Austock has come to market with a new product it says will assist advisers with clients dealing with the Centrelink income test.
The product, announced by Austock this week, is the Bonds Custodian Trust (BCT) which the company claims is a streamlined mechanism for creating a bare holding trust at the same time a bond is being issued.
Austock claims this can be achieved for a flat $100 fee with no stamp duty or ongoing costs.
Commenting on the product Austock’s Richard Atkinson said he could see great potential for the product such as current Aged Care Income Tested Fees and the future deeming of account-based pensions.
