Business News

Ministerial reappointments maintain stability

The SMSF Association has welcomed the decision to reappoint Treasurer Scott Morrison and minister Kelly O’Dwyer, saying it delivered much needed stability to the sector amid critical budget issues that need to be resolved.

O’Dwyer will now be known as the Revenue and Financial Services Minister instead of assistant treasurer.

“The association has had an excellent working relationship with Morrison and O’Dwyer and we are confident they will listen closely to what we have to say on the changes that were mooted in the last budget,” SMSF Association chief executive Andrea Slattery said.

“We are on the public record as saying we believe the reduction in the concessional contribution caps were detrimental to the goal of encouraging people to be self-sufficient in retirement, and that the move to limit non-concessional contributions to a $500,000 lifetime cap from budget night disrupted people’s retirement planning.

“But we have been heartened by suggestions that the government is prepared to sit down and discuss these proposals.”

The association was looking forward to continue working with the government to find ways to either change or ameliorate the impact of those changes on people’s retirement incomes strategies, Slattery said.

“We are acutely aware of how these changes have heightened concerns among people, especially those nearing retirement, about their superannuation and therefore understand the importance of having policy stability on these critical issues.”

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