A WORD FROM JAMES

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24 June 2019

Welcome to our winter newsletter. In this issue Tom looks at insurance cover provided to footy players, and Caitlin previews the Coalition policies following the election.

We have been working hard up to the end of the financial year finalising superannuation contributions and insurance. Please let us know if you have any queries as we move into the last week with the financial year finishing on Sunday 30th June. The standard electronic payment methods have expired but we are able to help with other methods of payment up until Friday.

The big news for this newsletter is the Federal election result. A lot of work was done in financial services circles on what to do if the Labor government was elected, but not so much on the Liberal Coalition holding power. The Labor government proposed a number of changes to tax and superannuation, a key one being removing franking credit refunds which I believe ultimately cost them the election.

For those of you that receive Centrelink payments the topic of deeming has been receiving a lot of attention lately. Most Centrelink payments (including the aged pension) use an income test to determine how much is paid and the income financial assets is determined using a ‘deeming’ formula rather than the actual amount they produce. This deeming rate is a set percentage and has not changed since 2015. Pensioner groups have raised the point that these deeming rates need to be reviewed, and lowered, now that interest rates are so low. Contact us if you would like more information on how deeming affects your payments.

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