SMSF Assoc welcomes Labor win, urges Govt cooperation

The SMSF Association’s chief executive, Peter Burgess, has welcomed the re-election of the Labor government at the same time as pressing for more collaboration with industry players to support the self-managed superannuation fund (SMSF) and financial advice sectors.

Burgess said the need for industry participants, regulators and government to work together has become all the more urgent after the Productivity Commission’s report indicated $3.5 trillion would pass on to future generations over the next 25 years, calling for a streamlined, seamless and suitable advice framework to guide consumers and SMSF specialists through the wealth transfer.

“With the SMSF sector being a vital component of the superannuation industry – total funds exceeding $1 trillion and membership nearing 1.2 million – it’s imperative we work together on issues of importance to our members and their clients,” he said.

“We strongly support meaningful reforms which improve the accessibility and affordability of high-quality financial advice for consumers and we look forward to working with all members of the new Parliament to achieve these outcomes.

“From the perspective of the SMSF sector, having a professional advice sector that can service the 1.2 million Australians who choose to manage their superannuation is critical, and we welcome the opportunity to work constructively with the Government on legislative and regulatory reforms that will deliver this result.”