A message to our customers
As the global situation with COVID-19 continues to evolve, Netwealth has a comprehensive operational plan in place to ensure we remain well positioned to support you through the coming weeks and months. We thank you for your continued support and send you and your clients our well-wishes during this uncertain and unprecedented event.
Government changes to super and pensions
Early release of super on compassionate grounds
The Federal Government has announced temporary changes to the early release of super conditions for individuals as part of its COVID-19 response.
Applicants can apply through the ATO’s My Gov portal or where required, by calling the ATO’s call centre, and the ATO will then release any approved authorities to Netwealth. You cannot apply directly through Netwealth.
Applications can be made both in this financial year (up until 30 June 2020) and next financial year (up until 24 September 2020) to release up to $10,000. A full explanation of the application process can be found here.
ASIC’s MoneySmart website has helpful information on what to consider before you apply to access your super.
COVID-19 phishing scams targeting early super release
There are currently COVID-19 phishing scams and SMSs in circulation
The ATO is coordinating the early release of super through MyGov. Be on the lookout for phishing emails, phone calls or SMSs impersonating the ATO, Centrelink as well as other government authorities and legitimate companies. There is no need to pay a fee to get access to this scheme.
Minimum drawdown rates for income streams reduced by 50%
The Government has introduced legislation reducing the prescribed minimums on pensions to 2% from 4%. This might be of benefit for you and we encourage you to speak to a financial adviser to understand the implications. If relevant, you would have received communications outlining your options to take advantage of this change.
Understanding the investment markets better
In Netwealth's Portfolio Construction podcast series we chat with investment specialists who share their different investment perspectives to help you navigate these uncertain investment cycles.
Hear from specialists like Roger Montgomery, Magellen, and Schroders who discuss the current state of the Australian and global economy, the impacts of a potential recession and Government stimulus-response, the present value of Australian and international equities and the winners and losers from a falling Australian dollar.
You can also subscribe to this series on Apple Podcasts, Spotify, Google Podcasts or Stitcher.
Operational Update
Our Contact Centre has gone to the cloud
Over the past month our Contact Centre has been busily moving to a new cloud-based platform. As a result we are pleased to announce:
- Our normal operating hours have been extended: 8:30am - 7:00pm AEDT Mon-Thur and 8:30am - 6:30pm AEDT Friday
- Emails that you will receive from us will utilise our new stylised template
- We will soon be launching an online FAQ and support centre, where you can access information to frequently asked questions
We are not accepting cheques
Due to most Netwealth staff working from home, potential delays in mailing service and the distancing rules being followed, we are:
- Not accepting the receipt of cheques
- Nor issuing cheques
We encourage you to make the switch to our online deposit and payment facilities, such as 'Pay anyone' EFT or BPAY® payments.
Updating your email and mobile records
During this time it is very important that you get the appropriate communications in a timely manner. To this end, please ensure your details are up to date, especially your email and phone number. You can do this by simply logging into your online account or email us with the correct details to contact@netwealth.com.au.
® Registered to BPAY Pty Ltd, ABN 69 079 137 518
Support virtual learning during school closures
Netwealth in partnership with Banqer is helping young Australian's learn financial literacy and capability skills. Banqer is a virtual online classroom economy where kids learn to earn, save, spend and invest their money in a safe and engaging way. It is 100% online and is useful as a remote learning tool for teachers. Kids are taught about bank accounts, income, interest on savings, superannuation, taxation, real estate and insurance.
Learn more and refer Banqer to your school now!
Download money activities for you and the kids
Banqer is also making it easier than ever for parents to teach important money management skills, with a free two-week program of fun activities for the family. From budgeting to financial risk, managing debt and more. Keep the kids busy with these free activities designed to improve their financial capability and prepare them for the financial world ahead.
We're here to help
Financial update
Despite recent adverse equity markets, Netwealth Group remains in a very strong financial position, is debt-free and has significant cash at bank. Our net inflows have continued to be very strong this quarter at $3.2bn and year to date $7.6bn. Our revenue and profitability remain resilient due to the increased volume in transactions and ancillary revenues.
View our recent ASX announcement
Contact us
During this changing environment, we know you may be looking for more information. You contact us on contact@netwealth.com.au or call on 1800 888 223.
