The finance minister’s recent freeze on changes to the FOFA reforms was a favourable move, according to the SMSF Professionals’ Association of Australia (SPAA).
The government’s decision to temporarily pause the changes to FOFA legislation has created “more breathing space”, SPAA’s director, technical and professional standards, Graeme Colley told SMSF Adviser.
“We have a new minister who [the changes in reforms] are totally new to, so it’s probably worthwhile for him to have a breather and have a look at it - we think it was good decision,” he said.
“With the new minister, it’s a new job for him, and it will give him time to make decisions on whether the amendments that were proposed by Senator Sinodinos were the right ones, or whether there will be another way of looking at it.”
Mr Colley also said that while the aftermath of the freezing of the FOFA reforms remains unknown, he doesn’t believe the temporary halt will have a major influence on the SMSF sector.
“Senator Cormann may confirm what’s there or he may make changes. He will probably only tighten it up, but I am only really guessing there,” Mr Colley said.
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