Maria, who is currently 39, is an employed engineer and earns $165,000 per year before tax and not including  super, Maria plans to leave her job and start her own business from 1 Jan 2024, She predicts her earnings will be $180,000 per year going forward.

She has a de-facto partner, Will 46, who is on leave from work at the moment to look after their 4 year child.

Wil plans to return to work as a primary school teacher earning $95,000 as soon as the child commences school.

Over the years Maria has been a member of a number of funds. She is currently a member of four different super funds. Her employers have made contribution or she has contributed to the funds herself.

 Wills  great aunt Liza, 85 years old, also lives with them in an attached granny fat Liza's eyesight and balance have been declining recently. Liza has $150,000 in her bank account and no other assets apart from her personal belongings, She ls currently fully financially supported by will and Maria. Liza gifted Will $20,000 in 2021 to help with renovations to accommodate her needs.

Note:

the concessional contributions cap from 1 July 2021 is $27,500

the concessional contributions cap from 1 July 2018 to 30 June 2021 ls $25,000.

Maria would like to know:

1. advise her what she should complete with her multiple superfunds?

 2. Assuming Maria's employer pays all their SG each financial year, and Mana has made no personal contributions for 5 years what the maximum amount she could claim as per deductable contribution this financial year.
3. What types of contributions should she make going forward for herself now that she is self-employed and how much of each type?

 4. What should be done about super contributions for Will while he is a stay-at-home dad? (2 Marks) 

5. Outline the criteria that Liza will need to meet to receive the Age Pension from Centrelink. Based on the information provided are there any issues that should specifically be considered?

6. What options for care are available which the government will help pay for to assist Liza? (4 marks)

 7. Discuss how Liza's assets will be treated in any aged care fee assessment?

Answer rating: 100% (QA)

ANSWER IS 1 Maria should consider consolidating her multiple super funds to simplify management and ... View the full answer