Getting set for 2017/18 and beyond as a Medical Professional
SASMA's sponsors offer a range of services, advice and resources to SASMA Members. In 2017 Affinitas Capital have come on board as a sponsor of our Members' Education Program. There are superannuation changes from 1 July 2017 that will impact on Medical Professionals and Affinitas Capital are able to provide advice on these changes and how they may effect you.
Whether you are building your wealth or looking at winding down, the 2017/18 financial year superannuation changes may have just altered your strategy. When we strategize with clients we look at their position now and where they want to be in three years, ten years and beyond. This deep understanding gives us a frame work to build on, to help clients achieve their goals, no matter how big or small.
Whether an employee, partner in a practice or self-employed, growing your wealth and protecting that wealth for you family is important to the success of long term goals. From 1 July 2017 one avenue of wealth creation, superannuation, will undergo significant reform potentially impacting your plans.
So what are the main changes that may impact your retirement plan?
- After tax contributions will be reduced from $180,000 p.a. to $100,000 p.a.
- Employer or pre-tax deductible contributions will be reducing from $30,000 p.a. for those aged under 49 and $35,000 p.a. for those aged 49 and over, to a flat $25,000 p.a.
- Contributions made to constitutionally protected funds e.g. Super SA will now count towards the above caps
- Maximum allowed to hold in Pension phase (tax free) will be $1.6m
- Defined benefit schemes (often offered by the likes of Uni Super and the Government), will now count towards the new $1.6m cap
The above key takeaways are important to know when looking to use superannuation as a wealth creation vehicle no matter what stage of your professional life. Long term impacts are significant for those planning to self fund their retirement.
It is important you seek advice in light of the recent changes to Superannuation. At Affinitas Capital we work closely with a variety of medical professionals and have a no obligation service with SASMA members to discuss your goals, objectives and how the impending changes will impact you , helping you to become financially well organised.
John Purl, Director of Affinitas Capital, will be available at the 2017 SASMA Conference for to have a chat with. Make sure to see John at the Affinitas Capital trade table.
For further information or to book in a no obligation free appointment visit the Affinitas Capital website.
‘Affinitas Capital is an Authorised Representative of Fitzpatricks Private Wealth Pty Ltd ABN 33 093 667 595, holder of Australian Financial Services Licence (AFSL) No. 247 429. This is general information only. Because of this, we recommend you consider, with the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances. ‘