The SMSF Association has welcomed the newly appointed Assistant Treasurer and Minister for Financial Services Dr Daniel Mulino and has committed to building on the status of the self-managed super sector in its dealings with him.
SMSF Association chief executive Peter Burgess acknowledged the sector already had seen meaningful reforms during the last Parliament, particularly around legacy pensions, and will build on the relationship established with the government during its previous term in office.
“We’re looking forward to a constructive relationship with the new minister and working with him in a positive vein to address issues that are germane to our vibrant self-managed super fund community,” Burgess said.
“We are confident the government appreciates the importance of the SMSF sector to the economy as investors and, in many cases, as self-reliant retirees, and we look forward to working with minister Mulino to ensure the ongoing viability of the SMSF sector.”
He added the SMSF sector represented more than $1 trillion in funds under management in the $4.2 trillion superannuation system and the industry body continued to view tax policies to maintain the sustainability of the superannuation system and measures improving access to financial advice as key policy priorities.
Chartered Accountants ANZ (CAANZ) chief executive Ainslie van Onselen offered her congratulations to Mulino to those already offered by the Financial Advice Association Australia, CPA Australia and the Financial Services Council, and added her intention to engage with him about the proposed Division 296 tax.
“Dr Mulino’s appointment is an opportunity for a fresh perspective on reforms that impact the profession, their clients and the wider community,” van Onselen said.
“We will also encourage the government to go back to the drawing board on its planned tax on unrealised gains in superannuation balances over $3 million.
“This policy has significant issues that need to be addressed, as it is likely to incur higher administrative costs than the revenue it will generate.”
Mulino will join a team of Treasury ministers headed by Treasurer Jim Chalmers.
Earlier today Sussan Ley was elected as Liberal Party leader but a new Shadow Minister for Financial Services has yet to be named.
Make sure to secure your seat at the SMSF Professionals Day 2025 to find out in person how the federal election will impact the sector. Please visit www.accurium.com.au/smsf-professionals-day/ to register.