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, 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.
Status of current superannuation Bills
- Treasury Laws Amendment (2020 Measures No. 1) Bill 2020
- Before the House of Representatives | Second reading moved 12/02/2020
- Permanent tax relief for super fund mergers
- Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020
- Before the House of Representatives | Third reading agreed to 11/02/2020
- Transfer superannuation held by Eligible Rollover Funds (ERFs) to the ATO
- Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019
- Before the House of Representatives | Second reading debate 12/02/2020
- Expansion of super choice to new enterprise agreements and workplace determinations
- Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019