TapIn

The TapIn team provides technical advice to financial advisers and consulting services, building adviser knowledge and capability as well as helping advisers provide high quality advice to their clients. The main focus areas include superannuation, retirement, small business, social security, life insurance, estate planning and areas of taxation relevant to financial planning.

To view the articles, click on any of the links below.

Articles of interest

Reduction in deeming rates and revaluation of financial investments
In this edition we outline the new deeming rates to take effect from 17 November 2008
(10 November)

Enhancing the Transition to Retirement (TtR) Income Swap strategy by using the Pension Refresh strategy
In this edition of the TapIn Bulletin we look at the Transition to Retirement pension refresh strategy.
(10 November 2008)

SMSF legislative update
Due to a number of legislative developments to the SMSF landscape, in this edition of the Tapin Bulletin we aim to outline some of the more prominent points arising out of several ATO rulings and their relevance to the ever-evolving.
(27 October 2008)

Investing for Minors
In this edition of the TapIn Bulletin, we aim to clarify a number of financial planning and tax related issues that occur where investments are held for the benefit of a child under the age of 18.
(20 October 2008)

Government announces Economic Security Strategy
On 14 October 2008, the Government announced a $10.4 billion Economic Security Strategy. In this edition of the TapIn Flash, we briefly look at the proposals relevant to the financial planning industry including assistance for families, pensioners, carers, self-funded retirees and first home buyers.
(16 October 2008)

Temporary residents’ superannuation legislation introduced in Parliament
On 25 September 2008, legislation was introduced into Federal Parliament to implement the Government’s proposed changes to superannuation arrangements for temporary residents. The legislation introduced mirrors the Government’s amended proposals.
(29 September 2008)

Superannuation Guarantee update
We outline circumstances in which the ATO may exercise its discretion to disregard or reallocate excessive superannuation contributions to a different financial year.
(22 September 2008)

Superannuation Guarantee – a financial planning update
This articles provides an overview of key Superannuation Guarantee concepts, before examining the recent legislative changes.
(1 September 2008)

Temporary residents’ superannuation
On 8 August 2008, the Government announced the proposals to superannuation arrangements for temporary residents would be significantly modified.
(11 August 2008)

A closer look at First Home Saver Accounts
The legislation required to implement First Home Saver Accounts (FHSAs) has now been passed and providers will be able to offer these accounts from 1 October 2008.
(5 August 2008)

Taxation, super and social security legislative update
There have been a number of changes in relation to taxation rates and social security thresholds from 1 July 2008 onwards. Numerous pieces of legislation have recently become law, whilst three pieces of legislation are still to be passed.
(7 July 2008)

Legislation removing discrimination in superannuation arrangements for same-sex couples
The Same-Sex Relationships (Equal Treatment in Commonwealth Laws - Superannuation) Bill is the first to be introduced as part of this reform process. It is superannuation related but primarily concerned with members of Commonwealth Government (defined benefit) superannuation schemes.
(2 June 2008)

Share, superannuation and tax issues for temporary residents
When providing advice to individuals who are temporary residents, there are a number of superannuation and tax-related issues that need to be considered.
(30 May 2008)

Federal government releases further details on First Home Saver Accounts (FHSA)
With the release of the 2008 Federal budget, the government provided further clarity in relation to the First Home Saver Account (FHSA). In addition to the original proposals outlined previously, the government has announced a number of changes to how the accounts will operate in
practice.
(26 May 2008)

Federal Budget 2008 planner briefing
The recent Federal Budget contained a number of proposals which, when passed, will to varying degrees impact the financial planning industry. We look at how the proposals will impact clients.
(14 May 2008)

Small business $1 million non-concessional contribution CGT cap – eligibility and application
When a capital gain qualifies for either the Small Business CGT 15-year exemption or $500,000 retirement concession, the owner(s) of the business asset(s) may also potentially qualify for an additional superannuation entitlement.
(9 May 2008)

Aged care – a comprehensive financial planning guide
Given the size of Australia’s ageing population, financial planners are becoming more involved in aged care planning, particularly in relation to fees, Centrelink entitlements and dealing with the family home. In this bulletin, we outline the financial planning implications of moving into a hostel, nursing
home or extra-service nursing home.
(11 April 2008)

Social security changes from 20 March 2008
The Federal government has recently announced a number of changes to the social security system from 20 March 2008. Specifically, there will be an increase in the current deeming rates, Utilities Allowance and Seniors Concession Allowance as well as an indexation of the current pension and
allowance rates in line with the Consumer Price Index (CPI).
(18 March 2008)

New ‘notice’ rules when claiming a tax deduction for personal superannuation contributions
An eligible superannuation fund member who is claiming a tax deduction for personal contributions must first provide the fund with a valid notice of their intention to claim the deduction.
(14 March 2008)

Aged care changes from 20 March 2008
The Government has recently passed legislation in relation to various changes to aged care, originally proposed in the May 2007 Federal Budget. The changes relate to the calculation of the basic daily care fee, income-tested fee and accommodation charge, and take effect from 20 March 2008.
(29 February 2008)

Federal government introduces new condition of release for terminally ill
The Federal government has recently released regulations introducing a new condition of release for persons who are suffering from a terminal medical condition.
(19 February 2008)

Funding buy/sell business arrangements with insurance
Buy/sell business arrangements are used by business owners who want to ensure smooth transitions to the surviving business owner(s) upon their departure from the business.
(15 February 2008)

Federal government releases discussion paper on proposed First Home Saver Account
The Federal government recently released a discussion paper on the proposed First Home Saver Accounts (FHSAs) outlining the proposed features of the accounts and how they would operate in practice.
(11 February 2008)