The 1st of July is fast approaching, and there are a number of significant legislation changes that may affect your financial and retirement planning strategies. We have included a link at the bottom of this article with a list of upcoming changes.
For example, 2 of the changes that have had a major effect on many of our retirement planning clients, are the reduction to the concessional contributions cap, and the increase to the Transition To Retirement Pension tax rate. Given that many of our clients have previously been set up with a TTR Pension, and are maximising the amount they can salary sacrifice to super, we will be looking at ways to work around these changes to make sure we continue to maximise your retirement savings.There are also a number of other changes which do not affect as many people, but still are likely to have a big impact if you are one of the people affected by these.If you are a client of ours, we will be in contact with you prior to the end of the financial year if there are any changes to your recommended strategies that you may need to make based on the new legislation.If you don’t currently have a financial adviser, we recommend you meet with one to discuss the effect these changes may have on your personal situation.https://www.superguide.com.au/retirement-planning/2016-federal-budget-summaryWritten by Dallas Davison.
