SMSF Association Calls On Industry To Work Together To Boost Confidence

SMSF Association CEO John Maroney has called on all sectors of the superannuation industry to work together to boost confidence in the retirement savings system.

Speaking at a function in Melbourne, he told the industry audience that “there is much more that unites us than divides us”, and that by working harmoniously confidence in the superannuation system can be enhanced.

“Australia has one of the world’s best retirement income systems and all parts of the superannuation sector can help achieve security in retirement for millions of Australians,” he said.

Mr Maroney said that, while SMSFs are not for everyone, over a million Australians have chosen to have an SMSF and he expects another million Australians may make the same choice over the next decade. Research by the Association showed this growth had been driven by a strong desire by retirees for control of their finances and flexibility in superannuation.

Mr Maroney had recently announced the establishment of the SMSF Association’s Global Centre of Excellence for Retirement Savings, which he said would reinforce the Association’s leadership of the SMSF sector and underpin the sector’s integrity by providing research, policy and thought leadership.

Minister for Revenue and Financial Services, Kelly O’Dwyer, speaking at the same function, said the work of the SMSF Association to ensure the sector remained healthy could not be underestimated.

“It has a strong mandate to lead the professionalism, integrity and sustainability of the SMSF sector,” Minister O’Dwyer said.

“The Association, for example, supports both trustees and professional advisors and has long recognised the importance of high standards of advice. This is a stance the Government encourages.”

“More than a million Australians are now choosing to ‘control their own destiny’ in actively investing in their retirement.”

“The fact that individuals have freedom of choice over their own savings is a principle this Government supports, and we now see the self-managed sector emerging as one of the most dynamic parts of the financial system.

SMSFs have provided the Australia’s economy with a shot in the arm — creating jobs and supporting economic growth.”

Luke Smith

Sole Purpose Test

26 July 2017

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