Pre-Budget speculation harbouring uncertainty: accountant
Speculation surrounding Federal Budget changes to super is fostering uncertainty among pre-retirees and discouraging them from saving, an accountant believes.
Instead of impelling older Australians to fund their own retirement, recent discussions about changes to the age pension have had a counter effect, RSM Bird Cameron principal Brad Eppingstall said.
“People don’t trust that there won’t be any changes in the Federal Budget and further down the track,” he said.
“This makes people less inclined to put money into super to save for retirement because they worry that the Government is going to change the rules, tax them more or change what they can invest in. Ultimately, there is a risk that people aren’t planning for their retirement as they should be.”
Despite the speculation, Eppingstall said he did not expect any major changes to the superannuation landscape.
“There may be some tweaking but we don’t expect there will be anything substantial or positive to come out of it,” he said.
“While some changes may be announced, it is likely these will not apply until after the next federal election in 2016.”
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
