1 July 2015 represents more than just the start of a new financial year!
As most financial advisers would know a client’s preservation age depends on their date of birth as per the following table (SIS reg 6.01(2)).
|Date of Birth||Preservation Age|
|Before 1 July 1960||55|
|1 July 1960 – 30 June 1961||56|
|1 July 1961 – 30 June 1962||57|
|1 July 1962 – 30 June 1963||58|
|1 July 1963 – 30 June 1964||59|
|After 30 June 1964||60|
From 1 July this year, we could see more and more clients being defined under the ‘second line’ from this table, with their subsequent preservation age increasing to 56 and so on.
What are the opportunities and challenges posed by the increasing preservation age? Talk to one of our advisers about how your preservation age may present tax effective strategies in the lead up to retirement, and most importantly how to plan for your retirement years.
At Wakefield Partners our goal is to provide high quality advice to clients in the form of an individually tailored solution that fully addresses each client’s particular situation and needs.