2017/18 has been a hectic financial year for the Financial Services industry – with the Federal Budget, we have seen new Superannuation laws introduced, the introduction of Financial Planner education requirements, and now the Royal Commission.
There are some key financial strategies for financial planners and clients to consider as part of their annual review. Whilst some strategies are very familiar, and have been around for some time, others are new or broader than they have been in previous years.
Key financial strategies include:
Superannuation Equalisation – enabling one member to withdraw a portion of their accumulated superannuation benefit and recontribute it as a non-concessional contribution for their partner.Personal Deductible Contributions – where most people under 75 years old can claim a tax deduction for personal super contributions.
First Home Super Saver Scheme – allowing people to save money for their first home inside their superannuation fund.
Downsizer Contributions – where people aged 65 and older can make a non-concessional superannuation contribution from the proceeds of selling their home.
Pensioner Gifting – enabling age pension recipients to make monetary gifts to reduce their assets under the pension income and assets tests.
We provide more detailed information regarding Downsizer Contributions blog post.
The information contained in this publication is based on the understanding KeyInvest (ABN 74 087 649 474 AFSL No. 240667) has of the relevant Australian legislation as at the date shown in this publication.
The information contained in this publication is of a general nature only and is intended for use by financial advisers and other licensed professionals only. It must not be handed to clients for their keeping nor can any copies of sections of this publication be given to clients. KeyInvest is not a registered tax agent under the Tax Agent Services Act 2009. We recommend that your client be referred to their registered tax agent or legal adviser prior to implementing any recommendations that you may make based on the information contained in this publication.