XPLAN Version Enhancements - September 2021 (Version 21.8.184)

XPLAN Version Enhancements - September 2021 (Version 21.8.184)

XPLAN Version Enhancements - September 2021 (Version 21.8.184)

Risk Researcher & WealthSolver

Product Design and Distribution Obligations (DDO)

In accordance with ASIC Regulatory Guide 271 - Product Design and Distribution obligations, Risk Researcher and WealthSolver now have Target Market Determination (TMD) Declaration screens available in modelling. These will look similar to below:

Risk Researcher:

WealthSolver:

The TMD Declaration screen will allow users to elect the type of advice given and whether TMD requirements have been met. In the case that TMD requirements are not met, users will be provided with a method to record the reasons and whether a significant dealing has occurred. The ability to report on identified significant dealings to Issuers will follow in a subsequent release.

A link to access available TMD documents for a product is provided on the declaration screen. WealthSolver also includes the available links at the underlying investment option level.
Due to the TMD regulations not coming into effect until 5 October 2021, many TMD documents will not be available until this date.
Please refer to https://www.iress.com/ddo/The-Iress-ddo-solution/ for further information on the Iress DDO solution.

 

Xtools

Retirement Funding

You will be able to start projections in the next financial year, which means that:
  • As a new financial year approaches, you can base projections on more up to date balances that incorporate your planned end of financial year strategies.
  • You can carry out modelling in advance of a new financial year without waiting for the 1 July Legislative update.
  • Existing strategy modelling may be more relevant to reuse as a basis when reviewing financial advice the next year.

Xtools+/CALM

Transfer Balance Cap and Total Superannuation Balance Calculations

Transfer Balance Cap and Total Superannuation Balance calculations will improve:
  • We will calculate future increases to an individual's Personal Transfer Balance Cap using their highest ever Transfer Balance Account and you will be able to enter the Personal Transfer Balance Cap and Highest Ever Transfer Balance Account.
  • The portion of a person's Total Super Balance that does not relate to Account-Based Pensions will no longer increase in line with the General Transfer Balance cap.
  • Xmerge paths will be introduced so that you can merge Inputs and Calculations into your advice documents. 
  • You  will be able to enter a client's Initial Total Superannuation Balance manually instead of using the automatic calculation (based on initial account balances.) 
 The new TBC and TSB inputs can be seen in the screenshot below:

Please refer to CALM Xtools+ How to use the new Transfer Balance Cap and Total Super Balance calculations (and more) for a detailed explanation of the changes, a worked example and the Xmerge codes.

Better Defined Benefit Calculations

After researching eight different defined benefit schemes, we'll be adding options to accommodate a much wider range of defined benefit contribution scenarios. 
  • You will be able to choose from three different options for defined benefit salary sacrifice treatment, so salary sacrifice can be included when excess concessional contributions tax and division 293 tax is calculated. 
  • You will be able to set a defined benefit fund as NOT grandfathered and therefore model the excess concessional contributions that may be generated by defined benefit contributions.  
  • Concessional contributions to a defined benefit fund will be included in division 293 tax calculations. 
The new options are highlighted in the screenshot below:


You will also be able to enter specific defined benefit values for each period of your projection by selecting Specify Custom Benefit Values instead of Specify Future Benefit Value. 
For more details regarding the new defined benefit options, their treatment and examples of defined benefit schemes they can be used for, refer to our article CALM Xtools+: Better Defined Benefit Contribution Calculations.

APIs, XPLAN Integrations and eApplications

This month we are pleased to advise of the addition of Revex - Revenue/ Practice Management (Now Ready for Pilot). This is an Iress Open Standard integration and will facilitate the pass-though of basic CRM detail from Xplan to reduce re-keying for our clients who are using Revex.
For current information on specific integrations and the list of Standard and Custom Integrations please look to the relevant pages in the Iress Community.


    • Popular Articles

    • Wealth Axis Files - Naming Convention

      File Format: Date, Client Name, File Name Date - yymmdd E.g: 12 Sept 2013 - 130912 E.g: Undated - 010101 Client Names One Client / Only primary client (John Smith) E.g: Smith, J Two Clients (Primary and Secondary Client/Client and Partner) - Married ...

    • Wealth Axis Wizards - Overview

      Overview  This article is designed to help you effectively use the Wealth Axis Wizards in XPLAN. The key features of the Wealth Axis Wizards are: Integration with key modules such as Client Focus, Portfolios (IPS), Risk Researcher, WealthSolver and ...

    • New User Manual - Admin

      XPLAN and the Advice Process Overview Many advisers use the Advice to Client process to manage the advice process in their business. To enable participants to be able to relate to the different modules in XPLAN, this course is structured along the ...

    • Administration - Email: Setting up the Outlook Plugin

      Outlook Plugin - Overview  Outlook Plugin is a function available with XPLAN that allows you to quickly and easily save and record email correspondence in the XPLAN document library as a Note that is linked to a client or user entity. This allows for ...

    • XPLAN Workshop - XPLAN Client Setup

      Introduction Overview     Each practice deals with leads, referrals and potential clients differently. However, most practices have a system regarding the way client information is recorded and relationships with clients are managed. In this section, ...

    • Recent Articles

    • XPLAN Legislative Rates June 2022

      XPLAN Legislative Rates - June 2022 Legislative rates have been updated to reflect: 1. Social Security rates effective July 2022 2. AFSA Retirement Standard Benchmarks for the March Quarter 2022.  Social Security Rate Changes - July 2022 The rate ...

    • XPLAN: Task Notifications - Redirecting

      XPLAN: Redirecting Task Notifications XPLAN task notifications can be sent to your Email Inbox (e.g. Outllok, Gmail) to notify you if a task has been created, unactioned, is overdue or complete. If the task notifications cannot be turned off, then ...

    • XPLAN Version Enhancements - 18 November 2021 (Version 21.11.195)

      XPLAN Version Enhancements - 18 November 2021 (Version 21.11.195) Client Focus Digital Signature Notification will Honour the "Override from Address" when sent by Super User The notify signatories template configured in system settings > client focus ...

    • XPLAN Version Enhancements - November 2021 (Version 21.11.194)

      XPLAN Version Enhancements - November 2021 (Version 21.11.194) Client Focus New Current Residential Address Field A new field, current residential address, has been added to record a client’s current address. When entering the first address for a ...

    • XPLAN Datafeeds: HUB24 Enhancements (v4.3) 29 October 2021

      HUB24 Enhancements: 29 October 2021 HUB24 have released enhancements to their  XPLAN EPI 4.3 datafeeds, to be effective 15 November 2021. Below is the information directly from HUB24 on the enhancements. The Individual Holding extract is where the ...