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Super changes warrant strategy reviews
The Federal Government’s changes to the superannuation tax regime will generate significant strategy modifications on the part of retirees, according to senior industry spokespeople.
A spokesman for leading financial services house Tower Australia Limited said, overall, retirement strategies for the short and medium-term would have to be reassessed, particularly with respect to issues such as capital gains tax, fringe benefits tax and salary packaging.
He said while it was considered the changes would have a positive impact on most people, considerable rethinking would be required with respect to individual circumstances and superannuation strategies.
Challenger head of technical services Alex Denham took an equally positive view, saying a number of issues needed to be more closely examined.
Denham questioned whether retirees who had commenced term allocated pensions in order to access the pension reasonable benefits limits (RBLs) would be able to break their contracts once RBLs are not relevant.
AUTHOR
Mike Taylor
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