Having the portfolio of assistant treasurer in cabinet and combined with small business is a positive outcome for the SMSF sector, according to the SMSF Association (SMSFA).
According to SMSFA’s chief executive and managing director Andrea Slattery, there is a “natural symbiosis” between small business and SMSFs.
“The Association believes [Kelly O’Dwyer] has the requisite skills to quickly come to grips with the many outstanding issues in these portfolios that are demanding attention,” said Ms Slattery.
“We are optimistic that Kelly, in partnership with the new Treasurer, Scott Morrison, and the reappointed Finance Minister Mathias Cormann, can provide the leadership that will see a concerted response to the current and future reform agendas.
“It should mean reports such as the Financial System Inquiry and the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into the financial services industry will be scrutinised sooner rather than later and a government position formulated," she said.
“Both these reports are critical to the SMSF sector in particular and superannuation more broadly, so it’s imperative to get a response soon from the government.”
Ms Slattery said she plans to brief the new Prime Minister Malcolm Turnbull on the continuing significant role SMSFs play in the superannuation sector and the economy.
“Given the ambitious agenda he has set for government and his commitment to economic policy, I am certain he will want to discuss how the almost 1.1 million SMSF trustees, hailing from the professional, small business, self-employed and primary production sectors and representing $590 billion in FUM, can significantly contribute to growth,” she said.
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