A FINANCIAL MOMENT

MCMF client and entrepreneur Andrew Langmaid

MCMF opens new Tasmanian office

THE Murdoch Clarke Mortgage Fund (MCMF) was established in 2000 as a pooled mortgage fund managed investment scheme to succeed the mortgage fund operated by the respected Tasmanian legal firm Murdoch Clarke for more than 100 years.

The business is now looking to the future, with the opening of its Launceston office and a refreshed brand identity.

Offering a wellestablished, wellperforming Tasmanian fund for investors and a trusted lending facility at affordable interest rates for borrowers, the fund has grown significantly – especially in the past three years, as the fund’s investor pool increased by more than 60 per cent to over $355 million.

MCMF places great value on its personal relationships with its clients, and is proud to help Tasmanians achieve their dreams and ambitions.

“That’s where it becomes really rewarding – and it’s so different to other mortgage funds and banks,” MCMF Manager Ben Wallace said.

“We seek to create a better Tasmania, building a legacy that will last for generations.

“As a business that has already assisted many generations of Tasmanians, we aim to continue this tradition - creating opportunity and progress that will better our community and create impact on a statewide level.

“MCMF continues to consolidate its position as an innovative mortgage fund, wholly committed to supporting the growth of the Tasmanian community. As the state’s economy continues its upward trajectory, MCMF aims to remain an integral part.”

MCMF’s refreshed brand identity has recently launched, with a multi-channel campaign including an updated logo, social media, outdoor advertising, and a press and print campaign set to highlight some of Tasmania’s small business success stories.

The launch seeks to position the firm as a catalyst that creates true opportunities – for individuals, for businesses, and for Tasmania.

Federal Election 22 – What’s in it for you?

Damian Gibson, Partner and Financial Advisor, Elevate Wealth*

THE Labor Party, led by Anthony Albanese, has won the 2022 Federal Election.

During the election campaign Labor made several election commitments to entice voters. Labor’s commitments included, but were not limited to, changes to social security and superannuation.

Below is a summary of key of the proposed reforms, and the opportunities which they present.

Freezing deeming rates

The Government has stated that it is committed to freezing deeming rates from 1 July 2022 until 1 July 2024.

Deeming rates are used to calculate an assumed rate of income based on your financial assets. Consequently, if deeming rates are kept on hold it has the potential to benefit those who receive an income-tested pension. Current deeming rates and thresholds are shown below:

Deeming rate Single Couple

0.25% First $53,600 First $89,000

2.25% Above $53,600 Above $89,000

Increasing eligibility for the Commonwealth Seniors Health Card (CSHC)

The CSHC is available for self-funded retirees who are ineligible for an Age Pension, if they meet the associated income test. The Government has proposed to increase the income test so that more Australian’s can access the CSHC.

Under this measure it is estimated that an additional 50,000 Australians will be eligible for the CSHC. Proposed changes are summarised in the following table:

Deeming rate Single Couple

0.25% First $53,600 First $89,000

2.25% Above $53,600 Above $89,000

Extending the exemption on home sale proceeds

Currently, if you sell your home the proceeds you receive are exempt from the asset test for 12 months for social security purposes. The exemption only applies to the portion of the proceeds intended for use for a new primary residence.

The Government has proposed to extend the exemption from 12 months to 24 months. This will provide social security recipients with more flexibility and time to plan ahead when selling their home.

Expanding the Home Downsizer Contribution

The outgoing Liberal government recently legislated a change to the Home Downsizer Super Contribution. This change reduces the age at which a super fund member can use this contribution from 65 to 60.

From 1 July 2022, the Government want to lower the age further from 60 to 55. If legislated, this change extends several contribution and strategic opportunities to an even greater number of individuals.

As always, there are important conditions and requirements that need to be met before applying these financial strategies. If you think the above proposals could impact you, ensure you get in touch with our office and make the most of the opportunities available.

Information in this article is of a general nature only and has not been tailored to your personal circumstances. Information in this article reflects our understanding of relevant regulatory requirements and laws etc as at the date of issue, which may be subject to change. Please seek personal advice prior to acting on this information.

Damian Gibson