Q&As

The Federal Budget and Future Opportunities in Superannuation

Thursday August 25, 2016

 

Julie Steed from IOOF joined Natalie Bamber of Legalwise Seminars to discuss the recent Federal Budget and the opportunities ahead for the Superannuation industry.

To hear directly from Julie, join us at the 2nd Annual 2016 Superannuation Essentials Conference (Day 2) on from Tuesday 25 October, at the Hilton Hotel Adelaide.

 

You can find the transcript of the Q&A below.

 

Can you tell us a little bit about yourself and IOOF?

I am passionate about helping people with their super. This mostly involves helping advisers with superannuation strategies for their clients however I also consider myself to be a bit of an ambassador for super. I have recently been involved with Super Booster day, an initiative to help Australian’s appreciate and increase their super. IOOF has been very supportive of this and we have run a number of sessions with staff about their super. Even though we all work in the financial services industry, many staff are not always super excited about their retirement savings. IOOF has been helping people with their retirement savings since 1846 and has an amazing range of solutions to help clients meet their financial goals. They are also excellent at “keeping it simple”, which really helps people.

 

What are the three big challenges facing the SMSF industry over the next 12 months?

I think implementing the Federal Budget changes will be the most challenging thing that the SMSF industry will have to deal with. The changes are certainly the most significant that we have had in the last 10 years.

Although much of the media attention has been on the negatives of the Budget (the reduction in contribution caps and the $1.6 million pension transfer balance), there are a range of very exciting opportunities for advisers and clients. The ability for clients to contribute, and claim a tax deduction up to age 75 presents enormous opportunities.

 

What are some of the big trends and developments you see ahead for the area?

Improvements in technology continue to enhance the client and adviser experience and can only be expected to continue. Real time, sophisticated administration systems are far more available and affordable.

To hear directly from Julie, join us at the 2nd Annual 2016 Superannuation Essentials Conference (Day 2) on from Tuesday 25 October, at the Hilton Hotel Adelaide.

 

 

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