Single Touch Payroll (STP), is an Australian Government initiative to reduce employers' reporting burdens to…
This could be be at risk with the changes to income test on the 1st of January 2015. Its important to see one of our staff ASAP to make sure you don’t lose your benefit or have it reduce. Read more below:
Changes in legislation make for pretty dry reading but are important to you and the way they may affect your financial future.
The key amendment for advisers in this case is the deeming of certain account-based income streams commencing on or after 1 January 2015. From that date, the deemed income rules that apply to other financial assets will be extended to certain account-based income streams.
What’s important if you are a pensioner:
- In certain circumstances, the deeming will also apply to account-based income streams commencing before 1 January 2015 – for example, where you have not been continuously receiving an income support payment since 1 January 2015; and
- Grandfathering of current income test treatment may be available to reversionary pensions where the original pensioner dies on or after 1 January 2015.
Want to know more? One of our trusted, experienced advisers will be happy to explain in simple terms.