Superannuation has been dominating news cycles in the past fortnight, after the Labour government announced planned changes to the super system designed to increase tax revenues and decrease our national debt.
To help you get a better understanding of the intended changes that are headlined by the introduction of a $3m cap on super, a few our Financial Advisers got together to record you this video. You'll hear from Ellie Fordham, Stevie-Jade Turner, Lucy Atkinson and Michael Sauer, who together answer the below questions:
Q - Why & how would someone accumulate more than $3,000,000 inside super?
Q - Government has introduced a caps on super to limit tax concessions in the past. What are some of the previous changes and why were they introduced?
Q - Does the government plan to change the age in which you can access super?
The potential change is to increase the tax on earnings from 15% to 30% for super balances above $3million - which is currently projected to initially affect only 0.5% of Australians.
If you feel like you'd like to talk with your Verse Adviser about the changes and any potential impact on your personal strategy, feel free to get in touch and we'll make time to chat.
