Superannuation

Superannuation is becoming more flexible from 1 July 2022, with a raft of beneficial changes coming, which will impact most Australians, and particularly those who are pre-retirement or already retired.

Superannuation is one of the most powerful tools that we have access to for wealth creation, however most people tend to neglect it due to the delayed benefits. Whilst superannuation may not feel like a current priority, decisions made today can have a massive and lasting impact on your long-term financial position.

When prices are rising rapidly, as they have in the past few years, it can be difficult to maintain our lifestyle, and the belt buckles are subsequently tightened. A tailored financial plan can be hugely helpful during periods of high inflation to ensure you strike the best balance between maintaining your current lifestyle and achieving your financial goals longer term.

In late February the government announced a proposal for an additional 15% tax on the earnings attributed to individual superannuation balances above $3m. This announcement was followed by further detail in early March and is proposed to start from 1 July 2025.

Embarking on the journey of managing your Self-Managed Superannuation Fund is a significant step. As you search for an SMSF adviser, we can help you navigate the complexities and make informed decisions about your superannuation future.

When it comes to financial planning, there are a number of common pitfalls that we often see doctors face. Many of these are easy to avoid, and avoiding them can make a real impact on your wealth accumulation - the trick is knowing what to look out for.