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.
- Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019
- Opt-in insurance changes from 2018 Budget | Before House (20 February 2019)
- Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018
- amnesty for employers underpaying Super Guarantee, among other measures | Before Senate (last debated 25 June 2018)
- Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017
- requiring at least one-third independent directors for large super funds | Before Senate (last debated 4 December 2017)
- Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017
- expand Super Choice and close Salary Sacrifice ‘loophole’ | Before Senate (last debated 13 November 2017)
- Superannuation (Objective) Bill 2016
- set an objective for the super system in legislation | Before Senate (last debated 23 November 2016)