If your income or employment circumstances
Have you been stood down have significantly changed, here’s what you can do.
by your employer or had your
income significantly reduced?
The Federal, NSW, Victorian, and You can continue to seek employment
South Australian Governments’ Business Many businesses have increased demands at this
and Individual Support Package time. If you have been stood down or had your hours
reduced and you find other work, you can take that
The Federal, NSW, Victorian, and South Australian
job. As long as you are not employed as a full-time
Governments have announced the COVID-19
permanent employee, you will not be required to
Disaster Payment will be further expanded and
resign from your original job.
increased to support individuals and businesses
impacted by the current NSW, VIC, and SA
COVID-19 lockdown. You can talk to us about your loan
and credit card repayments
For more information visit:
COVID-19 Disaster Payment IIf you’re concerned about making repayments on
your credit card, personal loan or home loan, we
have options to help you manage.
COVID-19 support for South Australians Call us on 13 30 95 to speak to our Financial
Assistance team to find out more about the options
The Federal and South Australian government that suit your individual situation. They’re open
have announced income support payments of up 8am-9pm Monday to Friday and 9am – 2pm on
to $600 a week for South Australians affected by Saturday (Sydney/Melbourne time).
COVID restrictions.
Individuals will be eligible for the COVID-19 Disaster Defer your home loan repayments
Payment if they have lost between 8 and less than
20 hours of work for a payment of $375, and for 20 We’re offering a two month home loan repayment
or more hours of work for a payment of $600, during deferral to help eligible customers significantly
the period of the lockdown. There will be no liquid impacted by lockdowns, especially those in local
assets test applied to eligibility for these payments. government areas with additional restrictions.
The payments will be paid in arrears for the To request a deferral log onto NetBank here, select
lockdown and anyone affected can apply through your home loan account, then choose ‘Pandemic’ as
myGov from Wednesday, 28 July. the reason for your request.
To get ready, South Australians should set up
myGov accounts now so they can claim quickly and You may be eligible for support payments
easily online.
If you are impacted by the NSW and VIC COVID-19
lockdown, live or work in a Commonwealth declared
You can seek clarity COVID-19 hotspot, your hours have been reduced,
and you are unable to earn an income because you
Being stood down is a temporary measure that must self-isolate, quarantine or care for someone
means you remain employed but unpaid for the who has COVID-19, then you may be eligible for a
period of time that you do not perform your duties, payment from your state or territory government.
but are not paid your usual wage. You will continue More detail and help to work out your eligibility is
to accrue annual leave. available here.
You can learn more on the Fair Work Commission
website: fwc.gov.au
6 | Understanding your options during coronavirus 3 Please see back cover for footnote details. Understanding your options during coronavirus | 7
Support for:
Employees and Jobseekers
You could seek rent and utility relief wellbeing. If you are suffering from heightened
stress or any other mental health condition, consult
You may be eligible for rental assistance from the your regular doctor about the appropriate course
Government. Talk to your landlord about what else of care, as you may be eligible for Medicare rebates
may be possible for further rental relief. Also worth on psychological services, with additional telehealth
continuing to speak with your landlord and try to work services being put in place to ensure they are
on options to help you both during this time. You may available for all people requiring them
also be eligible for an energy subsidy. Many utility
providers have also launched relief measures. Speak
to your specific provider about temporary relief. You can seek help as a vulnerable
community member if you are at risk
You may benefit from discussing your situation
and possible financial planning needs with one of of domestic violence
our qualified financial planners. Your first meeting If you or your family are impacted by family or
is obligation-free and may be over the phone or domestic violence, support is available to you.
at your local branch (subject to social distancing 1800RESPECT (1800 737 732) is a free national
measures). You can get in touch by visiting the counselling and referral service. All of these calls are
Commonwealth Financial Planning webpage confidential and can help provide guidance during a
or calling us on 1800 138 713 from 8.30am to difficult time, if you’re unable to call, you can also visit
5.30pm, Monday-Friday (Sydney/Melbourne time). www.1800respect.org.au for more information.
If you’re a CommBank customer experiencing a
You can access additional benefits domestic or family violence situation, you can speak
Through Benefits finder in the CommBank app, to our specialist Community Wellbeing team about
you may be able to find government or other your financial needs.
benefits that you may be eligible for. Benefits
finder connects you with benefits you may be For more information visit:
eligible for – financial support that could help you commbank.com.au/dv-assistance.
during these uncertain times.
For information about ‘Next Chapter’: independence
for survivors of domestic and financial abuse visit:
You can seek additional support commbank.com.au/next-chapter-brochure Key resources for employees
for your overall wellbeing
and job seekers
This period of uncertainty may cause stress for
many individuals, families, community groups and
• Fair Work Commission: fwc.gov.au
businesses. It is critically important that you look after
your mental wellbeing, as well as your overall financial • myGov: my.gov.au
• CommBank – Superannuation and Pension Payment
Changes:
commbank.com.au/latest/super-access
• CommBank app for Benefits finder: commbank.com.au
• Medicare: servicesaustralia.gov.au
Support in case of domestic violence
• 1800RESPECT: 1800respect.org.au
1800RESPECT (1800 737 732) is a free national counselling and referral service for
anyone affected by domestic violence. All of these calls are confidential and can help provide • CommBank’s Community Wellbeing Team:
guidance during a difficult time. commbank.com.au/support/dv-assistance
8 | Understanding your options during coronavirus Understanding your options during coronavirus | 9
Support for
Maintaining a source of income is more
Retirees important than ever in retirement. If coronavirus
Are you a retiree who has has affected yours, here’s what you can do.
seen their income or
superannuation fall?
You can reduce your drawdown rate You can take measures to remain safe
To provide retirees with more flexibility in managing
and secure during this time
their retirement incomes, the Government has We understand that some of our customers prefer
reduced the minimum drawdown rates for account to come into the branch to do their banking. In
based pensions and similar products by 50% from light of the Government’s announcement around
1 July 2020. You should consider whether this is essential services, we are committed to keeping
right for you given your circumstances. To get an as many of our branches open as possible and also
idea of how long your account-based pension will ensuring that our customers and staff are kept
last, please visit the Moneysmart website. healthy and safe.
Some of our branches may need to close from time to
You can make changes to your asset time. We will keep you updated via our branch locator
allocations, but please think carefully tool at commbank.com.au/digital/locate-us. Social
before doing so distancing will be observed in branch, and added
measures have been put in place to ensure the branch
With changes in market and economic conditions, is kept clean and safe for all.
you should consider seeking financial advice
prior to making any decisions to alter your overall Alternatively, you can also access accounts 24 hours
asset allocation. You may benefit from discussing a day through NetBank or the CommBank app, and
your situation with one of our qualified financial general banking enquiries through our locally-based
planners. You can get in touch by visiting the contact centres on 13 22 21, every day between
Commonwealth Financial Planning webpage 6am and 10pm.
or calling us on 1800 138 713 from 8.30am to
5.30pm, Monday-Friday (Sydney/Melbourne time). If you have questions about using your Passbook
during this time, visit commbank.com.au/passbook.
Make an appointment to speak
with a financial planner
You may benefit from discussing your situation
and possible financial planning needs with one of
our qualified financial planners. Your first meeting
is obligation-free and may be over the phone or
at your local branch (subject to social distancing
measures). You can get in touch by visiting the
Commonwealth Financial Planning webpage
or calling us on 1800 138 713 from 8.30am to
5.30pm, Monday-Friday (Sydney/Melbourne time).
10 | Understanding your options during coronavirus Understanding your options during coronavirus | 11
Support for: Retirees
You can increase your online safety
and awareness of scams
We want you to remain safe and secure online. Unfortunately, there are
some online scammers that will be seeking to take advantage of the
current situation and access your personal information. Please do not
share your personal bank details with anyone who contacts you directly.
Learn more about how to protect yourself online at:
commbank.com.au/support/security/how-to-spot-hoax-scam
We also have a guide to help older people avoid scams, fraud and abuse
that can be found here:
commbank.com.au/support/preventing-financial-abuse-of-seniors
You can access support through the National COVID
Older Persons Information Line
Council on the Ageing, National Seniors Australia, Older Persons Advocacy
Network, and Dementia Australia have banded together, supported by the
Commonwealth Government to launch a new support service. You can call
1800 171 866 to get the critical information you need to stay healthy and
safe during coronavirus.
Key resources for retirees
• Older Australians Line: 13 2300
• CommBank: 13 2221
• CommBank Branch Locator:
commbank.com.au/digital/locate-us
• CommBank Passbook:
commbank.com.au/latest/coronavirus/faqs.html#passbook
• CommBank’s Guide to Protecting Yourself from Scams:
commbank.com.au/support/security/how-to-spot-hoax-scam
• Safe and Savvy Guide
• National COVID Older Persons Information Line: 1800 171 866
12 | Understanding your options during coronavirus Understanding your options during coronavirus | 13There is much that
we can do together.
For further information and links to applications,
please go to commbank.com.au/coronavirus
Things you should know: As this information has been prepared without having regard for your individual and/or business objectives, financial situation or needs,
you should, before acting on this information, consider its appropriateness to your circumstances. This information is current as at 30 July 2021 and is prepared
without taking into account your individual and/or business needs and objectives. CommBank has the right to change or cancel this offer at any time without
notice. The statements and content of this guide have been sourced from various government publications and summarised. CommBank disclaims, to the extent
permitted by law, all warranties, representations or endorsements, express or implied, with regard to the material and does not accept any liability in relation to
the quality, operability or accuracy of the material.
1. Credit provided by the Commonwealth Bank of Australia. These products are only available to approved business customers and for business purposes only.
Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes. View our Current Terms and
Conditions for Business Finance, Financial Services Guide and Business Transaction Account Terms and Conditions and consider them before making any
decision about these products. Rates are subject to change. For current interest rates, visit business banking rates and fees. Fees, charges and Terms &
Conditions apply.
2. Customers eligible to apply for a loan repayment deferral include any CommBank business customer who holds a BetterBusiness Loan with less than
$10,000,000 of total commercial liabilities with CommBank. Loan repayment deferrals are offered at the final discretion of the bank. These products are only
available to approved business customers and for business purposes only. Applications for finance are subject to the Bank’s eligibility and suitability criteria
and normal credit approval processes. Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval
processes. View our current Terms and Conditions for Business Finance and consider them before making any decision about these products. For current
interest rates, visit Business banking rates and fees.
3. Customers need to meet Government SME Recovery Scheme eligibility criteria: small to medium sized businesses with up to $250 million turnover, including
those self-employed, and not-for-profits; must have an Australian Business Number (ABN); available to current and new CommBank business customers.
This offer cannot be used to purchase residential property or financial products or to provide loans to associated entities. These products are only available to
approved business customers and for business purposes only. Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal
credit approval processes. View our current Terms and Conditions for Business Finance and consider them before making any decision about these products.
For current interest rates, visit Business banking rates and fees.
4. “Recent Floods” means the flooding that occurred in March 2021 in the Flood Affected Local Government Areas. “Flood Affected Local Government Area”
means a flood affected local government area as published on the Department of the Treasury website and updated by the Commonwealth from time to time
for the purposes of the Scheme.
* These products are only available to approved business customers and for business purposes only. Customers need to meet eligibility criteria of the
Government SME Recovery Scheme this includes: small to medium sized business with up to $250 million turnover, including those self-employed, and
not-for-profits, and have an ABN. This offer cannot be used to purchase residential property or financial products or to provide loans to associated entities.
Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes. View our current Terms and
Conditions for Business Finance and Asset Finance and consider them before making any decision about these products. For current interest rates, visit
Business banking rates and fees.The statements and content of this fact sheet have been sourced from various government publications and summarised.
CommBank disclaims, to the extent permitted by law, all warranties, representations or endorsements, express or implied, with regard to the material and
does not accept any liability in relation to the quality, operability or accuracy of the material
Please view our Merchant Agreement, Financial Services Guide and Operator and User Guides at our Merchant Support Centre.
Commonwealth Financial Planners are representatives of Commonwealth Financial Planning Limited ABN 65 003 900 169 AFSL 231139, a wholly owned but
non-guaranteed subsidiary of the Bank.
Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945.You can also read
