Super | Important Updates for 1 July 2021

Member consent for advice fees effective from 1 July, 2021

  • Effective from 1 July 2021, under the ASIC Corporations (Consent to Deductions – Ongoing Fee Arrangements) Instrument 2021/124 and ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126 the trustee of Mason Stevens Super is required to receive written consent from members before deducting advice fees from a members account.
  • Any instructions to add, amend or renew advice fees from 1 July 2021 must be provided on the new Renewal or change of advice fees form.
  • Any ongoing fee arrangement entered into after 1 July 2021 will cease 150 days after the next anniversary date and must be renewed by the member for the fees to continue to be deducted from the member’s account.

What does this mean for advisers?

  •  From 1 July 2021 for any new advice fee or amendments to an advice fee please use the Renewal or change of advice fees form.
  • For new accounts opened on or after 1 July 2021, please ensure the application form is accompanied by a completed and signed Renewal or change of advice fees form for Mason Stevens to open the member’s account and deduct advice fees.
  •  For any new account opened on or after 1 July 2021 any ongoing or one-off Advice fees will not be deducted or reversed if a valid Renewal or change of advice fees form has not been provided.

Minimum pension payment factors to remain at reduced levels for 2021-22 financial year

  • The Federal Government announced an extension to the temporary reduction in superannuation minimum drawdown rates for a further year to 30 June, 2022
  • The reduction will remain at the same level as the 2020-21 financial year
  • Table below outlines the withdrawal rates per age group:

Minimum_Pension_Percentage_Withdrawal_Table.png

What does this mean for members?

Notice of intent to claim a tax deduction

If your client is claiming a tax deduction for personal contributions made this financial year, please complete and submit the Notice of Intent to Claim Form to admin@mssuper.com.au. Please refer to the ATO website for further information on when the notice must be submitted.

For further assistance, you can use the "Help" function in the bottom right corner of this page, or contact your relationship manager directly.


W: masonstevens.com.au
T: 1300 988 878
E: wealth@masonstevens.com.au

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