Spotlight on Superannuation
Matthews Steer's Head of Private Wealth, Anthony Flapper, turns the spotlight on Coalition-proposed superannuation measures that could come into play in July 2017...
When it comes to superannuation Australians have “had it very good for a very long time” but proposed changes mean we’re “going to be operating on a very different playing field moving forward”, says Matthews Steer’s Head of Private Wealth, Anthony Flapper.
Presenting at Matthews Steer’s Wealth Insights event at Moonee Valley Racecourse on May 26, Flapper turned the spotlight on Coalition-proposed measures that could come into play in July 2017, and analysed how they stack up against current superannuation regulations.
Reductions in Concessional Contribution Caps to $25,000 irrespective of age, lifetime caps on Non-Concessional Contributions of $500K, tax on earnings in transition to retirement strategies and the $1.6m cap on super transfers into retirement income streams, are all set to impact Australians’ super.
Flapper also highlighted ways to maximise wealth under the proposed changes including:
- Leveraging the power of compounding by making contributions over a longer period rather than making large lump sums close to retirement.
- Splitting super contributions or rebalancing where possible with a spouse.
- Investment in insurance bonds that offer a number of benefits, not least being taxed at corporate rates.
Above all, to maximise security in retirement, start saving as soon as possible – either inside or outside super, says Flapper.
To speak to Anthony Flapper about how you can achieve your financial goals and develop sustainable strategies that provide wealth accumulation and financial security, call Matthews Steer Accountants and Advisors on (03) 9325 6300.