If you told me 3 months ago that I would be unemployed and had to move back in with my parents, I wouldn't have believed you. But hey, here we all are! Money's tighter, budgets are smaller but these are a few financial tips that could help;
- Support for Businesses, Supporting the Flow of Credit, Supporting Individuals and Households, If you are an Optometry Australia member, they break it down very eloquently here. Otherwise reddit to the rescue!
- Australian banks will defer loan repayments for six months, for small businesses impacted. Some banks will defer home loans too, and potentially refund interest on deferred payments. Now's also a great time to review your current loan repayments, especially as there's been a drop in interest rates.
- If you are renting, there has a 6 month moratorium on residential and commercial evictions, meaning you cannot be evicted if you are unable to pay rent due to COVID-19
- If you are working from home (e.g. Vision Therapy via ZOOM), keep a log-book or diary to help you during tax time as there may be deductibles you are eligible for.
- Look into relief from ATO obligations, you can contact ATO on their Emergency Support Infoline (1800 806 218).
- Talk to your health insurance provider, as major providers are suspending the April price hikes, and some allowing a suspension of payments
- Were you meant to go on a holiday but had to cancel? Now's the time to follow up on those refunds for flights and holidays. Read more here.
- Did you have to cancel an event, like a wedding? Speak to the vendor and suppliers, most have been very understanding!
- Here's a grey one, certain phone companies are offering post paid waived fees for a number of months for AHPRA-registered health practitioners.
Disclaimer: We strongly advise you to speak to your banks, lenders, legal advisor and/or accountant. This information is not to be interpreted as constituting professional advice and YO are not liable for any income loss taken from above advice.