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Invaluable client advice as budget looms

Financial planners are in overdrive as clients look for advice ahead of May's Federal Government budget. We speak to Andrew Zbik of Omniwealth on preparing for expected changes to superannuation.

Video transcript below:

Donna Sawyer, Wealth Professional
Donna Sawyer:
 Pr- budget rumblings have financial advisors scrambling as clients look for direction on super contributions and retirement planning.  Andrew Zbik of Omniwealth says there are a few critical issues financial planners need to know about in the leadt up to the May budget.

Andrew Zbik, Omniwealth
Andrew Zbik:  You know a big one there is the pension drawdown relief provisions.  At the moment we are expecting that will have to go back to the normal rate.  So we want to make sure that if that is the case, our portfolios have sufficient cash to cope with that.  But our preference is of course that they extend that 25% reduction on the pension drawdown factor for another year, it would help a lot of our clients’ portfolios.
 
Donna Sawyer:  He says planners should be providing this important advice to clients as soon as possible.  
 
Andrew Zbik:  Anyone who is on an income of 150, 180,000+ talk marginal tax rate, definitely make sure that this financial year, you have got capacity to completely max out your concessional contributions cap that you do so and again for those clients who are in retirement phase, just to make sure that we do have enough cash holdings, you know  not be tempted by the fact that the share markets had a run and now is the time to go jump in that we will need to hold some cashback possibly for the fact that the pension factors might go back to their normal levels.
 
Donna Sawyer:  And before the budget is set in stone, Andrew Zbik says the industry is lobbying on its behalf.
 
Andrew Zbik:  The biggest problem we have with super is all the changes that are made all the time and that really tests people’s confidence in the superannuation system.  But I think there is two key areas, one immediate, one more long term that as community we can campaign for.  And number one I would like to see the pension draw down relief fixed ended again for another year, so not having to go back to the normal rate and secondly again that concessional contributions cap, $25,000 is too low, we need it to back upto at least $50,000 and you have to remember this system was designed to be indexed and we haven’t seen any indexation of that cap whatsoever.  So that I think is really key to ensuring that people can contribute more to super.
 
Donna Sawyer:  This is Donna Sawyer reporting for Wealth Professional.
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