Pre-Budget speculation harbouring uncertainty: accountant
Speculation surrounding Federal Budget changes to super is fostering uncertainty among pre-retirees and discouraging them from saving, an accountant believes.
Instead of impelling older Australians to fund their own retirement, recent discussions about changes to the age pension have had a counter effect, RSM Bird Cameron principal Brad Eppingstall said.
“People don’t trust that there won’t be any changes in the Federal Budget and further down the track,” he said.
“This makes people less inclined to put money into super to save for retirement because they worry that the Government is going to change the rules, tax them more or change what they can invest in. Ultimately, there is a risk that people aren’t planning for their retirement as they should be.”
Despite the speculation, Eppingstall said he did not expect any major changes to the superannuation landscape.
“There may be some tweaking but we don’t expect there will be anything substantial or positive to come out of it,” he said.
“While some changes may be announced, it is likely these will not apply until after the next federal election in 2016.”
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