The regulation and management of self-managed superannuation funds (SMSFs) stands in good stead regardless of which political party assumes power, specialist SMSF firm Heffron has said.
"SMSF trustees are not going to see radical changes from either party - which leaves them in a positive position whatever the outcome," Heffron director Martin Heffron said.
"There are however some pros and cons of either a Coalition or Labor Government."
According to Heffron, while the Coalition is yet to fully flesh out its policies, it has in the past been pro-SMSF growth.
The party has also previously mentioned increasing the concessional contributions cap back to previous levels, which is good news for those wanting to grow their super balances.
Heffron said while he was uncertain, he hoped the Coalition would adopt the Cooper recommendations aimed at improving the professionalism and competency of SMSF professionals, including auditors and advisers.
Suggestions the Coalition may examine all Henry Review recommendations in detail could however impact negatively on SMSFs, Heffron said.
If there is a Labor victory, Heffron said a Gillard Government would be committed to implementing the Cooper Review recommendations.
Labor has also said it will allow artworks and collectables to remain an investment option for SMSFs but the fact it does not appear to favour implementing the Henry Review recommendations could be detrimental to the growth of SMSFs, he said.
Heffron added it also seemed Labor would be less likely to continue with tax-free super for over 60s on top of the fact it has decreased the concessional contributions cap in its first term.
