WHAT’S NEW

Lockdown Support for Small Businesses & Individuals

Lockdown Support for Small Businesses & Individuals

On 29 June, the NSW Government announced the business support grant to help small businesses during lockdown. While the finer details of the new business support measures are yet to be released, broadly, the new measures include providing monetary grants to small business, with the amount received being based on the decline in turnover experienced during the “restriction period”. Read the full update here – PA Client Alert July 2021 – Lockdown Support For Business

Find out more about the disaster payments available to individuals during lockdown.  With Sydney in lockdown, some of the media have suggested that a $500 payment is available to “everyone”. But as we know, the devil is always in the detail. Read the full update here – PA Client Alert July 2021 – Lockdown Support For Individuals

Lastly, we bring you Dr. Leanne Josie Wall’s comforting article, “How do you avoid those energy-draining thoughts? By engaging in intellectual humility and curiosity”. Prime Wellness July 2021 – Dr. Leanne Wall

How can we help?

If you have any questions or would like further assistance regarding this update, please feel free to call your advisor at PrimeAdvisory on 02 9415 1511.

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Changes to minimum pension drawdown rates

Changes to minimum pension drawdown rates

On the 29th of May, the federal government announced an extension of the temporary reduction in superannuation minimum drawdown rates for a further year to 30 June 2022. Click the link below to read more – PA June 2021 – Changes to minimum pension drawdown rates

How can we help?

If you have any questions or would like further assistance regarding this update, talk to us today on 02 9415 1511 or send an email to your advisor at PrimeAdvisory.

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Superannuation Guarantee (SG) Rate Increases

Superannuation Guarantee (SG) Rate Increases

The Superannuation Guarantee (SG) rate, as currently legislated, will increase from 9.5% to 10%, with effect from 1 July 2021.

Further increases of 0.5% per year are to come from 1 July 2022 until it reaches 12% from 1 July 2025 onwards.

From 1 July 2021, employers will need to update their payroll settings to reflect the 0.5% increase in the SG rate. More importantly, both employers and employees will need to consider the potential increased SG costs of these changes going forward.

Our client guide (see link below) covers the financial impact on employers and employees and appropriate action required to be taken in response to the changes.

PA Client Alert June 2021 – Superannuation Guarantee (SG) Rate Increases

How can we help?

If you have any questions or would like further assistance regarding this update, talk to us today on 02 9415 1511 or send an email to your advisor at PrimeAdvisory.

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Year-End Resources 2021

Year-End Resources 2021

With the end of the financial year fast approaching, now is the perfect time to make some final checks and ensure everything is in order for you before 30 June.

We have prepared a checklist of items you might want to glance through. If there’s anything in these guides you are unsure about, please get in touch with us to discuss your specific circumstances in more detail.

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If you have any questions, require assistance or would like further clarification with any aspect of the EOFY matters, please feel free to give your advisor a call on 02 9415 1511 to arrange a time to meet and discuss your particular requirements in more detail.

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Discover the TAL Health Sense offering

Discover the TAL Health Sense offering

TAL Health Sense – who is eligible?

TAL insurance offers a product called Health Sense which provides their clients who are within a healthy BMI range (19 – 28), with discounts of up to 15% on Life, Trauma and/or TPD insurance. The discount is automatically applied to policies at application stage. However, the discounts do not stop there. https://www.tal.com.au/existing-customers/accelerated-protection/tal-health-sense

TAL Health Sense Plus – Additional discounting offer

TAL are now offering Health Sense Plus to existing client with that hold the Health Sense product. This allows those with a healthy Body Mass Index (BMI) to apply a 5% premium discount on Life, Critical Illness and TPD Insurance premiums for up to two years.  Revalidation is required every two years to retain the discounting.

What criteria is required?

To apply for the discount, you must meet the following criteria:

  • Be within the BMI range of 19 – 28.
  • Be below age 62.
  • You must not have claimed under any policies that you hold with TAL.
  • Complete a preventative screening with your GP.

How do you apply?

You will need to arrange the following:

  • Complete a preventative screening with your GP. It is best to be advised by your GP as to which test is appropriate.
  • Obtain an invoice, referral letter or other confirmation of a preventative test from your GP. This is required as evidence.
  • Complete the link provided to you over email at your two-year anniversary confirming that you BMI is within the healthy range and upload the evidence of your screening.

For further information on this offering, please reach out to our personal insurance specialist Luke Smith at MBS Insurance on either luke.smith@mbsinsurance.com.au or 0452 515 739.

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