Bill to increase SMSF member cap to 6 up for debate this week

The Government’s proposal to increase the maximum number of members an SMSF can have, from four to six, may pass the Parliament this week.

Update: The Government will move to amend the Bill, stripping the SMSF member cap changes, in the House of Representatives.

The Bill to increase the SMSF member cap is the only one of the Government’s superannuation Bills currently before the Parliament listed in the draft legislation programmes.

The Bill, the Treasury Laws Amendment (2019 Measures No. 1) Bill 2019, is currently before the House. The Government announced the, potential, increase to the SMSF member cap in last year’s Budget.

Labor is opposed to increasing the SMSF member cap, and wants it removed from the Bill, leaving the passage of the measure up to the crossbench.

However time is also an issue. Only two Senate sitting days are scheduled this week, and the passage of the appropriation Bills is scheduled for Wednesday. The federal election is expected to be called later in the week.

This leaves much of the Government’s superannuation agenda stalled in the Senate heading into the election. Several of the Bills weren’t even debated in 2018, and one hasn’t been debated since 2016.

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