You might have heard about the latest superannuation changes, and you’ll have to forgive us if we sound somewhat jaded by yet more changes.
Superannuation has been the plaything of government for a long time. There’s a copy of Business Review Weekly from 1998 that floats around our office and the feature on the cover is about the latest round of super chaos! We couldn’t even begin to tally the numbers of changes ourselves and our colleagues have experienced over the years. If there’s one thing that gets fiddled with more than the financial advice industry, and the legislation surrounding it, it’s superannuation.
The first thing to note, despite the media storm, the changes on increasing the tax on balances over $3 million doesn’t affect many people. The media has a phrase they like to use for many stories now: “see how it affects you”. They couldn’t use that term for this story because of how few people it truly did affect, we’re told around 80,000. In response, the media started hypothesizing about what might be next: taxing your house, changes to capital gains tax or removing negative gearing.
Read the full “The Objective of Superannuation” post.
This represents general information only. Before making any financial or investment decisions, I suggest you consult a financial adviser to take into account your personal investment objectives, financial situation and individual needs. Anyone looking to build a portfolio should seek financial advice to find out which strategy is right for them, if you are a high net worth investor looking financial advice then you should consider a financial adviser with high net worth experience, they can help you identify your goals and put in place a reliable strategy to pursue them.
