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Age Pension & Aged Care

Benefits of Challenger CarePlus for higher means aged care clients

Published 12 Oct 2020

Challenger CarePlus can be an attractive investment for residential aged care clients. It can help provide clients with higher Age Pension entitlements and reduce their aged care costs compared to investing in alternatives such as cash and term deposits....

Age Pension & Aged Care

Does your client meet the retirement definition?

Published 8 Oct 2020

There are some legislative nuances when it comes to the specific definition of retirement. In this article we focus on retirement related condition of release and address some frequently asked questions. ...

Income streams/pensions

Federal Budget Report 2020-21

Published 6 Oct 2020

At 7:30pm on Tuesday 6 October 2020 the Treasurer, Josh Frydenberg, released the Government's 2020-21 Budget announcing a range of measures in response to the challenge presented to the Australian economy by the COVID-19 pandemic....

Income streams/pensions

Tax exemption on pension accounts after the death of a member

Published 15 Sep 2020

This article will discuss the tax implications when a member in an SMSF passes away, with a specific focus on the tax exemption which may be available on fund earnings based the different possible circumstances....

Income streams/pensions

New transfer balance cap rules for legacy pensions

Published 9 Sep 2020

The long-awaited legislative change to determine the debit value upon commutation for market linked and life expectancy pensions that are capped defined benefit income streams (CDBIS), passed parliament in June 2020 and applies retrospectively from 1 July 2017....

Age Pension & Aged Care

Revisiting grandfathered account-based pensions

Published 1 Sep 2020

The rules to retain grandfathering meant that certain strategies could not be considered for grandfathered ABPs after 1 January 2015. Strategies such as switching providers to save on fees, a recontribution strategy and adding a reversionary beneficiary were largely not possible without losing the grandfathering status....

Age Pension & Aged Care

Means testing of assets and income for aged care residents

Published 24 Aug 2020

This article highlights the key exceptions and details the means testing of thirteen common assets and income which may be helpful to advisers during their aged care discussions with clients....

Accumulation & contributions

Unused concessional cap carry forward

Published 11 Aug 2020

The concessional contribution cap limits the amount a member can contribute to superannuation as concessional contributions during an income year. However, in order to help those with smaller superannuation balances there is now a way for members to make concessional contributions which exceed the regular cap amount and not incur...

Age Pension & Aged Care

Considerations for Centrelink clients approaching Age Pension age

Published 6 Aug 2020

A lot of Centrelink clients who are not yet Age Pension age have the opportunity to both; implement strategies to maximise their entitlements today, and to start planning for their transition to Age Pension to ensure they continue to maximise their benefits....

Accumulation & contributions

Contributions and the work test

Published 4 Aug 2020

A fund member’s age can impact their eligibility to make voluntary contributions to superannuation. For some of these contributions, meeting the ‘work test’ can allow a member to make contributions where they otherwise wouldn’t be eligible due to their age. This article will look at the recent change to the...

Expenses, tax and administration

NALI and NALE FAQ

Published 20 Jul 2020

This FAQ addresses questions from the webinar 'New rules for NALI and NALE' presented on 26 June 2020 and Mark Ellem's response to each of those questions....

Expenses, tax and administration

Introduction to NALI and NALE

Published 20 Jul 2020

One of the characteristics of a self-managed superannuation fund (SMSF) is that it can be common for it to transact with a related party and because of this, the fund must be aware of the relevant rules that apply to arm’s length dealings....

Age Pension & Aged Care

Estate planning considerations for aged care clients

Published 10 Jul 2020

Ensuring that the right assets are passed onto the right beneficiaries at the right time is fundamental to any estate plan. This article explores estate planning considerations for your aged care clients. ...

Accumulation & contributions

2020-21 legislative update

Published 1 Jul 2020

Below we highlight some of the key legislative updates that have passed into law. The legislative measures in this update are law as of 25/06/2020 unless otherwise stated. Super work test and bring-forward provisions The 2019 Federal Budget included three important super measures: Regulations have been registered for the work...

Accumulation & contributions

SMSF expense deductibility

Published 23 Jun 2020

Self-managed superannuation funds (SMSFs) incur several different types of expenses over the course of an income year. Some of these expenses are deductible against the fund’s income, with most only deductible in part, usually based on the extent to which the expense was incurred in producing assessable income....

ECPI, segregation and actuarial certificates

Does the SMSF require an actuarial certificate to claim ECPI?

Published 23 Jun 2020

The significant superannuation reform package that came into force on 1 July 2017 also saw the ATO release updated guidance on how self-managed superannuation funds (SMSFs) claim exempt current pension income (ECPI). These changes, which apply from the 2017-18 income year have made the question of whether an actuarial certificate...