Henry Cai | Advice Technology Consultant

Compass Monthly Webinar | Xtools+ COVID-19 Response

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The material shown in this presentation is for general information purposes only. It is not intended to be,

nor should it be read as specific personal investment or risk advice.

Whilst all care is taken in the preparation of this material no warranty is given with respect to the

information provided, and accordingly no responsibility for errors or omissions, including responsibility to

any person by reason of negligence is accepted by Centrepoint Alliance, Professional Investment Services

or Alliance Wealth Management Pty Ltd companies or any member or employee of Centrepoint Alliance,

Professional Investment Services or Alliance Wealth Management Pty Ltd companies.

Before acting on any of the information contained in this presentation you should obtain special advice

from a specialist investment or risk professional, which is appropriate to your specific investment or risk

needs, objectives and financial situation.

Disclaimer

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Topics covered

AGENDA

Job Seeker Payment

Coronavirus Supplement Payment

Economic Support Payment

Temporary Early Release of Super

Compass Enhancements – New Outlook Plugin

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Xtools+ | Example Scenario

John Wick – Single – Home Owner – Aged 50

• Had an income of $75 000 until this year and now applied for Job Seeker

• Looking for an early release of super

Asset Value Comments

Primary Home $ 700 000 No Mortgage

Cash $ 50 000

Investment Property $500 000 No Mortgage

Super - Client $80 000 Balanced

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Xtools+: Covid-19 Response

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Xtools+ | Scenario Inputs

• Coronavirus Supplement:• $550 a fortnight. 6 Months Period, so 26 payments

• 550 x 26 = 14300

• Enter into Compass as Taxable Centrelink Exempt Income

• Economic Support Payment• $750 One Off payment

• Enter into Compass as Non Taxable and Centrelink Exempt Income

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Xtools+ | Job Seeker Payments

• Job Seeker Payments need to manually be amended to waive the Asset Test

• This can be done in the Display > Cashflow > Income Support > Allow – Client

• You will need to put a negative amount of the total assessable assets so that the Job Seeker passes the asset test

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Xtools+ | Early Release of Super

• Method 1• Enter Super Balance at the start of projection taking into account the

withdrawal

• So i.e. reducing the existing balance of the super by up $20 000

• Then enter the withdrawal amount as Non-Taxable (Centrelink Exempt) Income via the Income Input page

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Xtools+ | Early Release of Super

• Method 2• In your Superannuation balance, allocate the withdrawal amount as Tax

Free Component

• Select the current period as the rollover period for first release

• Select Draw down Option as Maximum so you take the full amount Centrelink Exempt and Tax – Free

• Repeat for withdrawal of the second component with a second pension

• One issue with this is that it is now distorting the income test so to change this back we will need to adjust the Assessable by $10000 x 0.25% (deeming rate) = $25

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Xtools+ | Key Dates

• 27 April 2020 – Start of Coronavirus Supplement

• 26 2020 – End of Coronavirus Supplement

• These Key dates could be used to more closely model the COVID responses with accurate dates, however you need to keep in my of pro-rata that happens and tax implications so you will need to make changes where required

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Xtools+ | Summary

• Job Seeker: Enter into Cashflow and waive asset test

• Coronavirus Supplement and Economic Support Payment is inputted through Cashflow

• Early release of super requires a workaround to input (2 Methods)

• Key Dates - to model more accurately but requires a lot of adjustments

• Xtools+: How to CALMly model Coronavirus Economic Response payments

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Enhancement | Outlook Plugin

• Outlook Plugin V2• Works better with the newer office:

• (Office 2016, 2019, 365 and Office Live)

• Also works for Outlook App for IOS and Android

• https://community.iress.com/t5/Help-Guide-Xplan/The-new-Outlook-Plugin-for-Xplan-v2/ta-p/23321

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