Financial advice software provider Midwinter Financial Services has launched a new tool that enables advisers to determine the best mix of concessional and non-concessional contributions to provide clients with the highest possible net contribution to superannuation.
Released as the latest module on Midwinter’s Reasonable Basis software, Contribution Uplift determines the optimal net contribution that can be made for a given level of total assessable income plus reportable fringe benefits and available net income.
It does this by exploiting the inverse relationship that exists between concessional (or deductible contributions) and the Government’s Co-contribution scheme.
The tool then provides an implementation guide, including contribution schedules, full projections out to retirement and full Statement of Advice inserts.
Reasonable Basis was designed to aid advisers in satisfying their disclosure obligations under the Financial Services Reform Act by guiding them in justifying their product and strategic recommendations.