JobKeeper generates most adviser questions
The biggest concerns and questions advisers had in the last quarter were about JobKeeper whether it was for clients or for their own businesses, according to BT.
BT head of financial literacy and advocacy, Bryan Ashenden, told Money Management that there were a lot of queries recently about JobKeeper, rather than JobSeeker, on whether their clients qualified given their situation, especially those in industries that had been most impacted by the COVID-19 pandemic such as travel and hospitality.
“Some advisers are asking for themselves as they are running their own businesses and are equally interested from a personal perspective,” Ashenden said.
“These include things like what the JobKeeper allowance is, how much they have to pass onto employees, if they have to top up super guarantee payments, and so forth. Those questions have kept us busy.”
The second most popular concern from advisers was the early release of superannuation and whether clients qualified for the hardship scheme.
Advisers were also concerned about super contribution caps and whether it was necessary to notify the Australian Taxation Office (ATO) of a client’s eligibility or intention to take advantage of the new measure to carry forward unused concessional contributions from the previous financial year.
Ashenden noted the larger cap was calculated automatically by the ATO and there was no need to notify the tax office.
The fourth most ask question was regarding the impact of rollovers on the amount of super a client could transfer and hold in tax-free retirement phase accounts.
Ashenden said advisers were also asking about how rollovers were treated under the government’s income and assets tests for entitlement to the Age Pension.
HomeBuilder was also another topic that had advisers asking questions regarding the eligibility criteria for the $25,000 grants for clients who were already considering undertaking major renovations or a new build, prior to the announcement of the policy.
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