Hospitality Services
INTRUST SUPER
Help your staff recover from the financial damage of COVID-19
Over two million Australians could be behind on their retirement balances by tens of thousands of dollars, as a result of the COVID-19 crisis. According to the Australian Prudential Regulation Authority, more than 2.5 million Australians have applied to withdraw from their super(1). The early release of super allows individuals to withdraw a maximum of $20,000 from their super account across two financial years ($10,000 in 2019/20 and 2020/21). The Australian Securities and Investments Commission calculates $20,000 withdrawn by a 25-year-old could have grown to more than $47,000 in today’s dollars by the time they retire(2). Alarmingly, this could cost them more than $3,200 each year in retirement income(3).
Share market volatility compounded this situation. Australian shares fell 36%, with the ASX-200 dropping from 7,036 to 4,546 between 19 February and 23 March 2020(4). Over the same period, the US Dow Jones dropped 36% (from 29,348 to 18,592), while global shares fell 34% (from 2,700 to 1,790)(4). This impacted super portfolios across the board.
The impact on our industry has been sobering. The Australian Bureau of Statistics(5) reported that restrictions placed on the hospitality industry since March has forced a staggering 70% of the sector to temporarily reduce their hours of business. The same data highlights that 43% of businesses had placed staff on unpaid leave or stood down part of their workforce. As super contributions are based on individual incomes, this reduction of hours has also drastically damaged the retirement savings of hospitality workers.
The long and short of it is that, in these difficult times, many of your staff are experiencing some extremely difficult financial circumstances and potential next steps. To prevent the financial hardship they’re experiencing today from impacting them long-term, they will need support and guidance. We would like to help.
We are offering a free Super Health Check to any interested PubTIC readers and their staff – regardless of their current super fund.
The Super Health Check compares fees, investments and insurances, helping staff with their current financial situation. Small changes made today could make a big difference now and in the future. You can also use us to review your business’ superannuation pain points to help make super easier to manage at a business level.
Contact Stephanie Langdon at service@intrust.com.au to organise your free Super Health Check today. Ph. 0448 528 647
STEPHANIE LANGDON
(1) Source: APRA, COVID-19 early release scheme issue 10.
(2) Assumptions: Based on an income of $50,000. Estimates in today’s dollars and adjusted for inflation and rising community living standards. Calculations based on ASIC’s MoneySmart Super withdrawal estimator and Superannuation calculator, with an assumed investment return of 7.5% pa before fees and taxes and a retirement age of 67. Investment fees are assumed to be 0.85% p.a. and assumed tax on earnings is 7.0%.
(3) Source: ASIC’s MoneySmart retirement planner, based on a retirement age of 67 and the average Australian life expectancy of 83.
(4) Source: Trading Economics 2020
(5) Source: ABS, Measuring the impacts of COVID-19
The information contained in this document and the services referred to are of a general nature only and do not take into account your individual financial situation, objectives and needs. You should consider the appropriateness of the general information having regard to your own situation before making any investment decision. For personal advice, please contact the Intrust360° financial advice team on 1300 001 360. A Product Disclosure Statement is available at www.intrust.com.au or call us on 132 467.
Issued by IS Industry Fund Pty Ltd | MySuper Unique Identifier: 65704511371601 | ABN: 45 010 814 623 | AFSL No: 238051 | RSE Licence No: L0001298 | Intrust Super ABN 65 704 511 371 | SPIN/USI: HPP0100AU | RSE Registration No: R100439
Hospitality Services
LEIGH BARRETT & ASSOCIATES
Covid-19 May Be Beatable – Compliance Is Not
There is currently a worldwide search for an effective vaccine for Covid-19. It is costing millions of dollars. Hopefully, the effort will see the virus conquered.
But one element of a hotel’s operation that will never be eliminated is regulatory compliance. For example, clubs and hotels with electronic gaming machines are legally required to have a comprehensive Anti- Money Laundering and Counter Terrorism Financing (AML/CTF) Program in place to help fight the war on financial crime that is costing Australians more than $47 billion per year.
Further, the banks (to limit their risk) are now requiring hotels and clubs to supply them with their AML/CT Program and Independent Review, or demanding that they take their business elsewhere!
Leigh Barrett and Associates / GamSafe* provides end-to-end regulatory compliance advice, support and training services for hotels and clubs across Australia, including comprehensive services in AML/CTF, Workplace Health and Safety, Food Safety, Liquor Compliance and Governance.
With an experienced team of specialists and strong relationships with regulators, we are uniquely placed to take the headache out of your compliance obligations.
We have both a range of affordable service levels as well as individual modules to ensure that the services we provide match your venue’s specific needs.
For more information visit our website www.gamsafe.com.au or email info@gamsafe.com.au
*GamSafe: Leigh Barrett and Associates P/L is now operating in NSW, Queensland and Tasmania under the registered trade name GamSafe.
Hospitality Services
INNQUEST AUSTRALIA P/L
InnQuest’s Eventory is event management software to help streamline your events and functions business.
No more managing clients and obligations across separate systems, Eventory provides a single point to manage your entire event business.
Hospitality Services
LETIZZA PIZZA BASES
Established in 1992, Letizza Pizza Bases manufactures pizza bases for the food service and retail industry.
Letizza is a 100% Australian family-owned business, produced in Sydney Australia.
Come and see our extensive range of pizza bases.
We offer: gluten-free and vegan pizza bases, circle bases, rectangle bases, canape-size pizza bases and flatbreads.
Letizza’s pizza bases are hand-stretched and full of authentic flavour – making them perfect for any chef to top and cook in any oven, and perfect for any gaming room as a fast and cost-effective snack.
To find out more and to taste the product contact us today.
Letizza
1800 107 520
Tait Street Smithfield NSW
www.letizza.com.au
Belinda Gilvarry
Ph. 0410 257 309
belinda@letizza.com.au
LETIZZA 2inch Gourmet
