The top adviser queries in Q1
BT has shared the top queries asked by advisers in the most recent quarter.
Problems included making downsizer contributions into superannuation and the maximum amount that could be transferred to tax-free retirement income streams which was increasing from $1.7 million to $1.8 million.
The top five queries between June-September 2022 were:
- Income thresholds for Seniors Health Card increasing by 50%;
- Downsizer contributions into super;
- Home Equity Access Scheme;
- Inflation to increase transfer balance cap to $1.8m; and
- Work test requirements.
Regarding the top query, for the Seniors Health Card, BT said the income threshold for this was set to be raised for the first time in 20 years. This would see the income threshold for singles increase from $57,761 to $90,000 and from $92,412 to $144,000 for couples.
“Becoming eligible for the Commonwealth Seniors Health Card gives you access to valuable concessions, such as cheaper medicine under the Pharmaceutical Benefits Scheme. Visits to the doctors can potentially be bulk-billed and people can receive a refund of medical costs when they reach the Medicare safety net.
"Additionally, card holders may also receive economic support payments which were worth $1,000 across 2020 and 2021,” said Tim Howard, technical consultant at BT.
The eligibility age to make downsizer contributions into superannuation was also reducing from 60 years to 55 years in the coming months which was likely to affect people who were about to turn 55 and planning to sell their home.
AUTHOR
Laura Dew
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