OCTOBER 2021 - CENTRELINK UPDATES
The Centrelink Age Pension payment rates, Income & Assets Test, Superannuation Co-Contribution and Deeming thresholds, ahve been updated with the September 2021 rates released by Centrelink.
If you would like to speak to a member of our Support Team, please contact us via the following:
* Submit a Support Ticket
* Email: info@prospera.com.au
* Phone 1300 769 890
OR 02 9696 7004
Help Desk Hours: 8.30 am - 7.30 pm
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31 MAY 2021 - EXTENSION OF 50% REDUCTION TO PENSION AGE BASED MINIMUM PAYMENTS
The extension of the 50% reduction of Age Based Minimum Pension payments to 30 June 2022, has been updated in the Prospera system, in accordance with the announcement by the Prime Minister on 29 May 2021.
MARCH 2021 - CENTRELINK UPDATES
The Centrelink Age Pension payment rates have been updated with the March 2021 rates released by Centrelink.
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PERSONAL INCOME TAX CUTS - Nov'20
The personal income tax rate cuts, which bring forward the tax cuts from 1 July 2022 to 1 July 2020, (announced as part of the 2020/21 Budget), have been updated in the system.
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CENTRELINK AGE PENSION UPDATES - July'20
The Centrelink Age Pension Income and Assets Test thresholds have been updated with the July 2020 rates.
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INFLATION RATE INCREASED TO 2.2% - April 2020
The Inflation Rate has been increased from 1.3% to 2.2% in accordance with the Consumer Price Index (All Groups) over the 12 months to the March 2020 quarter.
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MORE CENTRELINK UPDATES - April 2020
Centrelink Deeming Rates and Minimum Pension Drawdowns have also been adjusted as per the recent reductions due to COVID-19 pandemic.
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CENTRELINK UPDATES - March 2020
Age Pension payment rates have been updated with the March 2020 rates released by Centrelink.
Superannuation contribution thresholds have also been updated with the March 2020 rates.
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SYSTEM UPDATE (V.5.4.005) - October 2019
We've released a few updates to the system in the following areas:
* ATO Tax Rates for future years
* LITO - (Low Income Tax Offset)
* LMITO - (Low and Middle Income Tax Offset)
The outcome in any model you have been working on may be different due to these updates.
What else has changed?
Age Pension Payment and Deeming Rates have been updated in accordance with the September 2019 figures.
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INFLATION RATE REDUCED TO 1.3% - June 2019
The Inflation Rate has been reduced to 1.3% in accordance with the Consumer Price Index (All Groups) over the 12 months to the March 2019 quarter.
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CENTRELINK UPDATES - JUNE 2019
Age Pension Assets Test and Income Test Deeming Thresholds have been updated in accordance with the July 2019 figures.
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CENTRELINK UPDATES - MARCH 2019
Age Pension payment rates have been updated with the latest rates released by Centrelink.
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DECEMBER 2018 - SYSTEM UPDATE (V5.4.002)
This release addresses the following areas:
* Salary Sacrifice Contributions (more than one fund)
* Salary Sacrifice for Motor Vehicles
* Salary Sacrifice for Public Benevolent Institution
* Employer Additional Super Contributions
* Removal of the 'Deletion Bin' on Default Scenario
* Removal of 'Create New Scenario' Button on Manage Scenarios Screen
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SEPTEMBER 2018 - SYSTEM UPDATE (V5.4.001)
A System Update addressing the following areas has been released:
* 'Unused Concessional Super Contributions' Error Message
* Investment Regular Redemption Calculation
* 'Recycle My Debt' Error Message
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2018 SUPER CHANGES RELEAESD - JULY 2018
Prospera has been updated to include the ability to model the following superannuation contribution types:
* 'Capped' Concessional Super Contributions
* 'Catch-Up' Concessional Super Contributions
* 'Home Downsize' Super Contributions
We have also provided the ability to model an Untaxed Defined Benefit Income Stream, and the Centrelink Age Pension calculations have been updated.
Details in relation to these changes are available in the Release Notes now available in the User Manual.
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2017 SUPER CHANGES RELEASED – JULY 2017
Prospera has been updated to incorporate the following changes to the Super Rules:
* reduction in concessional super contribution cap
* reduction in non-concessional super contribution cap
* changes to tax on earnings for TTR pensions
* $1.6million capped Pension Transfer Balance
* Total Super Balance (required to assess eligibility to make non-concessional contributions).
Our Webinar covering the changes and relevant system warnings will be held on Thursday, 13 July, at 2 pm.
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APRIL 2017
The new Recycle My Debt modelling option has now been released.
General guidelines and some instructions on how to model a Recycle My Debt client are now in the on-line User Manual (accessed from the menu at the top right of your screen).
