This year, for the first time, a Prime Minister will address delegates at the SMSF Association National Conference.
Delegates are encouraged to attend the address at Plenary 2 at 10.30am today, where a video will be played with an address from Prime Minister Malcolm Turnbull, which is expected to help set the tone about superannuation for the coming year from the Government’s perspective.
It is an ideal time for the Prime Minister to make his debut. The superannuation and financial planning sectors are in the midst of significant change and this will be an opportunity for Prime Minister Turnbull to shed some light on the future of the sector.
The first week of the parliamentary year delivered – after long gestation periods – two crucial pieces of legislation for the financial advisory industry.
On Tuesday last week, the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 passed the House of Representatives, after having been introduced in November 2016.
Earlier in the day, the Senate also passed the Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016, after it moved through the lower house in October.
The address by Turnbull also illustrates the importance of the SMSF sector to the industry, and to the financial well-being of millions of Australians. It is the first time a Prime Minister has addressed the audience, and it is hoped to see future prime ministers continue the trend.
SMSF Association managing director Andrea Slattery says: “This year’s National Conference has rightly put a great deal of emphasis on the changes to superannuation, and the record number of delegates (about 1650) attending indicates it was the right decision.
“Superannuation fund members are now turning their attention to what strategies they need to undertake to comply with the changes, and they need to be able to turn to their specialist advisors and be confident they are getting the right advice.
“Key issues include complying with the new $1.6 million transfer balance cap, removal of tax concessions for transition to retirement pensions, and capital gains tax (CGT) relief for assets affected by the changes.
“These involve complex areas of law and strategies that will be covered off over the three days of the conference.”