The SMSF Association congratulates the Hon Scott Morrison MP and the Hon Kelly O’Dwyer MP in their re-appointment to the Treasury and the Revenue and Financial Services portfolios in the incoming Coalition Government.
Association Managing Director/CEO Andrea Slattery says the decision to reappoint these two Ministers to these portfolios will bring “much-needed stability” to superannuation and financial services at a time when some critical issues arising out of the last Budget will need to be resolved.
“The Association has an excellent working relationship with Treasurer Scott Morrison and Revenue and Financial Services Minister Kelly O’Dwyer, and we are confident they will listen closely to what we have say on the changes that were mooted in the last Budget.
“We are on the public record as saying we believed 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 have been heartened by suggestions that the Government is prepared to sit down and discuss these proposals.
“We are certainly look forwarding to continue working with the Government to find ways to either change or ameliorate the impact of these changes on people’s retirement income strategies.
“The Association is 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.”
