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Understanding super & money
Outlined below are all the latest news you 'need to know'.
The Treasurer, Josh Frydenberg, delivered the 2022/2023 Federal Budget on 29 March 2022.
The following resources may assist:
The ATO has released several important superannuation rates and thresholds for the 2022/2023 financial year.
There will be no change to either the concessional or non-concessional contribution cap limit.
Key changes includes an increase in the CGT cap amount, low rate cap, untaxed plan cap amount and others.
It may be necessary to update superannuation recommendations for the new financial year in the context of these rate thresholds and other changes from 1 July 2022.
In addition, it may be necessary to update affected assumptions in any financial modelling tools.
Many Centrelink rates and thresholds were updated on 20 March 2022.
It will be necessary to apply these new rates and thresholds when estimating Centrelink entitlements from 20 March 2022.
Many Aged Care fees and charges were indexed on 20 March 2022. The Department of Health have also released subsidies and supplements that apply from 20 March 2022.
Client fees relating to residential Aged Care and Home Care may change from 20 March 2022.
In addition, the maximum permissible interest rate for residential aged care will increase on 1 April 2022 to 4.07%. For current and past interest rates see here.
The quarterly review is a reconciliation process which:
The feature of the Pension Loans Scheme is that borrowers can remain living in their family home without having to sell their property and they do not have to repay the loan during its term.
Retaining their home may carry Centrelink concessions such as main residence exemption and may have sentimental and estate planning advantages.
The Bill will give effect to many of the measures announced in Tuesday’s Federal Budget such as the:
For further commentary on the Federal Budget and what it means for your client please see our:
If you have any questions, or would like more information, please contact the IOOF TechConnect team on 1300 650 414.
The information in this section of the website is intended for financial advisers only and is not to be distributed to clients. It has been prepared on behalf of Australian Executor Trustees Limited ABN 84 007 869 794 AFSL 240023, IOOF Investment Management Limited ABN 53 006 695 021 AFSL 230524, IOOF Investment Services Ltd ABN 80 007 350 405, AFSL 230703 and IOOF Ltd ABN 21 087 649 625 AFSL 230522 based on information that is believed to be accurate and reliable at the time of publication.