This includes the following changes:

• The second stage of the Personal Income Tax Plan has been brought forward by two years to 1 July 2020;
• The Low and Middle Income Tax Offset (LMITO) has been retained until 30 June 2021; 
• The increase in the Low Income Tax Offset (LITO) from $445 to $700 has been brought forward to the 2020-21 financial year.

The Medicare levy low-income thresholds have also been updated as follows:

• The threshold for singles has increased from $22,398 to $22,801;
• The family threshold has increased from $37,794 to $38,474;
• For single seniors and pensioners, the threshold has increased from $35,418 to $36,056;
• The family threshold for seniors and pensioners has increased from $49,304 to $50,191;
• For each dependent child or student, the family income thresholds increase by a further $3,533, instead of the previous amount of $3,471.

These updates are available in all AdviceOS and Digital Advice calculators from Wednesday 21 October and the changes will be applied retrospectively to calculations where applicable.

The post Federal Budget Tax Cut – Changes applied in AdviceOS and Digital Advice appeared first on Midwinter.

To further support COVID-19 early Super release measures, we have implemented the ability to model the impact of withdrawing an amount up to the $10,000 limit for FY 19/20 and FY 20/21.

This gives your clients the ability to see what impact withdrawing Super early will have on their retirement so they can have an informed discussion with you, their adviser, about the best way to proceed.

If you would like to know more about the Client Portal, click here or email sales@midwinter.com.au.

The post COVID-19 Early Super Release Calculator appeared first on Midwinter.

To ensure we stay fully operational while also protecting the health and safety of our employees and the general public, we have tested and implemented a work from home process for all employees which has now gone into effect.

This will not impact the high level of service that you expect from Midwinter. For us, it is business as usual, with a focus on supporting our clients through these challenging times.

Our Help Desk remains available Monday to Friday from 8:30am – 6:00pm AEST on 1300 882 938 or by emailing info@midwinter.com.au.

We are also proactively updating AdviceOS to align with recent government announcements around the temporary reduction to the minimum drawdown requirements and the new deeming rates. These changes will be implemented shortly, and further updates will be made as required.

I want to assure you that Midwinter remains dedicated to providing you with industry-leading software and quality service.

If you have any questions or there is anything you need help with, please do not hesitate to get in touch with your dedicated Account Manager or our customer support team.

Thank you for your patience and understanding as we work through this unprecedented event. We will get through this together.

Yours Sincerely
Jeff Hall, COO

The post An Update from Midwinter COO Jeff Hall appeared first on Midwinter.