Goodbye (and good riddance) to 2020! Jan 1, 2021
A very happy New Year to our members and business clients!
After a tumultuous 2020, it’s a relief to see that 2021 has finally arrived, and we’re all hoping it will turn out to be a much better year.
To kick off 2021, we thought we’d take a look at some of the new financial rules and services coming this year. Note that some of these rules are still pending the passage of legislation.
New stimulus payments
An additional $250 income support payment will be available to eligible recipients, pensioners and concessional card holders in early 2021. The first of these payments was made across November and December 2020.
Granny flat tax exemption
From 1 July 2021, an exemption on Capital Gains Tax may be applied to “granny flat” arrangements with older Australians and those with disabilities. This will apply to formal agreements made between family members or personal relationships. The change looks to reduce the risk of financial abuse or exploitation following a breakdown of relationships.
From 1 July 2021, new super reforms could see super fund accounts ‘stapled’ to individual members to avoid the creation of multiple accounts when they change jobs. Members who move to a new employer would then continue to be paid super into their current super fund (rather than the new employer’s default fund).
Intrust Super’s Service Program
Our Service Program is designed to help staff maximise their financial health and learn more about their super, while integrating seamlessly into workplaces. Our Relationship Managers will be visiting business clients in the new year to introduce and tailor a program that best suits their needs. Available services include our “Super Pop-up” financial wellness program, lunchroom “Super Kiosks”, “Super Made to Order” sessions for kitchen staff and “Member Starter Packs” for new starters.
Some new Intrust Super features you might have missed in 2020
- Daily unit prices were introduced 1 December 2020. Account balances will reflect market movements more accurately, and investment switches will now be processed daily (Monday-Friday), rather than on a weekly basis. Find out more here.
- The Pension Transfer Bonus was introduced last November, which could increase retirement balances by tens of thousands of dollars. Find out more here.
- Free Super Health Checks are being offered to businesses and their staff during the COVID-19 recovery period. These health checks help businesses to streamline their administration and provide staff with strategies to help rebuild their super balances and get their super back on track. Find out more here.
This article and the services mentioned are intended as general information only. If you’d like to find out more about Intrust Super’s new features and services coming in 2021, please get in touch with our Service and Sales team! You can contact your local Relationship Manager directly, or email firstname.lastname@example.org. We are at your service!