“Any announced proposals still have to be legislated and passed by both houses of parliament which creates an element of uncertainty,” Mr Morcom said.

“I wouldn’t be making any significant changes to client strategies just at this stage. The obvious things to be looking at though are the impact of the opposition’s announced policies around franking credits and the impact of that on SMSFs and to a lesser extent the changes on capital gains tax.

“What I’m looking at [with my clients] is portfolio construction and identifying alternatives to franked income that still meet the client’s objectives and don’t adversely impact the outcomes of the client’s SMSF portfolio."

Mr Morcom said this may mean looking at the client’s property allocation and fixed income and whether there’s alternatives there. 

“Or perhaps looking at a different mix of international versus Australian equities as well,” he added.

“It’s certainly not something we’d take any action on until there was certainty with actual legislation [though].”

The opposition might win the election, but they potentially won’t have control of the Senate, which means that they have to negotiate any proposed legislation through the Senate. 

“If the Senate is hostile to their legislation, then they may have to give some ground on that legislation, and it might be that the form of the legislation changes so that there’s no adverse implications for many SMSF members. So, there’s no point in making any changes right now until that whole process is worked through, and that could take quite a lot of time,” he said.