AUGUST 2016 NEWSLETTER

Self-Managed Superannuation Funds (AFS License)

From 01 July 2016, accountants are no longer able to give clients advice on self-managed superannuation funds unless they are registered as an Australia Financial Securities Licensee (AFSL).

DP Loewy & Co have been granted a limited AFSL, and so we will continue to provide superannuation advice to our clients, for example we are able to give advice on:

- Setting up a self-managed superannuation fund.
- Setting up or stopping a pension
- Contribution amounts
- Investment strategies

Binding Death Benefit Nominations

A binding death benefit nomination is a written direction to the trustee that sets out the dependants and/or legal person representative that you want to receive your super death benefits in the event of your death.

If the recipient is a dependant of the deceased it can be paid on a lump sum or income stream.

Therefore, this is an important document for a member in a self-managed superannuation fund to have.

Please feel free to contact us if you would like to discuss this further.

Medical Expenses

A common question we get asked from clients is “Can we still claim medical expenses?” The answer is, as of 01 July 2015, (that is for the 2016 Tax Return) only medical expenses for disability aids, attendant care or aged care can be claimed. The offset is income tested. It will be abolished from 01 July 2019.

Disclaimer - The material contained in this newsletter does not constitute advice. DPL is not responsible for any action taken in reliance on any information contained in this newsletter. Anyone reading the newsletter should not act upon material contained in this newsletter without appropriate consultation.