May 15, 2016
This week the government handed down their budget which included a number of new changes and confirmed some other previously known changes which take effect soon. These changes are quite significant and whilst some are positive and others negative, if legislated, they will result in us wanting to change how many clients are structured leading up to retirement.
The table below summarises some of the key changes from our perspective:
At this stage, most of the proposals will not take effect until 1 July 2017. This means there is time to consider the impact of these changes and adjust strategies accordingly. As the relevant dates draw closer, we would expect there to be more certainty on the actual legislation because it will need to be passed.
For now, the main impact that clients need to be aware of are:
If there are any questions or concerns in regards to the impact of the proposed changes on your own personal situation, people are welcome to contact us for an appointment.