Business News

SMSF Association lobbying hard on budget

The SMSF Association is already in discussions with Canberra over its and the broader sector’s concerns about the proposed changes to superannuation announced in this year’s federal budget.

“[We’re speaking to] the Treasurer, the Assistant Treasurer, the shadow minister for superannuation, and we’ve received a number of real-life examples from members that we’re taking to the politicians to basically show them how some of the measures they’ve brought in have really affected strategies for some people who have planned years in advance,” SMSF Association Sydney chapter chair Liam Shorte said at the industry body’s most recent breakfast seminar.

“The idea is to try and get some leverage when it does come to the actual negotiation stage,” Shorte explained.

The areas of angst the association has highlighted include the contributions caps, the impact the retrospective nature of the proposed changes is having on trustee confidence in the system and how the proposed changes have disrupted retirement planning.

On the last point, Shorte said out the retirement plans of small business owners, people with broken work patterns and other individuals might have completely disappeared due to the proposed changes.

“So there have been unintended consequences, outcomes and complexities from the changes that require some consideration before they’re legislated,” he said.

He reiterated regardless of the impact of the new rules, the outlook was still positive for SMSFs and the advice industry.

“Overall, SMSFs remain an important retirement savings vehicle and advice has probably become more important because there is probably more of a need for advice going forward,” he added.

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