SMSFA

A particularly special national conference

JOHN MARONEY is chief executive of the SMSF Association. The 1600 delegates who attended the 2020 National Conference on the Gold Coast left the event well sated. Subject topics that hit the mark, the excellent calibre of speakers, the networking opportunities and the myriad social events, when coupled with the location, made for a memorable occasion.

It followed a long tradition of successful SMSF National Conferences where the specialist advisers to our super sector willingly surrender three days out of their busy schedules for what’s become their annual pilgrimage to the holy grail of SMSF events.

The association has long appreciated how this event captures their imagination, garners their enthusiasm and stimulates their learning. They’re the reasons why it’s widely regarded as the premier superannuation conference.

And, if your association ever needed a gentle reminder, a light tap on the shoulder of the importance of this event to our members, then the 2022 National Conference at the Adelaide Convention Centre provided it. In spades.

After more than two years of COVID restrictions, of interminable Zoom conferences and meetings, delegates could meet in person, share a laugh, enjoy a beer and hear the latest industry gossip. There was no need to dress like the Lone Ranger either – masks were not compulsory.

To walk around the convention centre almost seemed like taking a step back in time, to when the 1.5-metre social distancing rule wasn’t a dictate and a handshake almost a social taboo.

It reminded me just how important face-toface interactions are as a way of learning from our peers and how we have all missed this important component of learning. It’s not just about attending sessions and listening to speakers. It’s also very much about being able to collaborate with peers and learn from others – pre-COVID we just took this for granted. I don’t think we will ever do that again or, at least, not for a long time.

If the event needed some stimulus, then it came via the federal government in the run-up to calling an election when it cleared a backlog of super measures, some relating as far back as the 2019 budget. So it meant there was plenty to cover at this year’s event in terms of the legislative changes that have been enacted over the past six months, and certainly provided the grist for SMSF Association deputy chief executive and director of policy and education Peter Burgess’s hardy annual session titled “Your conference compass. Hit the ground running with this legs & regs update.”

As Peter explained, many of these changes apply from 1 July 2022 and will provide older Australians with greater flexibility to contribute to super, so it was no surprise several sessions at the national conference were devoted to the changes to the contribution rules and associated strategies.

The workshop on cognitive decline, during which practitioners were exposed to common behaviours that can evidence a client’s cognitive impairment, proved very popular, along with the panel session on Treasury’s Quality of Advice Review and our first-ever symposium on providing retirement income advice.

The Thought Leadership Breakfast has established itself as an institution that kicks off the event for many delegates. This year the five-member panel teased out the broad trends in technology, with the discussion generating keen audience participation.

On day two, the plenary session covering “The contribution strategy landscape in 2022” looked in detail at the changes to contribution caps, noting there are changes for the current year and some to take effect from 1 July 2022 that will see concessional (not taxed), non-concessional (aftertax) contributions and age requirements for bringforward non-concessional contributions change.

In listening to the strategies that advisers could employ with their clients, it became apparent the longer timeframe for larger contributions may cause a rethink by some SMSF members who may have thought the opportunity to use these strategies had passed. At the very least, it’s worth a discussion.

On the other side, the requirement to draw a pension may now be able to be met while still contributing and the reduction in the downsizer age to 60 presents opportunities for those who may be planning a lifestyle change.

No doubt those who attended will have their own thoughts on which sessions were the most valuable, but for my mind just seeing a crowd of people in the exhibition hall, all with smiles from ear to ear, made Adelaide 2022 extra special.