Industry associations representing the SMSF and financial planning sectors have welcomed the appointment of Jim Chalmers as Treasurer and Stephen Jones as Assistant Treasurer and Minister for Financial Services as part of the Labor government.
“We congratulate the federal Treasurer, Jim Chalmers, and the Assistant Treasurer and Minister for Financial Services, Stephen Jones, on their appointments and look forward to working with them on issues relevant to the self-managed superannuation fund sector,” SMSF Association chief executive John Maroney said.
Maroney indicated the industry body is hopeful the new ministers will legislate the two outstanding superannuation measures announced in the 2021 federal budget: the two-year amnesty to address legacy pensions and the amendments to the SMSF residency rules that will see the safe harbour exemption under the central management and control test extended from two years to five years.
“In our experience they have always been willing to listen to the issues affecting the SMSF sector. We are confident they will appreciate the importance of these two measures and we seek their support to pass the legislation through parliament,” he noted.
Further, he pointed out Jones had previously indicated a Labor government would consider giving financial advisers improved access to the superannuation information of their clients via the myGov ATO portal, a change that would also be applauded.
“We appreciate this initiative, knowing that it will benefit many of our members providing support to their clients,” he said.
The Financial Planning Association of Australia (FPA) also endorsed the appointments and said it is looking forward to working with Jones on issues such as adviser education standards.
“Minister Jones is an excellent appointment to the financial services portfolio and we are looking forward to working closely with him to address the wider range of issues affecting the financial planning profession,” FPA chief executive Sarah Abood said.
“We are expecting the new Albanese Labor government to quickly deliver on its election commitment to provide much-needed certainty to the profession on education standards, including providing for a framework to better recognise relevant experience.
“We have already had good engagement with Minister Jones on this and other issues in the past and we look forward to working further with the new government.”
The FPA also stated it is expecting to work closely with the new treasurer on the review of the Australian Securities and Investments Commission’s industry funding model.
The Association of Superannuation of Australia congratulated Stephen Jones on his appointment too.
