Your Life

Ask Kochie: What can I do if I can’t afford to pay my employees?

- March 25, 2020 2 MIN READ

Did you miss the last Facebook Live session with David Koch? Watch the segment now as he gives a rundown on the latest economic updates, government announcements, and answers questions from his audience on Facebook.

Questions answered in this Facebook Live with David Koch:

1. My husband and I are in a partnership business. We work for ourselves as tradies. Can you tell me what help do we get? From what I’m hearing, we get nothing as we don’t employ other people and asset write off is not going to help us.

2. My question is about non-employing companies operating in trusts getting no assistance in the stimulus. My accountant has confirmed I get nothing.
3. Do you think the government will consider cutting or reducing HECS repayments for people who have had hours and wages cut?
4. I’ve been talking to a lot of people I know that are being declined assistance with job seeker because their partners are still working. This doesn’t sound right as a lot of taxpayers get nothing, but access to super. And actual jobseekers get double the payments. The taxpayers are the ones that will most likely have assets to lose. Surely this can’t be correct?
5. I’m a sole trader with a hairdressing business and I’m already down 80 percent. But my husband is still working. Do l get one of the packages as we have mortgage, utility bills plus l pay rent on my business.
6. I am a small beauty business with two casuals and one part timer and now with Covid, no customers. What amount will I receive from the stimulus package to continue to pay wages, rent and expenses. Currently there’s no income as all customers have cancelled appointments?
7. How much does it cost to remove my super and set up SMSF to purchase a trust fund property so I can prevent losing any more of my super due to downturn in the markets.
8. Why are banks not offering the business loans backed by the government as mentioned by the PM to help small business? I called ANZ and they said they as still not offering this.
9. I am starting a small home business with a launch date of late July. Will any of the new packages announced apply to me at all? I have a registered ABN just haven’t started trading.
10. I have a Pty Ltd and sell at markets which has now stopped. I could apply for new start allowance however, my husband earns more than 48k. I know it will be revised to 75k but our bills remain the same. Is it correct that it takes into account partners wage?
11. My husband and I run a small mechanical business and we are doing our best to stay open with employees. If we can’t because of loss of business as such, what are my husband and myself entitled too?
12. I’m a casual worker on a Carers pension, so not entitled to coronavirus stimulus package. Was thinking I might need to do the super drawdown. What are your thoughts? My office is closed.

Watch the segment:

**Given the current global climate, we realise many of you have a lot of questions about personal and business finance. And that’s why, we’re going to be running more frequent Facebook Live sessions in the coming weeks. Follow our Facebook Page for constant updates. Drop your questions and feedback in the comments section below and we’ll answer them next time we go live.