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Money / Financial management

Ask Kochie: Why is there no stimulus package for sole traders?

**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.

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Questions answered in this Facebook Live with David Koch:

1. Why is there no stimulus package for sole traders?

2. What advice would you have for a 64-year-old small business owner without a lifetime of superannuation in the tank?

3. How long do you think businesses should prepare for before things get better. Is there any news on whether NSW businesses’ rent will get compensated if there is a long lockdown?

4. Is this the right time to invest in property? I’m looking at buying my first house as a self employed small business owner but I’m a bit unsure with everything going on.

5. How will this affect SMSF?

6. My son has a fitness rehab and performance business and only last week purchased the empty building next to him to expand. Documents have been signed. Many people are choosing not to turn up. Money is put aside to expand. Should he continue with it or sit tight?

7. When is a good time to fix interest rates for residential mortgage or investment property? Or is it better to always go variable?

8. I am a casual worker in before and after school care. If schools close I will lose my job. What can I do?

9. What is your top advice for tradies-based businesses? What do you predict for these services?

10. How are aged pensioners meant to go out to spend their stimulus money when it arrives if they can barely leave their homes?

11. Why did middle income earners, with no children, not get a mention for help in the stimulus announcement?

12. Is it the right time to pay off my mortgage with my super?

13. My small business just lost a large order that is ongoing due to coronavirus. What should we do?

David Koch

is the host of Channel 7's Sunrise breakfast program and the founder of Pinstripe Media.

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