Advice Composer Release Notes V3.2.1

Previous release notes: 

Advice Composer - V3.0.0-beta

Advice Composer - V3.1.0

Advice Composer - V3.2.0

Consult our article here to know more about versioning scheme attached to our products.

Lots of bug fixes. 

Strategy & Flyers - July 2024 Update

Strategy Text Updates:

2- Enter Aged Care Facility and Restructure your Finances:

• reference to funeral bond threshold updated to reflect the increase from $15,000 to $15,500.
• Aged care MPIR interest rate changed from 8.34% to 8.36%

16-Apply for the Commonwealth Seniors Health Card (CSHC) - Updates

• Points to consider – CSHC card expiry updated to August each year and references to card validity for 2 years (2nd dot point) removed.
• Points to consider – reference to Digital Wallet access added.

39- Purchase a funeral bond:

• Funeral bond threshold increased from $15,000 to $15,500

66- Commence an Account-Based pension

• Benefits & Points to Consider – Reference to [Under 60] removed as preservation age will now be 60 moving forward.
• [Over 60] has also been removed from dot point 6

67- Reboot your Account Based pension

• Benefits & Points to Consider – Reference to [Under 60] removed as preservation age will now be 60 moving forward.
• Reference to [Over 60] has also been removed from dot point 6

68- Commence an Annuity Income Stream (Super money)

• Points to Consider – Reference to [Under 60] removed as preservation age will now be 60 moving forward.

70- Take Account-Based Pension benefit as a Lump Sum

• Points to consider – Non concessional caps changed from $110,000 to $120,000 ($360,000 if using bring forward rule).

71- Take Account-Based Pension Death Benefit as an Income Stream

• Benefits - Reference to [Over 60] has also been removed from dot point 4

74- Change your Account-Based Pension Income Payment

• Benefits - Reference to [Over 60] has also been removed from dot point 3

76- Re-contribute to your Superannuation

• Benefits - Reference to [Over 60] has also been removed from dot point 2
• Benefits – Reference to [Below low cap] removed, dot point 3
• Points to consider – Non concessional caps changed from $110,000 to $120,000 ($360,000 if
• using bring forward rule).
• Points to consider - [Tax payable] changed to [Tax payable-untaxed element] for dot point 3

79- Commence a Transition to Retirement Income Stream with salary sacrifice

• Benefits & Points to Consider – Reference to [Under 60] removed as preservation age will now be 60 moving forward.
• Benefits - Reference to [Over 60] has also been removed from dot point 3
• Points to consider – concessional contribution cap has changed from $27,500 to $30,000

80- Commence a Transition to Retirement Income Stream <no salary sacrifice>

• Benefits & Points to Consider – Reference to [Under 60] removed as preservation age will now be 60 moving forward.
• Benefits - Reference to [Over 60] has also been removed from dot point 2

81- Transfer your UK Pension to an Australian Super Fund

• Points to consider – Non concessional caps changed from $110,000 to $120,000 ($360,000 if using bring forward rule).

93- Make Salary Sacrifice Superannuation Contributions & 94-Make Changes to your Salary Sacrifice Contributions

• Points to consider – concessional contribution cap has changed from $27,500 to $30,000 and wording updated as well.

95- Make Concessional Superannuation Contributions

• Points to consider – concessional contribution cap has changed from $27,500 to $30,000.

97- Start a new Super Fund

• Points to consider – Non concessional caps changed from $110,000 to $120,000 ($360,000 if using bring forward rule) and  concessional contribution cap has changed from $27,500 to $30,000

102- Withdraw your Superannuation

1. Benefits – dot point 2 and 3 have been reworded.
2. Points to consider - [Tax payable-untaxed element] dot point 2, removed.

103- Transfer your asset/s In-Specie to your Super Fund & 104- Make a Non-Concessional Contribution and access  government Co-Contribution

• Points to consider – Non concessional caps changed from $110,000 to $120,000 ($360,000 if using bring forward rule).

105- Cease your Transition to Retirement Income Stream <with salary sacrifice>

• Points to consider – concessional contribution cap has changed from $27,500 to $30,000.

107- Make a non-concessional contribution

• Benefit - [Pension pre-60] dot point deleted 
• Points to consider – Non concessional caps changed from $110,000 to $120,000 ($360,000 if using bring forward rule).

108- Make a spouse contribution to superannuation

• Points to consider – Non concessional caps changed from $110,000 to $120,000 ($360,000 if using bring forward rule).

109- Make a Non-Concessional Contribution with the Proceeds of your Business Sale

• Points to consider – 15 Year CGT exemption cap changed from $1,705,000 to $1.78million

111- Re-contribute your COVID-19 Early Release of Super

• Benefits - [Pension pre-60] dot point deleted
• Points to consider – Non concessional caps changed from $110,000 to $120,000

118- Roll from Pension back into Super

• Benefits - [Client under 60] dot point deleted

127- Make a Concessional Contribution to your SMSF via In-Specie

• Points to consider – additional dot point added re concessional contribution cap

128- Make a Non-Concessional Contribution to your SMSF via In-Specie

• Points to consider – additional dot point added re non-concessional contribution cap

Strategy Flyers Updates:

• Personal insurance flyers – updated premium structure definitions for stepped and level to include

variable/variable-age stepped

• Age Pension – Age pension qualifying age table remove and extra wording added
• Annuities – minor wording updates
• Centrelink means testing and deeming – deeming rates updated as per below:
  • Single – changed from $60,400 to $62,600
  • Couple with one member getting pension – changed from $100,200 to $103,800
  • Couple with no pension – changed from $50,100 to $51,900
• Commonwealth Seniors Health Card - wording changes and inclusion of $639.60 applicable for
• the income test for each child in care
• Granny flat – allowable amount changed from $242,000 to $252,000
• Taxation – tax rates updated
• Funeral bond – threshold changed from $15,000 to $15,500
• Super – SG rates and contribution caps updated
• Transition to retirement income stream – preservation age tables removed and minor wording
• changes.
• Non-concessional contribution – caps updated and minor wording updates.
• Downsizer contribution – minor wording changes and Thing to think about section added
• Account based pension – reference to preservation age removed, rate update and minor wording
• changes
• Concessional contribution – rate updates and minor wording changes.