Spatium Capital has responded to adviser and SMSF trustee requests for easier, cleaner digital access via applications and signature protocols.
SMSFs
Higher income limits for Seniors Health Care
The legislation to significantly increase the cut-off limit for entitlement to the Seniors Health Care has been enacted. Now the relevant cut-off limits are $90,000 for a single (previously $61,284) and $144,000 for a couple (previously $98,054). These new limits will be subject to the normal annual indexation cycle which applies each September. The new limits apply from 4 November 2022 and so will be indexed on 20 September 2023.
Laureola launches Sydney office to build life settlements interest
After a soft entrance to the Australian market two years ago, life settlements fund manager, Laureola Advisors, has appointed an experienced distribution head and opened a Sydney office on Martin Place.
SMSFs not to be subject to retirement income covenant
Only a few months ago, the Government was proposing that trustees of self-managed superannuation funds (SMSFs) were to be subject to a retirement income covenant, which would require the trustee to have a strategy that outlines how the trustees plan to assist their members to balance three objectives; namely maximising their retirement income, managing risks and having flexibility to access super savings.
Superannuation member benefit vs death benefit
When there is no tax dependent to receive a member’s superannuation death benefits tax-free, a potential tax saving strategy is to withdraw their entire super benefits prior to their death. The money then becomes their ‘personal asset’ which can be distributed tax-free to any non-tax-dependants such as the member’s independent adult children.
SMSFs: seek new investments or accept a possible humble retirement
The low (and even negative) interest rate environment brought about by a combination of the residual effects of the GFC and the current COVID-19 pandemic has resulted in SMSFs seeking alternative investment opportunities to maintain their target returns.
SMSF: When a member has a terminal medical condition
When an SMSF member is diagnosed with a terminal medical condition, it is not only devastating news to them but also to those close to them. With perhaps little time left, planning for their loved ones is usually paramount.
Best interest now best financial interests
Previously, trustees of self managed superannuation funds were required to perform their duties and exercise their powers in the best interests of the beneficiaries of the fund. This requirement was imposed by s52B(2)(c) of the Superannuation Industry (Supervision) Act 1993.