The SMSF Association has emphasised it is keen to discuss Labor’s proposal to scrap cash refunds for excess dividend imputation credits with the relevant new ministers in Prime Minister Scott Morrison’s government.
SMSF Association chief executive John Maroney said: “We would like to update the ministers on our opposition to Labor’s proposal to cancel cash refunds for excess dividend imputation credits and why we believe it would be highly detrimental to those SMSF trustees and members who have worked hard to be self-sufficient in retirement.”
Morrison has appointed Australian Capital Territory Liberal senator Zed Seselja as Assistant Minister for Treasury and Finance, which will include responsibility for revenue and financial services, areas no longer identified as warranting a separate fortfolio.
Seselja previously held the position of assistant minister for social services and multicultural affairs.
Former revenue and financial services minister Kelly O’Dwyer is now Minister for Women, and Jobs and Industrial Relations Minister.
The SMSF Association said it is looking forward to working with the ministers in their newly appointed roles, including Treasurer Josh Frydenburg, Assistant Treasurer Stuart Robert and Seselja.
Maroney said education and professional standards reform, the banking royal commission and the Productivity Commission report into super will create critical issues for the industry.
“The association has had previous dealings with Josh Frydenberg when he was assistant treasurer and based on that experience we are confident he will listen closely to our views on the issues that are likely to emerge over the coming months,” he said.
The association noted it has had a constructive working relationship with Morrison when he was responsible for reforming the super tax concessions and said it is looking forward to working with him on key issues facing the super and financial services sector.
Maroney also thanked O’Dwyer, who he said worked closely and cooperatively with the association in her previous role as revenue and financial services minister.
