#Budget2016 – what do planners really think?
Last week we asked you what you thought of this year’s Federal Budget and the response was overwhelming….
“Insane and unfair”, “Immoral and a disgrace” ,“Disappointing”, “Ridiculous” and“Dumb, dumb, dumb” – these are just some of the sentiments shared by you when asked to comment on some of the the superannuation components of latest Federal Budget.
57.4% of the individuals surveyed believed that 2016’s federal budget would have an overall negative impact on their clients. Only 6.7% of planners surveyed were of the opinion that the budget would impact their clients positively. Interestingly however, when asked if they whether they believed the budget would impact their own businesses positively 25.5% believed it would.
The results also revealed resounding majority views towards some topics in particular, for example –
- 87.3% of planners surveyed said they felt negative toward the proposed lifetime cap for non-concessional contributions of $500,000.
- 86.4% said they felt negative toward the proposed the lowering of the concessional contributions cap to $25,000.
- The removal of tax exemption for fund earnings on TTR pensions achieved a 73.5% negative response.
- 0.9% said they intend to initiate client reviews for those clients immediately impacted by the 1.6m cap
- 51% think there will be a small increase in financial advice because of these proposed legislative changes.
Midwinter has compiled the results in full in our Federal Budget Survey report. Please click below to read it –
If you wish to republish all or part of these results, please contact Naomi Christopher from Midwinter prior to doing so.
Ph:1300 882 938
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