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Insignia branded adviser content
The IOOF TechConnect and MLC Technical teams have been combined and are now known as Insignia Financial TechConnect. Some of the ‘adviser only’ resources in this edition of TechMatters are therefore now branded Insignia Financial. | | |
MLC TechKnow
In this month's edition:
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Technical update – legislation that’s just progressed through Parliament
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Advice considerations – reduction in downsizer eligibility age to 55, and
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Other issues – indexation of general transfer balance cap and contribution caps.
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Key advice considerations for 2023 and beyond
Recent and prospective legislative changes have created advice opportunities to help you reconnect with clients in 2023 and beyond.
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Super death benefits explained
When a client passes away, it's important to understand how and to whom payments can be made, the taxation and transfer balance cap implications, and more.
Read more | | | |
Key measures now legislated | | |
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Downsizer eligibility age reduced to 55 |
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Legislation reducing the eligibility age to make a downsizer super contribution from 60 to 55 has passed and awaits Royal Assent. The commencement date is 1 January 2023 if Royal Assent is received prior to this date, otherwise it is likely to be 1 April. We will update you when the commencement date is confirmed. Read our adviser update. | | |
Age Pension v Carer Payment or Disability Support Pension
Centrelink will invite those on Carer Payment or Disability Support Pension to transfer to Age Pension just before they reach Age Pension age.
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Impact of APRA reforms on income protection advice
When providing Income Protection advice, it’s essential to understand the recent ARPA policy changes and assess the sources and consistency of a client’s income.
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Director IDs – deadline passed but ATO to take reasonable compliance approach |
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The ATO has announced that they will be ‘taking a reasonable compliance approach’ towards directors trying to meet their obligations to apply for a Director ID.
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SMSF trustee alert – legislation passes to increase financial penalties
Legislation has passed increasing the penalties payable for breaches of certain tax and super laws from 1 January 2023.
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Draft legislation – taxation of off-market buy-backs
Draft legislation has been released for consultation relating to the proposal to change the tax treatment of certain off-market share buy-backs.
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Holiday office closure dates |
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Technical Services will be closed for the holidays from Thursday 22 December 2022 to Wednesday 4 January 2023, inclusive. If you have any questions during this period, email us and we will respond on our return. | | |
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Self-funded residents and means-tested fee assessment |
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My self-funded client is moving into residential aged care. What will happen if they fail to disclose their financial details by not completing form SA457?
Find out answer | | |
