Opportunities for advisers lie in super changes: Centrepoint

In a statement yesterday, the firm’s superannuation, SMSF and retirement specialist, Peter Kelly, said there is “plenty of upside” from the super changes for advisers and clients, despite the limits imposed.

“While there has been much focus on the limiting aspects of the changes, if you step back and consider them from a broader perspective there is plenty of upside for clients and advisers," he said.

"With tax benefits on the way in, tax benefits on the way through, and tax benefits on the way out, superannuation's role as a central pillar in Australia's retirement planning framework is stronger than ever.”

Mr Kelly said some of the other opportunities that lie ahead include a significant increase in the income threshold for the spouse superannuation tax offset, removal of the 10 per cent maximum employment restriction and, from 1 July 2018, the ability for people with less than $500,000 to carry forward the unused portion of their concessional contribution cap for up to five years.

"These are all great opportunities for advisers to review their clients' situation and long-term strategy. The changes only reinforce the value of professional strategic advice and the need to take a long-term strategic approach, rather than provide one-off retirement advice," Mr Kelly said.

"Nobody is suggesting the changes have made super any simpler, and clients will greatly appreciate the knowledge and guidance provided.

"Maximising super and the tax concessions available will require holistic, long-term planning for all clients to make the most of it. This is a great opportunity for advisers to get closer to their clients and become a long-term partner not just providing one-off retirement advice."