Need to know

Outlined below are all the latest news you 'need to know'.

 
Issue What it means  What do you need to be thinking about?
Australian Taxation Office
The ATO have indexed several super rates and thresholds.

The ATO has released several important superannuation rates and thresholds for the 2022/23 financial year.

Review your clients’ salary sacrifice arrangements considering the higher SG rate. Clients with catch-up concessional contributions may have a higher concessional contribution cap. 

It may be necessary to update affected assumptions in any financial modelling tools.

From the Department of Social Security (DSS)
Centrelink rates and thresholds starting 1 July 2022 released.

Many Centrelink rates and thresholds will be indexed on 1 July 2022. Notable changes include an increase in the income and asset test thresholds for social security pensions.

 

It will be necessary to apply these new benefit and payment rates when estimating Centrelink entitlements.

Clients who were previously not entitled to a benefit and were marginally above the upper income and/or asset test threshold may be entitled to a small benefit.

New aged care rates, thresholds and subsidies have been released.

Many aged care fees, charges, subsidies and supplements will be indexed on 1 July 2022.

For further information, see the links below:

Updated schedule of fees and charges for residential and home care (entry post 30 June 2014)

Updated schedule of fees and charges for residential and home care (entry pre 1 July 2014)

Updated aged care subsidies and supplements.

Client fees relating to residential aged care and home care may change from 1 July 2022.

4.07% to 5.00% per year for residents entering care between 1 July 2020 and 30 September 2022.

Historical interest rates can be found here.

 

More information

If you have any questions, or would like more information, please contact the IOOF TechConnect team on 1300 650 414.

Disclaimer
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.